Investment scams in Commonwealth of australia cost investors more 70 million Australian dollars ($l.5 million) in the first vi months of 2022, with crypto scams contributing to more than than l% of the losses, co-ordinate to Scamwatch data.

As reported by the Australian Contest and Consumer Commission (ACCC), Scamwatch data shows a 53.4% increase in investment scam-related reports, which is prepare to exceed $101 meg by the stop of this year.

Based on the 4,763 reports received in 2022 solitary, ACCC deputy chair Delia Rickard stated that 2,240 of the complaints were related to cryptocurrency scams and mainly attributed to Bitcoin (BTC).

Rickard said that scammers lure investors into using fake trading platforms with glory endorsements that promise loftier profitability. While the trading platforms initially allow investors to withdraw some profits using other victims' assets, the scammers somewhen stop unwary investors to withdraw their investments. "Exist wary of investment opportunities with low run a risk and high returns. If something sounds besides good to be true, it probably is," she added.

Bitcoin-related investment scams in Australia accept already exceeded $18.5 million, a steep increase of 44% compared to the total losses of virtually $12.8 million in 2022.

Other types of scams plaguing Australian investors included Ponzi scams, imposter bond scams and romance baiting scams.

Related: Australian regulator issues warning about unlicensed crypto businesses

On Wednesday, the Australian Securities and Investments Commission (ASIC) asked Australian citizens to stop investing in cryptocurrency through unlicensed entities.

The regulator has brash investors to cull financial institutions that hold an Australian Fiscal Services license. As per the reports received from investors, the ASIC noted that nearly of the losses related to crypto investments were due to "excessive leverage, platform outages, or unfair liquidations."