Australians Lost $122M Worth of Crypto to Scams in 12 Months: Police

As a seasoned Australian crypto investor, having navigated the digital asset landscape for several years, I can’t help but feel a sense of dismay and caution after reading these staggering statistics. The fact that over $122 million worth of cryptocurrency was lost to investment scams in just one year is a concerning trend that should not be overlooked.

As a researcher reporting findings, I’d say: In the past year alone, a staggering 180 million Australian dollars ($122 million USD) has been lost by Australians due to cryptocurrency investment scams. This alarming figure was shared by the Australian Federal Police (AFP) in a recent public announcement. They strongly advise everyone to remain vigilant as these scams are becoming increasingly prevalent and sophisticated.

Data collected by the Australian Cyber Security Centre (ACSC) shows that Aussies lost A$382 million ($259 million) to investment scams in the 2023-24 financial year, of which 47% involved cryptocurrency.

According to the Australian Federal Police (AFP), it’s quite common for victims of this particular scam to be younger than 50 years old. Interestingly, about 60% of the scam reports filed with the police have been made by individuals from this age group.

This month, the Australian Securities and Investments Commission (ASIC) reported that they shut down 615 cryptocurrency investment scams in their first year of operation aimed at eliminating fraudulent investment websites. Australians reportedly lost a staggering A$1.3 billion ($870 million) to investment scams last year.

According to Assistant Commissioner Richard Chin from AFP, the information suggests that it’s incorrect to assume that only elderly individuals fall victim to scams.

“Swindlers frequently employ high-pressure techniques and various strategies to trick people into making unwise financial choices. Their approaches often involve ‘pig butchering’ scams or the use of deepfake technology.”