According to CryptoPotato, the Australian Securities and Investments Commission (ASIC) announced that it has dismantled over 600 cryptocurrency scams in the past 12 months. This announcement coincides with the first anniversary of ASIC's investment scam disruption initiative, which has led to the removal of more than 7,300 phishing and fraudulent websites over the past year.

Australians lost $1.3 billion to investment fraud in 2023, with investment scams being the most prevalent type of fraud. ASIC Deputy Chair Sarah Court highlighted the rapid evolution of the criminal landscape, noting that advancements in technology, particularly artificial intelligence (AI), have become critical tools for fraudsters. Since July 2023, ASIC has coordinated the removal of over 5,530 fake websites, 1,065 phishing scam hyperlinks, and 615 cryptocurrency investment schemes.

The regulator is particularly concerned about the rise of fake news articles and deepfake videos featuring public figures endorsing fake online trading platforms. These scams constitute the largest portion of ASIC’s website takedowns, as fraudsters leverage the credibility of well-known personalities to lure victims. One notable case involved the takedown of the website “Quantum AI,” a fake investment platform that falsely claimed to use AI and quantum computing to generate high returns. The site featured fake endorsements from celebrities like Chris Hemsworth and Elon Musk, enticing consumers with promises of low initial costs and unrealistic returns.

ASIC’s investment scam website takedown capability is a key component of the Australian government’s Fighting Scams initiative. The process involves referring suspicious websites to a third-party company specializing in cybercrime detection. Once evidence of malicious activity is confirmed, the takedown process is initiated, often involving collaboration with other government agencies and industry partners. Through its partnership with the National Anti-Scam Centre (NASC), ASIC has co-led the first NASC Fusion Cell, focusing on investment schemes. This collaboration has contributed to a reduction in overall losses, from $1.5 billion in 2022 to $1.3 billion in 2023.