Australians Lost Over $120 Million to Crypto Investment Fraud

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Rise in Crypto Scams in Australia
  2. Impact on Young Australians
  3. Authorities' Response and Advice


    4. Australians lost over $120 million to cryptocurrency scams in the past 12 months, with younger individuals increasingly becoming the primary targets.

    Rise in Crypto Scams in Australia

    According to an August 28 press release from the Australian Federal Police (AFP), Australians lost over AUD$180 million (more than $122 million) to crypto investment scams in the past year. Data from the AFP reveals that nearly half of all investment scam losses reported to police involved cryptocurrencies.

    Impact on Young Australians

    Individuals under the age of 50 have become the main targets of fraudsters, comprising 60% of the total number of victims. Scammers are employing increasingly sophisticated tactics to deceive individuals. Richard Chin, AFP assistant commissioner, stated: 'Financial gain is what motivates most scammers however stolen funds could be used to bankroll future criminal ventures such as money laundering, trafficking illicit drugs, or human exploitation.'

    Financial gain is what motivates most scammers however stolen funds could be used to bankroll future criminal ventures such as money laundering, trafficking illicit drugs, or human exploitation.Richard Chin, AFP assistant commissioner

    Authorities' Response and Advice

    The AFP, in partnership with state and territory police, urges the public to remain vigilant, especially when considering investment opportunities that seem too good to be true. Authorities highlight tactics such as "pig butchering," where scammers build long-term relationships with victims before convincing them to invest, and the use of deepfake technology to impersonate trusted figures. Additionally, the Australian Securities and Investments Commission (ASIC) has coordinated the takedown of over 7,300 phishing websites since July 2023, including 5,530 fake investment platforms, 1,065 phishing scam links, and 615 crypto investment scams.

    Investment scams continue to be the most prevalent type of fraud affecting Australians, with total losses reaching $1.3 billion in 2023. Authorities urge citizens to exercise caution, citing the increasing activity of fraudsters using advanced technologies to deceive individuals.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Optimism Releases Required Batcher Update v1170

Optimism has announced the release of opbatcher v1170, which is mandatory for operators using the batching infrastructure for OP Stack chains.

user avatarAndrew Smith

NEAR Developers Release First Candidate for nearcore 2140

The NEAR developers have published the first release candidate for nearcore 2140, introducing significant protocol and database changes.

user avatarJacob Williams

Lido Completes Winddown of Regular Simple DVT Clusters

Lido has successfully completed the winddown of its regular Simple DVT clusters, marking a significant step in the decentralization of its validator operations.

user avatarZainab Kamara

Avalanche Schedules Helicon Network Upgrade for September 22

Avalanche has announced the Helicon network upgrade for its mainnet, set to activate on September 22 at 1500 UTC.

user avatarSon Min-ho

Uniswap Proposes Protocol Fee Rollout to Circles Arc Blockchain

Uniswap Labs has introduced a proposal to extend its protocol fee collection and UNI burn infrastructure to the Arc blockchain.

user avatarAyman Ben Youssef

Aave V4 Now Live on Circle's Arc Blockchain

Aave V4 has officially launched on Circle's newly established Arc blockchain, featuring key assets such as USDC, EURC, cirBTC, and WETH.

user avatarTando Nkube

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.