Australians Have Lost Over $165M to Crypto Scams This Year
Crypto Scams
Modified Date:- Published Date:-Categories: Cryptocurrency
Australians HaveLost Over $165M to Crypto Scams This Year
CryptoScammers Targeting Aussies
The Scam watch data shows 5,397 reports frominvestors, with 50% having experienced financial losses. Most scam victims weremales between the ages of 55 and 64. Despite the severe market crash in May,there were 861 reports with losses totalling over A$35 million (over $25million), making it the second highest month since March. The largest amountswere lost through mobile applications, phones, and social networking. The scamtypes range from romance-baiting scams like pig butchering to classic Ponzischemes and crypto scams.
AustraliaLaunches Crypto Police Unit
The rise in illegalactivities involving cryptocurrencies was why the Australian FederalPolice (AFP) recently created a new enforcement unit to focus on the cryptomarket. The new crypto police unit, which was formed earlier this month,has been tasked with tracing and cracking down on crypto laundering andconfiscating illegal crypto proceeds. The new division has alreadyhelped the AFP to seize over $600 million in unlawful crypto gains inproperties, digital assets, and luxurious items such as cars and boats.
Australiato Amend Crypto Regulations
Furthermore,Australia announced last month that it would amend its crypto regulations by “tokenmapping” the crypto sector to curb crypto scams and illegal crypto-relatedactivities. The mapping will uncover the characteristics of all digitalasset tokens, including their underlying code and technological features.It will also determine which crypto assets are already subject tofinancial services law and those that may require special legislation. In othernews, Crypto Saving Expert reported that scammers have stolen over $100 millionworth of non-fungible tokens (NFTs) from collectors over the past 12 months.
Cryptocurrency fraud is an ongoing problem in the crypto ecosystem, and Australia is no exception. The Australian Federal Police (AFP) has announced that they have identified over $165 million in losses due to crypto-related scams this year.