The post ASIC Pulls The Plug On Over 600 Fraudulent Sites appeared on BitcoinEthereumNews.com.

As crypto scams have rapidly increased over the past few years, crypto crackdowns in different regions have intensified. Highlighting this is the move from the Australian Securities and Investments Commission (ASIC), which has recently stepped up its crackdown on fraudulent activities online by unplugging several scam-related websites. In its latest media release, the regulator noted: Scammers use digital platforms, including social media, to lure unsuspecting consumers, directing them to scam websites. Shutting down these websites disrupts the transmission of the scam and breaks the link between scammers and their potential targets. 600+ Crypto Sites Axed According to the ASIC’s latest media release, it has “methodically” dismantled many websites perpetrating investment scams over the past year, with a notable focus on cryptocurrency. The release particularly disclosed that since July 2023, the ASIC’s efforts have led to the closure of more than 7,300 websites implicated in various schemes designed to deceive Australian investors. Among these, websites specifically targeting cryptocurrency investors are less than those targeting traditional investors. The report noted: Since July 2023, ASIC has coordinated the removal of over 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks and 615 cryptocurrency investment scams. Websites shut down by the ASIC. | Source: ASIC The report highlighted that Australians alone lost roughly $1.3 billion to investment scams in 2023. Deputy Chair of ASIC, Sarah Court, commented on the severity of the issue in a recent statement. She pointed out that scammers employ “sophisticated techniques” to target Australians “indiscriminately,” aiming to “steal information and money.” Sarah Court added: The scams landscape is rapidly evolving. Innovative technology developments may improve how we live and work, however they also provide new opportunities for scammers to exploit. Every day an average of 20 investment scam websites are taken down. The quick removal of malicious websites is an important step to…

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Filed under: News - @ August 19, 2024 11:27 pm