Australian authorities just landed a major blow against crypto scammers, shutting down 95 shady firms through court orders. The crackdown targeted “pig butchering” scams that duped victims across 14 countries out of $35 million through fake romance and bogus investments. ASIC isn’t messing around – they’re crushing over 130 scam websites weekly. Only three companies had any actual assets, totaling a measly $33,018. The rabbit hole of deception goes much deeper.
While crypto scammers thought they could keep fattening up their victims in Australia, the party’s officially over. The Australian Securities and Investments Commission (ASIC) just got court approval to shut down 95 firms linked to cryptocurrency scams. Game over, fraudsters.
These weren’t your run-of-the-mill schemes. They’re called “pig butchering” scams – a charming name for an ugly practice where scammers fatten up their victims with fake romance before slaughtering their bank accounts. The fraudsters build trust through online relationships, then convince victims to pour money into bogus crypto investments. The scammers promoted false investments in cryptocurrencies and foreign exchange. Justice Stewart noted the case for shutting down these companies was overwhelmingly clear. How lovely.
Pig butchering scams: where romance meets robbery, as fraudsters fatten victims’ trust before gutting their wallets through fake crypto deals.
The numbers are staggering. Over 1,500 victims across 14 countries have reported losses exceeding $35 million. And get this – out of all these companies being liquidated, only three actually have any assets, totaling a measly $33,018. Meanwhile, seven companies have racked up about $38.7 million in liabilities. Similar to the Operation Crypto Runner initiative, these efforts demonstrate law enforcement’s growing success in dismantling criminal enterprises. Do the math – it’s not pretty.
These scammers aren’t exactly low-tech either. They’re using AI to impersonate people, creating professional-looking websites, and exploiting telecommunications loopholes to appear legitimate. They’re even impersonating cryptocurrency exchanges. Smooth operators, aren’t they?
ASIC isn’t messing around. They’re crushing over 130 scam websites weekly, and this latest court-approved shutdown is just part of their ongoing efforts. The scams might originate mainly from Southeast Asia, but they’ve gone global, hitting victims from Australia to India to the United States.
Here’s the kicker – these scammers are getting more sophisticated by the day. They’re using everything from encrypted messaging to SMS, creating elaborate fake corporate identities that would make Hollywood proud. But ASIC’s international partnerships are making it harder for these fraudsters to operate.
The tide might be turning. Thanks to increased awareness and aggressive enforcement, scam reports are actually declining. But let’s be real – as long as there’s money to be made, these scammers will keep trying. They’ll just have to find somewhere else to do it. Australia’s made its position crystal clear.
