Australians lost $122 million in cryptocurrency to scams

According to data from the Australian Cyber ​​Security Centre (ACSC), Australians lost a total of $382 million (US$259 million) to investment scams in the 2023-24 financial year, with 47% of those involving cryptocurrency.

The AFP also reported that the victims of these scams are now predominantly under the age of 50. In fact, 60% of scam reports made to police come from under-50s.

Earlier this month, the Australian Securities and Investments Commission (ASIC) announced that it had disrupted 615 cryptocurrency investment scams in the first year of its program to tackle fake investment websites, and that Australians lost $1.3 billion (US$870 million) to investment scams in the past year.