Australian regulator ASIC shutting down 95 companies involved in crypto and romance scams

From CoinTelegraph
April 7, 2025 11:23 PM:

Australia’s corporate watchdog, ASIC, approved the shutdown of 95 companies involved in crypto and romance scams. Most companies used false information and “pig butchering” tactics to scam victims. Insolvency advisers appointed as joint liquidators. Claims totaling over $35.8 million from 14 countries. ASIC removing 130 scam websites weekly.

“Pig butchering” scams involve fake relationships to scam victims into investing in fraudulent schemes. ASIC suspects scam activity originates from Southeast Asia. 1,500 claims received by liquidators. Only three of the 95 companies had assets. Remaining companies recommended for winding up and deregistration. Australia’s National Anti-Scam Centre reports a 26% fall in scam losses in 2024.

Read more at Cointelegraph: Aussie regulator to shut 95 ‘hydra’ firms linked to crypto, romance scams