The latest edition of “Targeting scams,” an annual report released by the Australian Competition and Consumer Commission (ACCC) revealed that the country saw a 190 percent increase in cryptocurrency scams, with a total of $ 6.1 million AUD ($ 4.3 million USD) lost to crypto criminals.
This marks a substantial rise from the $ 2.1 million AUD ($ 1.48 million) that was reportedly lost to scams in Australia back in 2017. The increase came even amid last year’s crypto winter, which saw virtually every digital asset in circulation lose a significant chunk of its value.