Australian Authorities Shut Down 615 Bitcoin and Altcoin Platforms!

ASIC officials said it has stopped 5,530 scams involving fake investment platforms since July 2023, 615 of which involved crypto assets. The regulator also removed 1,065 phishing bridges, according to the data.

Despite everything, ASIC estimates that Australians lost $1.3 billion in total from investment scams last year. ASIC Deputy Chair Sarah Court said on the subject:

“You always need to be careful in the cryptocurrency sector. You should not click on links on social networks where cryptocurrency investments are frequently promoted. New technologies can improve living and working conditions, but they also present new opportunities for fraudsters to steal money.”

Authorities say an average of 20 suspicious websites are blocked every day, but fraudsters continue to find new ways to trap more victims.

Australian regulator ASIC also announced that it is collaborating with the National Anti-Fraud Centre (NASC) to identify suspicious investment platforms.