Cryptocurrency fraudsters stole $ 80 million in Australia

In Australia, the Competition and Consumer Protection Commission has released the amount of losses Australians have incurred due to fraud.

According to the data published on the commission’s official website, the number of crypto frauds increased in 2022. In total, Australian investors lost $ 148 million due to various types of fraud, including $ 80 million due to cryptocurrency fraudsters.

The Commission advises citizens to carefully examine anyone who asks to invest or transfer money using digital assets, especially if the potential financial advisor is only familiar on the Internet. According to Delia Rickard, Deputy Chairman of the Commission, ignorance of the nuances of the industry makes people more vulnerable to fraud.

The true scale of losses from cryptocurrency crime is likely much higher, as only 13% of people reported their losses. The commission emphasized that despite the fact that the number of reports has decreased, the amount of losses has increased.

It was recently reported that since the beginning of 2021, scammers and other fraudsters have stolen more than $ 1 billion worldwide.