Australian Regulator’s Pig Butchering Cracks Down 95 Firms in Major Scam Sweep
- ASIC winds up 95 scam-linked companies posing as crypto and FX platforms.
- Many fake firms used stolen identities to create online legitimacy.
- Over 130 scam websites are taken down each week by ASIC.
Australia’s corporate watchdog, ASIC, intensified its crackdown on digital asset fraud, successfully shutting down 95 firms accused of running large-scale “pig butchering” scams through online investment schemes and romance baiting.
These scams, named for the cruel method of fattening a pig before slaughter, typically involve scammers building trust with victims before convincing them to deposit funds into fake investment platforms – often involving crypto, forex, or commodities – presented via genuine-looking websites and apps. Once significant funds are invested, the scammers disappear.
Scammers’ Sophisticated Methods Exposed
ASIC secured Federal Court backing to dismantle the infrastructure of these fraudulent operations. The regulator exposed how the now-closed companies often falsified information and operated without transparency, presenting an “overwhelming” case for termination. Many posed as investment platforms promising high returns to l…
The post Australian Regulator’s Pig Butchering Cracks Down 95 Firms in Major Scam Sweep appeared first on Coin Edition.
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Australian Regulator’s Pig Butchering Cracks Down 95 Firms in Major Scam Sweep
- ASIC winds up 95 scam-linked companies posing as crypto and FX platforms.
- Many fake firms used stolen identities to create online legitimacy.
- Over 130 scam websites are taken down each week by ASIC.
Australia’s corporate watchdog, ASIC, intensified its crackdown on digital asset fraud, successfully shutting down 95 firms accused of running large-scale “pig butchering” scams through online investment schemes and romance baiting.
These scams, named for the cruel method of fattening a pig before slaughter, typically involve scammers building trust with victims before convincing them to deposit funds into fake investment platforms – often involving crypto, forex, or commodities – presented via genuine-looking websites and apps. Once significant funds are invested, the scammers disappear.
Scammers’ Sophisticated Methods Exposed
ASIC secured Federal Court backing to dismantle the infrastructure of these fraudulent operations. The regulator exposed how the now-closed companies often falsified information and operated without transparency, presenting an “overwhelming” case for termination. Many posed as investment platforms promising high returns to l…
The post Australian Regulator’s Pig Butchering Cracks Down 95 Firms in Major Scam Sweep appeared first on Coin Edition.
Read More
US SEC Plans to Host Third Crypto Roundtable on April 25