The Australian Securities and Investments Commission (ASIC) revealed on Sunday that it coordinated the removal of more than 600 crypto scams last year as part of a wider effort to combat online investment scams.
ASIC said it had helped take down 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks, and 615 crypto investment scams.
It is estimated that these scams caused a total loss of $1.3 billion last year, spread through fake news articles and deep fake videos of local public figures.
"ASIC reminds all consumers to be wary of social media hyperlinks that promote online trading and cryptocurrency investments," the regulator said in a statement. ASIC added that on average, about 20 sites are taken down every day, and scammers continue to adapt and find new ways to lure victims. (Decrypt)