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Australia’s securities regulator says over 8% of the scam websites it took down in 2023 were focused on crypto investments only. 
The <a href="https://crypto.news/tag/australia/" target="_blank" rel="noreferrer noopener">Australian</a> Securities &amp; Investments Commission has published a report, marking the first anniversary of its investment scam disruption initiative by announcing the removal of thousands of phishing and investment scam websites. 
In an Aug. 19 <a href="http://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-180mr-online-investment-trading-scams-top-asic-s-website-takedown-action/" target="_blank" rel="">press release</a>, ASIC revealed that since July 2023, it has coordinated the takedown of more than 7,300 phishing websites, 5,530 of which were fake investment platforms, while 1,065 were phishing scam links, and 615 crypto investment scams. 
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 <img loading="lazy" decoding="async" width="4460" height="2228" src="https://crypto.news/app/uploads/2024/08/hdsohdosfh.png" alt="Australia's ASIC takes down over 600 crypto scam websites in yearlong operation - 30" class="wp-image-14292320">
 <figcaption class="wp-element-caption">
 ASIC website disruption operation by month since 2023 | Source: <a href="http://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-180mr-online-investment-trading-scams-top-asic-s-website-takedown-action/" target="_blank" rel="">ASIC</a>
 </figcaption>
</figure> 
Investment scams remain the most prevalent type of fraud impacting Australians, with losses totaling $1.3 billion in 2023 alone, the press release reads. ASIC emphasized the need for consumers to stay vigilant, particularly against social media links that promote online trading and crypto investments. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Every day an average of 20 investment scam websites are taken down. The quick removal of malicious websites is an important step to stop criminal scammers from causing further harm to Australians.” 
 ASIC Deputy Chair Sarah Court 
</blockquote> 
ASIC attributed the widespread <a href="https://crypto.news/tag/phishing/" target="_blank" rel="noreferrer noopener">phishing</a> activity to the use of fake news articles and deepfake videos of public figures endorsing fraudulent online investment platforms, especially on social media. These deceptive platforms represent the largest segment of the websites ASIC has targeted, per the press release. 
 You might also like: <a href="https://crypto.news/australian-regulator-takes-meta-to-court-over-deceptive-crypto-ads-on-facebook/"> Australian regulator takes Meta to court over ‘deceptive’ crypto ads on Facebook </a> 
In early August, the Australian Federal Police, working with Chainalysis, <a href="https://crypto.news/australias-police-joins-global-campaign-to-disrupt-crypto-scams/" target="_blank" rel="noreferrer noopener">revealed</a> it had identified over 2,000 compromised crypto wallets belonging to Australians. 
Although it’s unclear if any of the stolen assets were recovered, exchanges such as BTC Markets, Binance, and Crypto.com collaborated with authorities to identify and support Australian victims, helping to prevent further losses. The police noted that bad actors have stolen more than $4 billion in crypto since May 2021 through phishing attacks alone. 
 Read more: <a href="https://crypto.news/hsbc-australia-blocks-payments-to-crypto-exchanges-amid-rising-scam-concerns/"> HSBC Australia blocks payments to crypto exchanges amid rising scam concerns </a>

Australia’s ASIC takes down over 600 crypto scam websites in yearlong operation

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