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Australian Securities and Investments Commission warns of fake crypto trading platform scams, with young investors becoming the main target

MeNews
ME News Report, May 26 (UTC+8), the Australian Securities and Investments Commission (ASIC) issued a warning, alerting retail investors that scammers are using messaging apps like WhatsApp and fake cryptocurrency trading platforms to defraud them. The scammers typically post investment advice on social media to attract users into message groups disguised as well-known financial figures or trading communities, then lure them into depositing funds into fake platforms. These platforms simulate profits by forging trading data, and when users attempt to withdraw, they are asked for additional "unlocking fees," with all funds flowing directly into the scammers' accounts. Additionally, scammers target investors who have already suffered losses by offering fake "fund recovery services" to carry out secondary scams. According to Moneysmart survey data, 23% of Australians aged 18 to 28 hold crypto assets, 72% of Generation Z have seen crypto ads on social media, and 41% have been directly persuaded to invest in cryptocurrencies, indicating a significantly higher risk exposure among young groups. ASIC reminds investors to be cautious of social media investment advice and recommends verifying platform compliance through the AUSTRAC Virtual Asset Service Provider Register. (Source: ChainCatcher)
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TreatEarningsAsSnacks
· 58m ago
ASIC's warning this time was quite timely, but scammers are even faster at rebranding.
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GateUser-4eae4cef
· 1h ago
72% of Generation Z see crypto ads on social media. Can regulations keep up?
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OrdersPlacedBeforeTheStorm
· 12h ago
Impersonation by well-known financial figures is a classic opening move.
View OriginalReply0
ForkAndChill
· 12h ago
Funds recovery service? Scammers care about your wallet even more than you do.
View OriginalReply0
GateUser-23bf1070
· 12h ago
Moneysmart data is quite interesting; Generation Z has become the hardest hit area.
View OriginalReply0
MintStop-LossPatch
· 12h ago
A 23% ownership rate indicates that there is still a long way to go in market education
View OriginalReply0

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