ASIC Shuts Down 3,106 Crypto Scams as AI Fraud Surges in Australia

Australia's securities regulator has removed over 3,100 cryptocurrency investment scams during the past financial year, according to data released by ASIC. The figure represents a nearly 30% increase from the previous year.

The total number of online scam takedowns surged 182% to more than 19,400, including fake investment platforms and phishing links. Scammers are increasingly using AI-generated content to make fraudulent crypto platforms appear legitimate.

One of the tactics used by scammers is creating entire networks of fake information, including deepfake videos, fake media coverage, positive reviews, and social media comments that all support the same supposed investment platform.