Australia Intensifies Efforts to Combat Crypto-Related Fraud
Australia’s efforts to combat crypto-related fraud have intensified, with the country’s Securities and Investments Commission (ASIC) targeting 95 companies allegedly involved in deceptive schemes like pig butchering scams.
In a decision made on April 8, 2025, the Federal Court of Australia authorized ASIC to begin the process of dismantling these firms. This action is part of Australia’s broader initiative to ensure a secure crypto landscape, tackling the rising tide of scams disguised as legitimate businesses. These fraudulent operations often lure victims by promoting fake investment opportunities and building trust through romanticized online relationships, a hallmark of the so-called pig butchering scams. These scams manipulate unsuspecting individuals into making significant financial commitments.
Sarah Court, ASIC’s Deputy Chair, pointed out that these types of scams are ever-evolving, and simply eliminating one group often leads to the emergence of more. She emphasized the difficulty of keeping up with these shifting tactics, likening them to a “hydra,” where cutting off one head results in two more sprouting in its place. The crackdown aims to dismantle these deceptive companies and safeguard consumers from investing in operations with no real oversight or proper management.
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The timing of Australia’s crackdown aligns with similar global efforts, such as India’s recent arrest of five individuals linked to a $700,000 crypto scam tied to Japan. In response to the growing threat of crypto scams, ASIC has ramped up its activity, reportedly taking down over 130 fraudulent websites every week. The commission also works to improve its registry system to prevent future occurrences of such schemes.
In related developments, crypto platform Deribit issued a warning about a rise in fake job offers within the industry. Scammers are reportedly impersonating established crypto firms to lure job seekers into fraudulent schemes, further highlighting the importance of vigilance within the crypto space.
Alexander Stefanov
