The Australian Securities and Investments Commission (ASIC) has reported the removal of 14,000 online scam websites since July 2023, with 21 percent of takedowns involving cryptocurrency schemes. ASIC Deputy Chair Sarah Court highlighted that around 3,000 of these sites impersonated crypto exchanges or wallet providers, luring victims with promises of high-yield digital asset returns.
ASIC’s expanded enforcement employs new takedown powers that refer suspicious domains to specialised cybercrime firms for rapid removal. In 2024, crypto-related scams accounted for 8 percent of all takedowns, averaging 140 weekly. This year’s average decreased to 130 weekly incidents, suggesting that enhancements to detection protocols are beginning to yield results.
The most prevalent schemes involve AI-powered trading bots, fake celebrity endorsements in hoax news articles, and phishing pages designed to harvest private keys or login credentials. In response, ASIC and the Australian Federal Police have launched coordinated crackdowns on crypto ATMs suspected of laundering scam proceeds. AUSTRAC introduced new operating rules and transaction limits for ATM operators to mitigate illicit activity.
ASIC warned that crypto-scam tactics continue to evolve, and urged the public to treat unsolicited investment offers with skepticism. The agency plans to extend enforcement efforts to monitor social media advertisements and direct messaging platforms. Court stated that the objective is to stay ahead of fraudsters who use advanced technologies to deceive consumers and undermine trust in digital finance.
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