The Australian Securities and Investments Commission (ASIC) has approved the shutdown of 95 “hydra” companies suspected of fake crypto investments and pig butchering scams. Australia’s regulators have warned users to remain vigilant when engaging with online investment websites and mobile apps after the Federal Court of Australia approved the suspension of these 95 firms involved in romance baiting scams.
Australia Suspends 95 Hydra Firms for Crypto Scams
ASIC Deputy Chair Sarah Court reportedly said, “ASIC believes many of these companies were set up with the aim of providing a veneer of credibility by purporting to provide genuine services. This action has shut these companies down and protects consumers from entities with no proper management or control, including some that were associated with potentially fraudulent activity.”
Court added that scammers resort to complex techniques to deceive their victims by creating fake companies and professional-looking websites and applications to gain their trust. Moreover, some companies were also using stolen identities.
Among the 95 companies that have been shut down on just and equitable grounds, some of the names include: 19 Securities Pty Limited, 24-U Pty Ltd, 90Rich Markets Pty Ltd, Aleos Capital Markets Pty Ltd, Aleos Capital Pty Ltd, Atom Global Markets Pty Ltd, Audrn Financial Group Pty Ltd, Aus Financial Australia Pty Ltd, Ausfit Mart Pty Ltd, Aximtrade Pty Ltd, BHP Markets Pty Ltd, BKS Markets Pty Ltd, Broad Times International Pty Limited, Bullant Capital (Aus) Pty Ltd, Caitu International Securities Pty Ltd, Cerram Meta Click Pty Ltd, Cloud Bridge Capital Pty Ltd, CLSA Capital Group Inv Pty Ltd, Como Trade Pty Limited, Dakin International Pty Ltd, Discovery Capital Group Pty Ltd, Enclave Prime Pty Ltd, Extreme Global Pty Ltd, Extrend Cap International Pty Ltd, Fox Digi Pty Ltd, and Gaoman Capital Group Trading Pty Ltd.
ASIC has previously shut down nearly 130 scam websites each week for stealing people’s money and personal information.
“However, these scams are like hydras: you shut down one and two more take its place. That’s why we’re warning consumers that the threat of scams and identity fraud remains high. We remind consumers to be vigilant,” said Ms. Court.
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