ChainCatcher reported that the Australian Securities and Investments Commission (ASIC) revealed last Sunday that as part of its broader efforts to combat online investment scams, the agency coordinated the removal of more than 600 crypto scams last year.

ASIC said it had helped to disrupt 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks, and 615 crypto investment scams.

It is estimated that these scams, spread through fake news articles and deepfake videos of local public figures, caused a total of $1.3 billion in losses last year.

"ASIC reminds all consumers to be wary of social media hyperlinks promoting online trading and cryptocurrency investments," the regulator said in a statement. ASIC added that approximately 20 websites are being taken down on average every day, and scammers continue to adapt and find new methods to lure victims.

While crypto-related scams surged around the Bitcoin halving event in April, data provided by ASIC shows that the number is declining month by month.