ASIC Removes 14,000 Scam Sites in Two Years, Crypto Fraud Accounts for 20% of Takedowns

The Australian Securities and Investments Commission (ASIC) has dismantled over 14,000 fraudulent investment and phishing websites since July 2023, with cryptocurrency-related scams representing 20% of the total. The regulator continues to target an average of 130 malicious sites weekly, now expanding its efforts to include social media advertisements.

Scammers are employing increasingly sophisticated tactics, including AI-generated fake trading bots, cloned websites, and fabricated celebrity endorsements. Cloaking techniques, which alter content based on the victim's location or device, are becoming more prevalent. ASIC's enforcement actions in the first half of 2025 resulted in $57.5 million in civil penalties and six criminal convictions.

The agency has shut down 95 companies tied to international 'pig butchering' schemes, processing nearly 1,500 victim claims totaling $35.8 million. This aggressive stance underscores the growing challenge of crypto-related fraud in the digital asset space.