Crypto Fraud Became Much More Popular in Australia

July 24, 2018

The Australian national consumer observer, the Australian Competition and Consumer Commission (ACCC), warned that cryptocurrency scams became much popular over the past 12 months. In fact, this type of investment scam in now the second most popular in Australia. 

ACCC deputy chair Delia Rickard said in a statement:

"The rise in popularity in cryptocurrency trading has not been missed by scammers who are latching onto this new trend to con people. These are similar to any other investment scam: the scammer will claim to have inside knowledge about price movements they will use to make you a fortune. If you invest, your money will quickly disappear."

In November 2017, ACCC found a surge of 126% in Bitcoin fraud. This surge was related to the growth of the price of BTC. The ACCC advised Australians to stay away from companies, that offer "risk-free investment", "low risk, high return", or "get-rich quick."

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