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ASIC Warns of Fake Crypto Trading Platforms Targeting Australian Retail Investors Through WhatsApp

GateNews

Security Incidents Enforcement Actions

2026-05-26 13:23:27

According to ASIC (Australian Securities and Investments Commission), scammers are increasingly targeting retail investors through fake crypto trading platforms advertised via WhatsApp and other messaging apps. The fraudulent schemes typically begin with social media investment tips or purported stock advice, then direct users into messaging groups where impersonators claim to offer trading strategies. Victims are then lured to deposit funds into platforms displaying fabricated profits and account balances. The scammers retain all deposited funds and demand additional fees when victims attempt withdrawals, claiming payment is required to unlock investments or release profits. ASIC warned that younger Australians remain particularly vulnerable, with 23% of those aged 18-28 reporting crypto holdings and 29% engaging in social media-influenced short-term trading.

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