- ASIC’s aggressive crackdown on scam crypto sites resulted in the removal of 7,300 fraudulent platforms within the first year.
- The National Anti-Scam Centre reported a 13% reduction in financial losses despite a rise in reported scams.
- Collaboration between ASIC and Netcraft has led to the daily removal of approximately 20 scam websites.
The Australian Securities and Investments Commission (ASIC) recently announced the end of scam cryptocurrency websites. The agency targeted grounds that were found to be enticing investors with false promises of high returns, leading to financial losses.
ASIC Scraps Notable Scam Sites
The Australian Securities and Investment Commission (ASIC) debuted a program against investment scams in July 2023. As noted by The Guardian, the move scrapped 7,300 scam websites in its first year of operation against scam. The scam sites included over 5500 trading websites, around 1000 malware attempts, and 615 fake cryptocurrency platforms.
Through the X Space platform, WikiBit Official noted that more than 600 scam sites are down and the crypto community should be safe and secure towards their wallets and holdings against the fraudsters.
In partnership with internet services company Netcraft ASIC is reportedly taking down about 20 scam websites each day . The National Anti-Scam Centre reports that Australians lost $2.77 billion to these scams in 2023. Notably, the recent records show that financial losses reduced by 13%, but the number of reported scams rose by 18.5%.
Crypto Scams Decline Post-Bitcoin Halving
Although the cases of crypto-related scams maximized during the Bitcoin halving event in April, recent data shows a month-over-month decline. with this progress being behind ASIC‘s disruption strategy, which includes cooperation with the National Anti-Scam Centre. NASC’s efforts resulted in investment scam losses dropping from $1.5 billion to $1.3 billion within a year.
Chainalysis found that blockchain illicit activities went down by 20% in H1 2024. However, the amount of crypto funds reported stolen doubled, reading from $857 million to $1.58 billion. Payments linked to ransomware have also seen a slight increase. The report revealed a decline in the number of victims paying ransom.
The post ASIC Shuts Down 7,300 Scam Crypto Sites in Major Crackdown appeared first on Crypto News Land.
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