The Australian Securities and Investments Commission (ASIC) has ramped up its efforts to combat online fraudulent activities by disabling numerous scam-related websites in response to the surge in crypto scams globally.
According to ASIC, shutting down these websites disrupts scams and prevents scammers from reaching unsuspecting consumers.
Over 600 Crypto Sites Closed
ASIC has systematically dismantled multiple websites engaged in investment scams, with a specific focus on cryptocurrency-related fraud, revealing that over 7,300 websites deceiving Australian investors have been shut down since July 2023.
In its recent report, ASIC disclosed that it has eliminated more than 5,530 counterfeit investment platforms, 1,065 phishing scam links, and 615 cryptocurrency investment scams since July 2023.
Notably, Australians lost approximately $1.3 billion to investment scams in 2023 alone, highlighting the seriousness of the issue. Sarah Court, ASIC’s Deputy Chair, emphasized the evolving landscape of scams and scammers’ use of sophisticated techniques to target Australians for financial gains.
One of the websites taken down by ASIC was Dexa Trade Markets, a false investment platform making bogus claims of international regulation and inflated trading activities.
Continued Crackdown in Australia
In addition to website closures, Australian authorities have been actively combating crypto scams through various measures. The Australian Federal Police (AFP) targeted 2,000 compromised crypto wallets belonging to Australian residents in collaboration with Chainalysis.
Meanwhile, ASIC initiated legal action against ASX, the Australian Securities Exchange, as part of ongoing efforts to combat fraudulent activities in the crypto space.
Image Source: Bitrabo, Chart from TradingView
