Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 13284
Markets: 100679
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
America's Social Casino

Market Cap
24h Vol
13284
Cryptocurrencies
62.39%
Bitcoin Share
The Coin Rise 2025-04-08 09:52:06

Australia Cuts Off Crypto Scam Hydra: 95 Fraudulent Firms Shut Down

Australia Cuts Off Crypto Scam Hydra: 95 Fraudulent Firms Shut Down

Australia financial regulator has secured court approval to wind up 95 companies allegedly involved in a web of crypto investment and romance scams. The Australian Securities and Investments Commission (ASIC) was granted the green light by the Federal Court of Australia to dissolve the firms on just and equitable grounds, marking one of the most significant crackdowns on scam networks operating under the guise of legitimate businesses. The majority of these now-defunct entities were believed to be fronts for “pig butchering” schemes — a manipulative scam technique where perpetrators build emotional relationships with victims before coercing them into fake crypto investment platforms. ASIC Deputy Chair Sarah Court stated that most of these companies had been established using fraudulent credentials and were never intended to offer real services. Justice Angus Stewart, in reviewing misconduct reports from 17 of the implicated firms, noted a recurring pattern of deception that matched the structure of pig butchering scams. “There appears to be a common pattern of scam activity,” he affirmed in a ruling dated March 21, citing the manipulation of trust for financial exploitation. International Victims, Phantom Companies The scope of the fraud is global. According to court documents, nearly 1,500 investors across 14 countries — including the U.S., Australia, India, Ghana, and France — had lodged claims totaling over $35.8 million. Yet shockingly, only three of the 95 companies were found to possess any actual assets. The rest existed in name only, lacking the infrastructure or capital expected of genuine enterprises. To facilitate the dismantling of the network, Catherine Conneely and Thomas Birch of Cor Cordis have been appointed as joint liquidators. Their investigations led to the recommendation that 92 of the companies be immediately shut down and deregistered. Australia Fights Against a Digital Hydra But ASIC’s efforts extend beyond corporate takedowns. The regulator has also been targeting the digital footprints of these scams. It is currently removing around 130 fraudulent websites weekly, having already taken down more than 10,000 — including over 7,200 fake investment platforms and 1,500 phishing sites. Still, Court likened the effort to battling a hydra: “You shut down one and two more take its place.” Despite these odds, Australia’s National Anti-Scam Centre recently reported a 26% drop in scam losses this year , suggesting that regulators may finally be gaining ground in an escalating cyber war. The post Australia Cuts Off Crypto Scam Hydra: 95 Fraudulent Firms Shut Down appeared first on TheCoinrise.com .

Most Read News

https://www.digistore24.com/redir/325658/ceobig/
Market Cap
24h Vol
62.39%
Bitcoin Share
0
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.