ASIC is expanding its crypto scams crackdown to monitor and remove social media ads after taking down 14,000 scam sites since July 2023, more than 3,000 tied to crypto. The regulator will use takedown powers and third-party cybercrime detection to protect Australians from evolving online fraud.
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14,000 scam sites removed since July 2023; 3,000+ involved crypto
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ASIC will extend enforcement to social media ads and ad platforms to disrupt investment and phishing scams.
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Worldwide crypto losses from hacks and scams reached $2.47 billion in H1 2025, up ~3% from 2024.
ASIC crypto scams crackdown: Latest takedown powers target social media ads and crypto ATM abuse — learn how Australians can stay safe. Read more.
ASIC Deputy Chair Sarah Court said the regulator has now beefed up its scam enforcement to include monitoring social media ads.
What is ASIC’s expanded enforcement on crypto scams?
ASIC crypto scams crackdown now includes proactive monitoring and takedowns of social media advertisements that promote fraudulent investment schemes and phishing websites. The regulator is referring suspicious sites and ads to specialist cybercrime detection teams to investigate and remove them quickly.
How many scams has ASIC taken down and how many involved crypto?
Since July 2023, ASIC’s takedown operation has removed about 14,000 scam sites, with more than 3,000 claiming to involve cryptocurrency. In 2024 ASIC averaged roughly 140 takedowns per week, easing slightly to about 130 weekly takedowns so far this year.
Why is crypto a larger portion of scams this year?
Crypto-related schemes now feature more prominently as scammers exploit decentralized payment rails and public fascination with digital assets. Global data show $2.47 billion lost to crypto hacks, scams and exploits in H1 2025, up nearly 3% from $2.4 billion in 2024.
How are scammers using new technology to deceive victims?
Scammers increasingly deploy AI-powered tactics—fake trading bots, deepfake endorsements and AI-generated news articles—to lend credibility to fraud. ASIC has flagged deepfakes as a rising problem because they erode the average person’s ability to verify authenticity.
ASIC launched its scam disruption operation in July 2023, using new takedown powers to refer suspicious websites to third-party cybercrime detection companies for removal. The program has focused on investment scams, phishing websites and deceptive online advertisements.
The total amount Australians have lost to investment scams appears to be trending downward with $73 million recorded so far this year, compared to $192 million in 2024. Source: National Anti-Scam Centre
When have investment scam losses changed and what are the numbers?
Investment scams remain the top scam type in Australia with over $73 million in reported losses so far this year, according to the National Anti-Scam Centre. Total losses dropped from $291 million in 2023 to $192 million in 2024, indicating some downward trend in reported investment fraud.
What common schemes are driving losses?
Common schemes include fake AI trading services, cloned websites impersonating legitimate firms, and hoax news or celebrity endorsements generated by AI. ASIC warns that testimonials and promises of guaranteed AI returns are red flags.
Court emphasised: “The takedown capability is one example of how we are monitoring the latest trends and acting to protect Australians from those who try to steal from them.” She urged continued vigilance as tactics evolve.
How are crypto ATMs implicated in scams?
Regulators have also scrutinised crypto ATMs amid links to online scams and pig-butchering operations. Australia has one of the largest global fleets of crypto ATMs — with recorded growth from 1,871 in June to 1,968 in August — raising enforcement and monitoring concerns.
Australia continues to grow its number of crypto ATMs, with 1,871 registered in June, which then increased to 1,968 in August. Source: Coin ATM Radar
AUSTRAC and the Australian Federal Police led a national crackdown on illicit use of crypto ATMs earlier this year. AUSTRAC has introduced new operating rules and transaction limits to curb criminal use and protect victims.
Frequently Asked Questions
How can Australians spot a crypto investment scam?
Look for unsolicited offers, pressure to act quickly, guaranteed returns, requests to move conversations to direct messaging apps, and unverifiable AI-generated endorsements. Always verify the platform and preserve evidence before responding.
Where should victims report suspected crypto scams?
Report suspected scams to the National Anti-Scam Centre and ReportCyber and provide transaction details, screenshots and URLs to help investigators trace funds and takedown fraudulent content.
Are crypto ATMs regulated in Australia?
Crypto ATMs operate in a regulatory spotlight: AUSTRAC has introduced new operating rules and transaction limits, and law-enforcement agencies are investigating links between ATMs and organised scam networks.
Key Takeaways
- Expanded enforcement: ASIC now targets social media ads and paid placements to disrupt crypto-related scams.
- Significant takedowns: About 14,000 scam sites removed since July 2023; 3,000+ involved crypto.
- Protective actions: Verify ads, question AI testimonials, avoid direct-messaging payment requests, and report suspicious activity.
Conclusion
ASIC’s strengthened approach to removing scam websites and policing social media ads aims to reduce crypto-related fraud and protect consumers. Australians should remain vigilant, verify investment offers, and report scams promptly to help authorities disrupt criminal networks.
