PANews reported on August 19 that according to Decrypt, the Australian Securities and Investments Commission (ASIC) said that it coordinated the removal of more than 600 cryptocurrency scams last year. The commission has helped combat 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks and 615 crypto investment scams. It is estimated that these scams caused a total loss of US$1.3 billion last year and were spread through fake news articles and deep fake videos of local public figures. ASIC said that an average of 20 websites are closed every day, and scammers are constantly adjusting their strategies and looking for new ways to lure victims.

ASIC refers suspicious websites to third-party companies that specialize in detecting and combating cybercrime. Once malicious activity is confirmed, the removal process begins, including identifying relevant parties who can assist in stopping the attack. Targeted websites often include fake or imposter entities offering investment scams to Australians, such as fraudulent trading platforms and cryptocurrency investment scams. Despite a surge in crypto-related scams around the Bitcoin halving event in April, data provided by the regulator shows that the number of crypto-related scams has decreased month-on-month.