The Australian Securities and Investments Commission said it closed down 615 cryptocurrency investment scams in the first year of a program to tackle fake investment websites.the regulator said it identified in a Monday statement. Australians lost A$1.3 billion to investment scams last year, ASIC said.
Crypto scams can take a number of formats, including those that take customers' money on the pretense of investing in cryptocurrencies without doing so. Also included in the ASIC sweep were phishing websites, which harvest personal data, and those claiming to use artificial intelligence to generate outsize returns.
"Innovative technology developments may improve how we live and work, however they also provide new opportunities for scammers to exploit," said Sarah Court, the organization's deputy chair."Every day an average of 20 investment scam websites are taken down. The quick removal of malicious websites is an important step to stop criminal scammers from causing further harm to Australians.