The Australian Securities and Investments Commission (ASIC) revealed last Sunday that as part of a broader effort to combat online investment scams, the agency coordinated the clearance of over 600 cryptocurrency scams last year. ASIC stated that it has helped crack down on 5530 fraudulent investment platform scams, 1065 phishing hyperlinks, and 615 cryptocurrency investment scams. It is estimated that these scams spread through fake news articles and deepfake videos of local public figures last year, resulting in a total loss of $1.3 billion. The regulatory agency stated in a statement that ASIC reminds all consumers to be vigilant about social media hyperlinks that promote online transactions and cryptocurrency investments. @seyedho @wiolla37

It's crucial to stay cautious online! The numbers are alarming, but it's good to see ASIC taking action against cryptocurrency scams. Let's all be vigilant and double-check before investing online.