ASIC Ramps Up Online Scam Crackdown as Crypto Frauds Persist
Australia’s corporate watchdog is intensifying its war on online scams after removing more than 14,000 fraudulent websites since mid-2023, with thousands linked to cryptocurrencies.
Australia’s corporate watchdog is intensifying its war on online scams after removing more than 14,000 fraudulent websites since mid-2023, with thousands linked to cryptocurrencies.
The Australian Securities and Investments Commission (ASIC) revealed on Thursday that over 3,000 of those takedowns involved crypto-related scams, alongside a mix of phishing sites and bogus investment platforms promoted through online ads.
Source:
ASIC
Deputy Chair Sarah Court said the regulator’s next move will extend its enforcement campaign to social media advertising.
“The takedown capability is one example of how we are monitoring the latest trends and acting to protect Australians from those who try to steal from them,”
Court noted.
ASIC first launched its scam disruption initiative in July 2023, wielding new takedown powers that allow it to refer suspicious sites to a third-party cybercrime detection firm for swift investigation and removal.
The regulator averaged about 140 takedowns a week last year, with the figure slipping slightly to 130 per week in 2025. Roughly 8% of all scam removals to date have been linked to crypto.
Common tactics uncovered include fake trading bots allegedly powered by artificial intelligence, websites impersonating legitimate businesses, and fabricated news articles featuring AI-generated celebrity endorsements.
The crackdown comes against a backdrop of rising financial crime worldwide. Losses from crypto hacks, scams, and exploits hit $2.47 billion in the first half of 2025 — a 3% jump from last year’s total of $2.4 billion.
In Australia, investment scams remain the most damaging. According to the National Anti-Scam Centre, Australians have lost over $73 million so far in 2025. However, losses are trending downwards compared to $192 million in 2024 and $291 million in 2023.
Despite progress, regulators acknowledge that scammers remain persistent. “While the latest data shows the coordinated work of the National Anti-Scam Centre is making progress in the fight against scams, there is still more work to do, and we urge Australians to stay vigilant,” Court added.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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