Australia Records IDR 13.5 Trillion Loss Due to Crypto Fraud

Todaysgist, News – The Australian Securities and Investments Commission (ASIC) revealed that it had successfully shut down 615 cryptocurrency investment fraud activities in the country.

The move marks the first year of ASIC’s program to stamp out fake investment sites in Australia.

Quoting CointelegraphWednesday (21/8/2024) the closure covered around 9% of the total 7,300 phishing and other investment fraud sites that the regulator said had been identified.

ASIC noted that Australian citizens suffered losses of 1.3 billion Australian dollars or around Rp. 13.5 trillion due to investment fraud last year.

It is known that crypto fraud can occur in various forms, including in the form of taking customer money under the pretext of investing in cryptocurrency without doing so directly.

Also included in ASIC’s investigation are phishing sites, those that collect personal data, and sites that claim to use artificial intelligence (AI) to generate huge profits.

“Innovative technological developments can improve the way we live and work, but they also provide new opportunities for fraudsters to exploit,” said Sarah Court, the organisation’s deputy chair.

“Every day an average of 20 investment scam websites are taken down. The rapid removal of malicious sites is an important step to stop criminals causing further harm to Australians,” he said.

Among the companies closed by Australian regulator ASIC was Dexa Trade Markets, which it said “falsely claimed to be internationally regulated, had billions in trading volume and millions of investors.”

Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Todaysgist is not responsible for the profits and losses arising from investment decisions.