The Australian Securities and Investments Commission warns of fake crypto trading platform scams, with young investors being the main targets.
According to ChainCatcher, as reported by FinanceFeeds, the Australian Securities and Investments Commission (ASIC) has issued a warning that scammers are defrauding retail investors through messaging apps such as WhatsApp and fake cryptocurrency trading platforms. Scammers typically post investment advice on social media to attract users into joining messaging groups disguised as well-known financial figures or trading communities, and then lure them into depositing funds on fraudulent platforms. These platforms simulate profits by falsifying trading data, and when users attempt to withdraw, they are asked to pay additional "unlocking fees," with all funds going directly into the scammers' accounts.
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