In a statement on Aug. 19, Australia’s Securities and Investment Commission (ASIC) announced that it closed 615 crypto scam websites in the past year as part of its broader efforts to combat investment fraud.
This is part of a larger initiative that saw the takedown of 7,300 scam websites in total, which included 5,530 fake investment platforms and 1,065 phishing sites.
The regulator reported that investment scams led to over $1.3 billion loss in 2023. Sarah Court, ASIC’s Deputy Chair, noted that while technology brings numerous benefits, it also creates opportunities for fraud, with billions of dollars being stolen from Australians each year. She also added:
“Scammers will continue to adapt and find new ways to lure consumers, and ASIC remains proactive in detecting and disrupting investment scams.”
ASIC is taking swift action, shutting down an average of 20 investment scam websites daily, including Dexa Trade Markets, a crypto scam platform that falsely claimed international regulation and attracted victims through misleading information. Court emphasised ASIC’s proactive approach in detecting and preventing these evolving scams.
Crypto-related fraud remains a significant issue globally. California’s Department of Financial Protection and Innovation (DFPI) found that 87% of all reported crypto scams in 2024 involved fraudulent trading platforms. Many of these scams involve imposter websites that mimic legitimate businesses to deceive consumers.
