Australia’s ASIC has taken action against 95 companies suspected of running cryptocurrency investment and romance scams, commonly known as ‘pig butchering.’ These firms were recently shut down by the court after being found to have engaged in fraudulent activities using false information to deceive their victims. This follows a previous investigation by the Australian Securities and Investments Commission (ASIC) that revealed these businesses were incorporated with fabricated details to disguise their illicit activities, according to ASIC Deputy Chair Sarah Court. Justice Angus Stewart’s ruling on April 4 based on review of 48 ‘Reviews of Misconduct’ from 17 companies accused of romance scams, reinforces the deceptive nature of these scams where perpetrators build fake relationships to gain victims’ trust before persuading them into investing in fraudulent schemes.