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Australian Citizens Lose $148.4 Million in Cryptocurrency Due to Fraud in 2022: A Detailed Report

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According to a report released by the Australian Competition and Consumer Council (ACCC), Australian citizens lost $148.4 million in cryptocurrency due to fraud

Australian Citizens Lose $148.4 Million in Cryptocurrency Due to Fraud in 2022: A Detailed Report

According to a report released by the Australian Competition and Consumer Council (ACCC), Australian citizens lost $148.4 million in cryptocurrency due to fraud in 2022, an increase of 162.4% month on month. Australian citizens suffered a record $2.03 billion in losses due to various scams in 2022, with investment fraud accounting for over 66% of all financial losses, up from 55% in 2021.

Australian citizens lost nearly $150 million in cryptocurrency due to fraud in 2022

In 2022, Australia experienced a staggering loss of $2.03 billion due to various scams, with investment fraud as the leading cause of all financial losses. Investment fraud accounted for more than 66% of all losses, an increase from 55% in 2021. What’s even more alarming is the fact that cryptocurrency fraud alone caused the loss of $148.4 million. These numbers are according to a report released by the Australian Competition and Consumer Council (ACCC).

What is Cryptocurrency Fraud?

Cryptocurrency is a digital or virtual currency that uses cryptography for security. It operates independently of a central bank and is decentralized. In cryptocurrency fraud, scammers use various tactics to dupe victims into sending money to them under the guise of investing in legitimate cryptocurrencies.

Why is Cryptocurrency Fraud On the Rise in Australia?

The rise of cryptocurrency fraud in Australia can be attributed to the growing popularity of cryptocurrency investment. As more Australians become aware of the potential for high returns on investment, they open themselves up to potential fraudsters who take advantage of their lack of knowledge.

How is Cryptocurrency Fraud Perpetrated?

There are several tactics used by scammers in cryptocurrency fraud. One of the most common is the “pump and dump” scheme, where scammers promote a low-value cryptocurrency and convince investors to buy it in large quantities. Once the price of the cryptocurrency rises due to high demand, the scammers promptly sell their shares, causing the price to drop, and effectively making a profit while leaving behind innocent investors with huge losses.
Other tactics include creating fake cryptocurrency exchanges, social media giveaways, and pyramid schemes. In all these instances, the scammers use deceptive tactics to trick investors into sending money.

How to Protect Yourself From Cryptocurrency Fraud?

The best way to protect yourself from cryptocurrency fraud is by educating yourself. You should only invest in cryptocurrencies from trusted and reputable exchanges or platforms. Avoid following social media links, especially those that promise huge returns or require an immediate investment.
It is also important to remain vigilant and report any suspicious activity to the relevant authorities immediately. Remember, if an investment appears too good to be true, it usually is.

Conclusion

The growing popularity of cryptocurrency has opened up new avenues for scammers to swindle unsuspecting investors. This has resulted in the staggering loss of $148.4 million due to cryptocurrency fraud alone, as reported by the ACCC. It is essential that investors remain vigilant, educate themselves, and only invest in cryptocurrencies from reputable, trusted sources to avoid falling prey to these scams.

FAQs

**Q1. Is it safe to invest in cryptocurrency?**
A1. Like any investment opportunity, there are risks involved when investing in cryptocurrency. However, if done correctly, it can be a lucrative investment opportunity.
**Q2. Can I hold cryptocurrency without the involvement of any third-party?**
A2. Yes, it is possible to hold cryptocurrency without the involvement of any third-party, but proper knowledge of wallets, storage, and security is essential.
**Q3. How can I report cryptocurrency fraud or any suspicious activity?**
A3. If you suspect any suspicious activity, you can report it to the ACCC or other relevant authorities for investigation.

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