A study by Scamwatch suggests cryptocurrency scams are a real threat in Australia.
Australians filed 1,810 reports of cryptocurrency-related scams in 2019, collectively totaling more than $21.6 million AU ($14.9 million USD).
According to a study by Scamwatch, an arm of the Australian Competition and Consumer Commission, younger Australians aged 25 to 34 were those most heavily affected by crypto investment scams.
According to the report:
“Cloud mining farms became a common adaptation of this type of scam.