Australia Takes Down 7,300 Fraudulent Investment Sites in a Year
In the past year, the Australian Securities and Investment Commission (ASIC) has shut down 7,300 fraudulent investment websites, including those promoting cryptocurrencies.
These scams have largely proliferated on social media platforms, and ASIC has been actively targeting them since 2023.
According to Chainalysis, illicit activity within the crypto space has declined by nearly 20% this year, contrasting with an increase in legitimate transactions. Australia’s National Anti-Scam Centre has reported a reduction in financial losses from scams, but the frequency of such scams has risen.
ASIC launched a new initiative in July 2023 to combat investment scams, resulting in the removal of 7,300 fraudulent sites in its initial year. This includes over 5,500 fake trading platforms, around 1,000 phishing schemes, and 615 counterfeit cryptocurrency sites. The regulator, in collaboration with Netcraft, removes about 20 scam websites daily. Despite a 13% decrease in financial losses, reported scams have increased by 18.5%, illustrating the ongoing challenge of tackling these schemes.
READ MORE: Nigeria’s Tax Authority Proposes New Cryptocurrency Regulation Law
Chainalysis reports a 20% drop in global illicit blockchain activities for the first half of 2024. However, the value of stolen crypto funds has surged from $857 million to $1.58 billion, with ransomware payments slightly rising. Meanwhile, “pig butchering” scams have become more prevalent in the US, with investment losses rising by 38% in 2023, totaling $4.57 billion, largely from fake crypto schemes.
In the UK, the National Crime Agency (NCA) has noted an increase in the use of cryptocurrencies for money laundering, shifting away from traditional cash-based methods.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
