Since July 2023, the Australian Securities and Investment Commission (ASIC) has taken down 615 cryptocurrency investment scam websites, which have collectively caused estimated losses of $1.3 billion for Australians in 2023.

On average, ASIC removes about 20 investment scam websites daily, with these scams often disseminated through fake news articles and deepfake videos featuring local public figures.

ASIC and the National Anti-Scam Centre have issued warnings about the use of fake news articles and deepfake videos promoting fraudulent online investment schemes, particularly on social media.

The rise of deepfake technology has created new challenges for consumers, making it increasingly difficult to distinguish between legitimate and fraudulent investment opportunities.

Approval phishing scams have become a prevalent tactic, tricking individuals into authorizing transactions that allow scammers to transfer their funds to their own accounts.

The Australian Federal Police (AFP) has launched an investigation into phishing scams that have compromised around 2,000 crypto wallets in Australia, as part of broader efforts to combat these fraudulent activities.

In collaboration with Chainalysis, the AFP is enhancing ongoing investigations and working with local cryptocurrency exchanges to prevent scams targeting Australians.

These scams are often linked to fraudulent investment schemes and romance scams, commonly referred to as pig-butchering scams.

In a related incident, a Florida woman has sued Google after losing $5 million to a scam crypto app that took three months to be removed from the Google Play Store.

Recent findings indicate that 50% of cryptocurrency exchange ads on Meta's platform have either deceived users or violated advertising rules.

A significant scam website, Dexa Trade Markets, which falsely claimed international regulation and substantial trading volume, was taken down by ASIC shortly after being reported.