The Australian Securities and Investments Commission (ASIC) has charged four men, including a former barrister, with laundering the proceeds of a significant cryptocurrency investment scam.
The charges, filed between January and July 2021, relate to funds obtained through fraudulent investments. The scheme involved misleading comparisons promoting crypto investments and is reported to have caused financial losses nearing A$213 million in 2024.
Investment fraud continues to pose a major threat in Australia, resulting in millions of dollars being lost annually. ASIC highlighted this case to underscore the ongoing risks within the cryptocurrency sector.
The securities regulator reiterated its call for investors to exercise significant caution. It stressed the critical importance of thorough research and heightened awareness to protect against sophisticated cryptocurrency-based scams and fraudulent investment schemes.