According to the Australian Cyber Security Centre, Australians lost at least AU$180 million (US$122 million) investing in cryptocurrency scams in the 2023-2024 financial year. Contrary to popular belief, about 60% of victims were under the age of 50. Richard Chin, a senior Australian Federal Police official, warned that fraudsters were using a variety of tactics and advanced technologies to deceive their victims. The Australian Securities and Investments Commission (ASIC) said it blocked 615 fraudulent cryptocurrency websites last year. Joint efforts by ASIC and the National Anti-Fraud Centre (NASC) have resulted in losses falling from $1.5 billion in 2022 to $1.3 billion in 2023.
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