AFR Weekend does not suggest that the company’s management were aware of or involved in these or any other scams.
In the three cases, fraudsters used realistic situations, such as impersonating officials from high-profile companies or seemingly legitimate businesses, to trick people into handing over identification documents and money.
The rattling of crypto market pillars in 2022, such as the near collapse of the terra luna stablecoin network in June, weeks later the insolvency of major crypto lender Celsius, and the spectacular downfall of Sam Bankman-Fried’s FTX in November, have put tougher laws for crypto firmly in the sights of regulators.
Undeterred by the industry’s identity crisis, criminals have upped their reliance on crypto for offshoring cash with relative anonymity.
This has exposed the industry’s poor risk management and lax regulation, as well as the legacy banking sector’s failure to keep pace with criminals using fraudulent bank accounts.
Australians reported more than $350 million of stolen funds via investment scams in 2022 – up 100 per cent on 2021 – and of that, crypto losses surged 217 per cent to $194 million. But the competition watchdog’s Scamwatch estimates only 13 per cent of people report their losses.
Scammed seeking share, SMSF advice
In the latest revelation linked to Mine Digital, a victim, who declined to be named, had in early 2021 unknowingly transferred about $130,000 to scammers, who were using the Australian Business Number…
