The Australian Securities and Investments Commission (ASIC) announced that it removed 3,106 cryptocurrency investment scams during the 2025‑26 financial year, representing an increase of almost 30% compared with the prior year. Overall online scam takedowns rose 182% to more than 19,400 sites, including fake investment platforms and phishing links.
Breakdown of takedowns
During the same period ASIC removed:
- 7,051 fake investment platforms (up 151% from FY25)
- 5,476 phishing links (up 279% from FY25)
AI‑generated content fuels fraud
ASIC said scammers are increasingly using generative AI to create deep‑fake videos, fabricated news reports, fake reviews and AI‑generated social‑media comments that promote fraudulent crypto platforms. These materials are designed to appear credible when potential investors search online.
Victims may first encounter advertisements on social media, followed by AI‑produced endorsements from politicians, financial commentators or other public figures. After providing personal details, scammers often guide victims through a mock account‑setup process, display fabricated trade dashboards and show small, apparent profits before urging larger transfers.
Celebrity impersonation and reported losses
Data cited by ASIC indicated that scams impersonating ten frequently targeted Australian public figures accounted for more than A$7.4 million in reported losses. Figures such as Prime Minister Anthony Albanese, financial commentators Tom Piotrowski and Alan Kohler were among those most commonly spoofed.
Regulatory guidance for investors
ASIC urged investors to verify licence details independently before sending money or cryptocurrency. The regulator highlighted that a licence number displayed on a website does not guarantee authorisation; consumers should cross‑check the business name, licence number and contact information against ASIC’s Professional Registers and the Moneysmart Investor Alert List.
Recent enforcement actions
In February, New South Wales Police charged two men in connection with an alleged A$5 million crypto investment scam that used a fake platform called NEXOpayment. ASIC also took action against websites linked to the crypto platform Yepbit after investors reported withdrawal issues; ASIC confirmed it had not frozen any funds and noted that Yepbit lacked an Australian Financial Services Licence.
Broader context
Federal police reported A$382 million in investment‑scam losses in FY24, with cryptocurrency accounting for nearly half of that amount. Younger Australians appear especially exposed, with 23% of those aged 18‑28 holding crypto and 72% reporting exposure to crypto advertisements on social media.
ASIC’s figures reflect a sharp increase from the first year of its scam‑disruption operation, during which more than 7,300 phishing and investment‑scam websites were removed.
The regulator concluded that the growing sophistication of AI‑generated content means a simple online search is no longer sufficient to verify the legitimacy of an investment opportunity.
