Crypto Scammers Face Crackdown: ASIC Pulls The Plug On Over 600 Fraudulent Sites

As a seasoned analyst with a decade of experience in the financial industry, I have witnessed the evolution of scams and fraudulent activities, from traditional methods to the digital age. The latest move by the Australian Securities and Investments Commission (ASIC) is a testament to their unwavering commitment to protecting investors and upholding integrity within the market.


Due to a surge of cryptocurrency scams, authorities have been tightening their enforcement actions across various locations. For example, the Australian Securities and Investments Commission (ASIC) has ramped up its efforts against online fraud, shutting down multiple sites associated with such deceitful activities.

In its latest media release, the regulator noted:

Fraudsters exploit online spaces like social networks to deceive innocent users, leading them towards fraudulent sites. Closing these misleading sites interrupts the flow of the scam, severing the connection between con artists and their possible victims.

600+ Crypto Sites Axed

As reported by the Australian Securities and Investments Commission (ASIC) in their recent statement, they have systematically closed down numerous websites involved in investment frauds during the last year. A significant portion of these targeted cases revolved around cryptocurrencies.

It was revealed that starting from July 2023, actions taken by the ASIC resulted in over 7,300 suspicious investment-related websites being shut down as part of their mission to protect Australian investors from being misled.

As a crypto investor myself, I’ve found that there are fewer resources tailored explicitly for us compared to traditional investors. A recent analysis pointed out this very discrepancy.

Starting from July 2023, ASIC has taken charge in dismantling more than 5,530 fraudulent investment platforms, 1,065 suspicious phishing links, and 615 deceptive cryptocurrency investment schemes.

Crypto Scammers Face Crackdown: ASIC Pulls The Plug On Over 600 Fraudulent Sites

2023 data revealed that Australians collectively suffered approximately 1.3 billion dollars in investment frauds, as underscored by the report. In a recent remark, Sarah Court, the Deputy Chair of ASIC, emphasized the gravity of this problem.

She pointed out that scammers employ “sophisticated techniques” to target Australians “indiscriminately,” aiming to “steal information and money.” Sarah Court added:

As a crypto investor, I’m constantly on the lookout for the next big thing in the digital currency world. While advancements in technology can bring about incredible opportunities and improvements in our daily lives, they also open up new avenues for fraudsters to exploit. It’s alarming to know that an average of 20 investment scam websites are shut down every day. The swift takedown of these malicious sites is a crucial measure to prevent these criminal masterminds from causing any more harm to fellow Aussies like myself.

Among the shutdowns was the website Dexa Trade Markets, a purported investment platform that falsely claimed international regulation and boasted exaggerated trading volumes and investor counts. ASIC’s prompt action led to the takedown of Dexa Trade Markets within an hour of its identification.

Australia Continous Crackdown

It is worth noting that the website crackdown by Australian regulators is just one of the steps taken to curb crypto scams in the region. Earlier this month, the Australian Federal Police (AFP) targeted 2,000 compromised crypto wallets belonging to residents in Australia.

According to Bitcoinist‘s report, this action was carried out jointly with the blockchain analysis firm Chainalysis. Notably, last week, ASIC (Australian Securities and Investments Commission) initiated a lawsuit against the Australian Securities Exchange (ASX).

Crypto Scammers Face Crackdown: ASIC Pulls The Plug On Over 600 Fraudulent Sites

Featured image created with DALL-E, Chart from TradingView

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2024-08-19 22:42