The Australian Securities and Investments Commission (ASIC) reported that it closed 615 cryptocurrency investment scams, around 9% of the 7,300 total identified scams.
Sarah Court, ASIC's deputy chair emphasized, "Innovative technology developments may improve how we live and work, however they also provide new opportunities for scammers to exploit."
ASIC’s actions reveal the scale of crypto-related fraud, with Australians losing A$1.3 billion to investment scams last year, highlighting a need for vigilance.
One such entity, Dexa Trade Markets, was identified for falsely claiming international regulation and misleading potential investors about its trading volume and investor count.
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