Wu said that the Australian Securities and Investments Commission (ASIC) announced on Sunday that it had shut down more than 7,300 phishing and investment scam websites so far last year. The agency coordinated the crackdown on 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks, and 615 crypto investment scams. These scams, which are estimated to have caused losses of $1.3 billion last year, were spread through fake news articles and deep fake videos of local public figures. ASIC reminds all consumers to be vigilant of social media hyperlinks that promote online trading and cryptocurrency investments.