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Australia’s securities & investment commission heed warning of malicious crypto activity during COVID-19

Australia’s securities & investment commission heed warning of malicious crypto activity during COVID-19
  • The securities and investment commission in Australia has identified a significant rise in investment schemes throughout COVID-19. 
  • Specifically, it has singled out crypto related fraud as a big concern on this topic.

The securities and investment commission in Australia has identified a significant rise in investment schemes throughout COVID-19. Specifically, it has singled out crypto related fraud as a big concern on this topic. Between March and May this year, scams of investments of all types rose significantly, especially when you compare the same period to what we saw last year. 

It seems that many criminals are taking advantage of the economic insecurity and the coronavirus pandemic to play out their scams. The executive director for assessment and intelligence for the commission in Australia, Warren Day has said that the scammers are using age-old tactics in a new and sophisticated way to target their victims. 

He further said:

“ASIC is particularly concerned about the risk to consumers and investors losing money when buying into fake crypto-assets. Most crypto-asset investment opportunities reported to ASIC appear to be outright scams and there is no actual underlying investment.”

We all know that this pandemic hasn’t been easy on anyone. The economic turmoil that has come as a result of the virus has been extremely hard for many families all across the world but unfortunately, there are many nasty individuals who wish to take advantage of that. That is why it’s so important to stay alert and be wary of what you do on the net.

The Australian commission is not the first government agency to express concern over these issues. The FBI in the United States and the financial conduct authority in the United Kingdom have also issued warnings about scammers who are attempting to capitalise on the issue at hand.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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