ASIC Shuts Down Over 3,100 Crypto Scams Amid Rise in AI-Generated Deception

Australia's securities regulator has taken significant steps to combat cryptocurrency investment scams. The Australian Securities and Investments Commission (ASIC) removed 3,106 cryptocurrency investment scams during FY26, a nearly 30% increase from the previous year.

Total online scam takedowns surged 182% to more than 19,400, including fake investment platforms and phishing links.

Scammers are increasingly using AI deepfakes, fake news reports, and celebrity impersonations to make fraudulent crypto platforms appear legitimate. In fact, scams impersonating 10 frequently targeted Australian public figures accounted for over A$7.4 million in reported losses.

ASIC is urging investors to independently verify licence details before sending money or cryptocurrency. ASIC Chair Sarah Court noted that AI-generated content has made investment scams more convincing and harder to detect, making a simple online search insufficient to verify an opportunity's legitimacy.