The country’s Competition and Consumer Commission says that a consumer of Australia has lost more than $2.1 million to crypto currency scams last year i.e2017.
On Monday morning the commission announced in its annual report that how much money Australian lose because of crypto scams which has correspondingly increased in coin price through 2017,where people has lost about $2million in 2017. In between the month of January and September the cost of scams cost consumers was approximately $100,000 per month. The report said. However in December –
“When bit coin’s price skyrocketed to nearly $20,000 – consumers reported losses exceeding $700,000”, the Commission said.
The report showed that there are many fake ICOs, which is crypto-related pyramid schemes and ransom ware payments which is very common means to lout people.
The Commission said it expects crypto-related fraud to continue, stating a statement, “As with other scams, this is likely the very tip of the iceberg.”
Last year with $64 million loss of investment scams, the report states that Australians in general lost more than $340 million in scams overall.
“One instance of an epidemic of scams that spans the globe” this is the highlight of the project.
“Red flags that include plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams”, there are just seven prominent scams, whose hacks and attacks in 2017 will result in loss of around $490 million of consumer funds.