ASIC Targets Over 600 Crypto Scam Sites in Year-Long Operation

The Australian Securities & Investments Commission (ASIC) has successfully taken down over 600 cryptocurrency scam websites as part of its broader effort to combat online fraud. This achievement is part of a larger initiative that has seen the removal of thousands of fraudulent websites in the past year.

In a press release on August 19, ASIC reported that from July 2023, it has shut down more than 7,300 phishing and scam websites. Of these, 5,530 were fake investment platforms, 1,065 were phishing scams, and 615 were specifically related to cryptocurrency investments.

Investment scams have become a significant concern in Australia, with Australians losing a staggering $1.3 billion to such schemes in 2023 alone. ASIC highlighted the importance of consumer awareness, especially regarding social media links that promote online trading and crypto investments. “Every day, an average of 20 investment scam websites are taken down. The quick removal of malicious websites is an important step to stop criminal scammers from causing further harm to Australians,” said ASIC Deputy Chair Sarah Court.

The widespread phishing activities have been fueled by fake news articles and deepfake videos featuring public figures endorsing fraudulent investment platforms. These deceptive methods have made investment scams the largest category of websites targeted by ASIC.

In addition to ASIC’s efforts, the Australian Federal Police, in collaboration with Chainalysis, revealed in early August that they had identified over 2,000 compromised cryptocurrency wallets owned by Australians. Although it remains unclear whether any of the stolen assets have been recovered, exchanges such as BTC Markets, Binance, and Crypto.com have worked with authorities to identify victims and prevent further losses. Since May 2021, phishing attacks have resulted in the theft of more than $4 billion in cryptocurrency.

ASIC’s actions reflect the ongoing challenge of protecting Australians from online fraud. The agency continues to focus on quick takedowns of fraudulent websites and increasing public awareness to reduce the impact of these scams.