Australian regulators crack down on and shut down over 600 encryption scam websites, taking a year to do so

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BlockBeats news, on August 19th, the Australian Securities and Investments Commission (ASIC) announced today that as part of a broader initiative to combat investment fraud, the agency has cleared 615 cases of cryptocurrency investment eyewash in the past year. Since July 2023, the commission has shut down more than 7,300 fraudulent websites, 615 of which are related to cryptocurrency. The regulatory agency cited a report from the Australian Competition and Consumer Commission, stating that investment eyewash caused approximately 1.3 billion Australian dollars in losses in 2023. Sarah Court, Deputy Chair of ASIC, stated in a statement, ‘Australians continue to lose billions of dollars each year to fraud. Fraudsters are criminals targeting hardworking Australians indiscriminately, using sophisticated techniques to steal information and money.’

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