Australia Cracks Down on 95 Firms Linked to Crypto Investment Scams

Australia has taken down 95 businesses suspected of running deceptive cryptocurrency investment and romance scams. The Australian Securities and Investments Commission (ASIC) announced the closure following a Federal Court order that deemed the companies unsuitable for continued operation. According to ASIC, these firms operated under false pretenses, with many using fake websites and apps to lure victims into their fraudulent schemes. 80% were registered with inaccurate information.