According to Australia’s consumer watchdog, there have been over 1200 complaints on cryptocurrency “scams” in 2017. This was the number that the Australian Competition & Consumer Commission (ACCC) revealed in its report last month.
More precisely, there are 1,289 complaints, with some taking on the form of token offerings. Unlike the other countries around the world who is currently cracking down on defining regulations for cryptocurrency transactions, however, Australia has been rather mum about the whole thing.
For Commissioner John Price, financial regulator for the Australia Securities and Investments Commission (ASIC), however, “It’s been quite well documented that some of these products are scams, so please don’t invest unless you’re prepared to lose some or all of your money.”
This type of modus has reached even Twittersphere, with Vitalik Buterin himself, Ethereum co-founder, discovering account impersonators luring into their web of a scam by using his name.