ASIC Takes Down 3,015 Crypto Scam Sites in Two-Year Crackdown

Australia's securities regulator has dismantled over 14,000 fraudulent websites since 2022, with cryptocurrency schemes representing 20% of the total takedowns. The Australian Securities and Investments Commission (ASIC) now plans to expand its enforcement efforts to target scam advertisements on social media platforms like Facebook and Instagram.

Investment scams have cost Australians nearly $1 billion this year alone, with regulators noting the emergence of sophisticated tactics like 'AI washing' to deceive victims. ASIC currently removes approximately 130 malicious websites weekly, demonstrating the scale of the challenge.

Bridget Nichols of Monochrome Asset Management suggests regulators could better educate investors about the risks of unregulated trading platforms. The crackdown comes as crypto-related fraud continues to evolve, exploiting both new technologies and established social media channels to target victims.