Crypto Scam Sites Account for a Fifth of ASIC’s Two-Year Takedown Efforts

The Australian Securities and Investments Commission (ASIC) has revealed that nearly one-fifth of the websites it has taken down over the past two years were linked to cryptocurrency scams. This concerning statistic highlights the growing prevalence of fraud in the digital currency space and the challenges regulatory bodies face in combating it. ASIC is particularly focused on safeguarding Australian investors from the increasing risks associated with digital assets. The commission emphasizes the importance of conducting thorough research before investing in any cryptocurrency or related project, as well as being wary of promises of high and rapid returns, which are often indicative of scams. ASIC’s efforts include collaboration with other law enforcement agencies to detect and prosecute these operations, as well as educating the public on how to recognize and avoid fraud. The commission underscores its ongoing commitment to monitoring the cryptocurrency market and taking necessary actions to protect investors.