Crypto scams in Australia increased by 162 percent, resulting in a loss of $150 million.
Increasing adoption and usage areas in cryptocurrencies bring problems in the industry. Many scams and identity thefts are taking advantage of the popularity of cryptocurrencies. One of the countries most affected by these situations was Australia.
Crypto scams accounted for about 7 percent of the $2.08 billion worth of assets stolen in Australia last year. In 2022, Australians lost $150 million in crypto scams.
Crypto Fraud in Australia is at its Peak!
The crypto detail drew attention in the 2022 fraud report in Australia. Last year, there was a $2.08 billion scam in Australia. About 7.1 percent of this amount was the crypto side.
The Australian Competition and Consumer Commission (ACCC), the consumer regulator in the country, created a fraud activity report the other day. In this report, a total of 3,910 crypto scams were reported. Also, according to the report, the average Australian victim lost $37,900.
Australians have suffered a total of close to $150 million in crypto scams, a 162 percent increase over 2021. This amount was reflected as a “worrying” situation during the progress and growth of the sector.
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