Australian Securities Regulator Shuts Down Over 600 Crypto Scams in a Year

ASIC's initiative targets fraudulent investment platforms and phishing sites, saving Australians from significant financial losses.

The Australian Securities and Investments Commission (ASIC) dismantled 615 crypto scams out of 7,300 total scam sites in a year.
Australians lost approximately A$1.3 billion to investment scams last year, with a significant portion involving cryptocurrency.
ASIC's efforts include targeting fake trading platforms and phishing websites that harvest personal data.
The regulator collaborates with a London-based firm to take down scam sites within hours of detection.
Despite a decline in crypto scams since April, ASIC warns that scammers continue to evolve their tactics.