Australians lose more than $25.7 million to Bitcoin scammers

In Australia, cryptocurrency-related financial fraud has surged. In the first half of 2021 alone, locals handed over $25.7 million to criminals, up 44% from the entire 2020 figure ($17.8 million), сообщает the Australian Competition and Consumer Commission (ACCC).

Of the 4,763 complaints received by the agency, 2,240 related to fictitious investments in Bitcoin and other digital assets.

According to ACCC Deputy Chair Delia Rickard, scammers lure investors by promising high returns and by enlisting celebrities in promotional campaigns for trading platforms.

“Investors are initially allowed to withdraw some profits using the assets of other victims. However, ultimately people lose access to their funds,” added Rickard.

Overall, losses from investment scams in Australia in the first half reached AU$70 million (about US$50.5 million).

Earlier, the Australian Securities and Investments Commission urged investors to invest with caution in crypto-related financial products and not to deal with unregistered companies.

The regulator noted that it had received reports of users of such platforms who suffered “significant losses”.

In July, the local blockchain association urged the authorities to take a coordinated approach to creating a regulatory framework for the cryptocurrency industry.

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