Australian Court Dismantles 95 ‘Hydra’ Companies Behind Crypto and Romance Scams

In a major crackdown, the Australian Federal Court has authorized the winding down of 95 companies suspected of running elaborate crypto investment and romance scams known as ‘pig butchering’. The decision follows an application by the Australian Securities and Investments Commission (ASIC) that alleged these companies were designed to defraud victims under false pretenses. Their fraudulent operations, according to ASIC Deputy Chair Sarah Court, often involved scammers building trust through fake relationships before luring victims into crypto or financial investments, tactics detailed in a court ruling on March 21st.