{"id":473585,"date":"2025-04-08T12:00:10","date_gmt":"2025-04-08T11:00:10","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=473585"},"modified":"2025-04-08T11:44:30","modified_gmt":"2025-04-08T10:44:30","slug":"australia-shutters-crypto-scam-network-linked-to-35m-in-global-losses","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/australia-shutters-crypto-scam-network-linked-to-35m-in-global-losses\/","title":{"rendered":"Australia shutters crypto scam network linked to $35M in global losses"},"content":{"rendered":"<p>Australia's financial regulator has shut down 95 companies linked to crypto and romance scams.<\/p>\n<p class=\"\" data-start=\"329\" data-end=\"606\">On April 7, the Australian Securities and Investments Commission (<a href=\"https:\/\/cryptoslate.com\/australias-asic-explores-stablecoins-wrapped-tokens-in-new-crypto-framework\/\">ASIC<\/a>) <a href=\"https:\/\/asic.gov.au\/about-asic\/news-centre\/find-a-media-release\/2025-releases\/25-052mr-asic-warns-of-threat-from-hydra-like-scammers-after-obtaining-court-orders-to-shut-down-95-companies\/\">announced<\/a> that the Federal Court approved its request to dissolve these entities due to misconduct and fake registrations.<\/p>\n<p class=\"\" data-start=\"608\" data-end=\"910\">ASIC revealed that these companies had been set up using false details and operated under the pretense of offering legitimate services.<\/p>\n<p class=\"\" data-start=\"608\" data-end=\"910\">They were part of a wider scam network tied to &#8220;<a href=\"https:\/\/cryptoslate.com\/pig-butchering-scams-top-2024-crypto-fraud-with-3-6-billion-in-losses\/\">pig butchering<\/a>&#8220;\u2014a fraud model that combines crypto investment lies with emotional manipulation.<\/p>\n<p class=\"\" data-start=\"912\" data-end=\"1291\">The court found that the firms lacked proper governance and posed a serious consumer risk.<\/p>\n<p class=\"\" data-start=\"912\" data-end=\"1291\">Many were connected to suspicious platforms promoting fake investment opportunities in crypto, foreign exchange, and commodities. Victims were tricked into believing they were dealing with credible businesses, often through professional-looking websites and fake corporate identities.<\/p>\n<p class=\"\" data-start=\"1293\" data-end=\"1597\">ASIC Deputy Chair Sarah Court said the court's decision was necessary to prevent further harm.<\/p>\n<p class=\"\" data-start=\"1293\" data-end=\"1597\">Court explained that the people behind these scams used complex setups to mask their true intentions. Their tactics involved setting up fake businesses that looked convincing enough to win victims' trust.<\/p>\n<p class=\"\" data-start=\"1758\" data-end=\"2011\">Considering this, she highlighted ASIC's broader fight against online fraud, noting that the regulator removes over 130 scam websites weekly.<\/p>\n<p class=\"\" data-start=\"2013\" data-end=\"2237\">Despite these efforts, scams remain persistent. Court compared them to a &#8220;hydra,&#8221; warning that new ones often appear just as fast as others are removed.<\/p>\n<p data-start=\"1293\" data-end=\"1597\">She stated:<\/p>\n<blockquote>\n<p data-start=\"1293\" data-end=\"1597\">&#8220;These scams are like hydras: you shut down one and two more take its place. That's why we're warning consumers that the threat of scams and identity fraud remains high. We remind consumers to be vigilant.&#8221;<\/p>\n<\/blockquote>\n<p class=\"s3\">Meanwhile, the court has appointed Catherine Conneely and Thomas Birch from Cor Cordis as joint liquidators.<\/p>\n<p class=\"s3\">So far, nearly 1,500 claims have been submitted, with losses exceeding $35 million. Victims come from 14 countries, including the United States, Australia, India, Ghana, and France.<\/p>\n<p>However, the court <a href=\"https:\/\/download.asic.gov.au\/media\/jllce4ou\/25-052mr-asic-v-24-u-pty-ltd-fca-321-judgment.pdf\">filing<\/a> noted that:<\/p>\n<blockquote><p>&#8220;The provisional liquidators found that of the 95 companies, only three have assets and those together total only $33,018. Seven companies have liabilities which together total $38,689,419.&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Australia&#8217;s financial regulator has shut down 95 companies linked to crypto and romance scams. On April 7, the Australian Securities and Investments Commission (ASIC) announced that the Federal Court approved its request to dissolve these entities due to misconduct and fake registrations. ASIC revealed that these companies had been set up using false details and [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":473590,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76799],"tags":[74060],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australia shutters crypto scam network linked to $35M in global losses<\/title>\n<meta name=\"description\" content=\"Australian regulators dismantle 95 fraudulent entities masking crypto scams linked to $35 million in losses.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/australia-shutters-crypto-scam-network-linked-to-35m-in-global-losses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia shutters crypto scam network linked to $35M in global losses\" \/>\n<meta property=\"og:description\" content=\"Australian regulators dismantle 95 fraudulent entities masking crypto scams linked to $35 million in losses.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/australia-shutters-crypto-scam-network-linked-to-35m-in-global-losses\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-08T11:00:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-08T10:44:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/04\/crypto-scam.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/australia-shutters-crypto-scam-network-linked-to-35m-in-global-losses\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/australia-shutters-crypto-scam-network-linked-to-35m-in-global-losses\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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