Australian Authorities Issue Warnings as Fresh Crypto Scam Arises (Dartalon and GFC Investments)
Australia has become a popular crypto scam location with several cases reported yearly. The Australian Securities and Investments Commission (ASIC) has issued a fresh warning against another scam that has shown up in the country.
The scammer is said to use two names, Dartalon Ltd and GFC Investments to scam unsuspecting members of the society which both have websites that the ASIC says have not been licensed to operate as financial institutions in the country.
Crypto related crimes of this sort have become quite common in Australia. As reported by CoinDesk, the country was on a quest to determine appropriate jail terms for cryptocurrency exchange offenders in the country in 2017, but this has not helped in reducing such crimes.
In 2018, Australia’s consumer protection watchdog, the Australian Competition and Consumer Commission (ACCC) reported that cryptocurrency fraud rose by 200 percent in. The watchdog also published another report at the end of April which showed that Bitcoin fraudsters robbed victims of a total of $4.3 million in 2018. This only includes cases that have been accounted for.
Just like many other cases, the GFC Investments website offers users trade in various cryptocurrencies, foreign exchange (forex) and contracts-for-differences. In order to appear legit, the”company” claims it was established in 2012.
More of these crimes are likely to come up in the future starting now as historical data has shown an increase in cryptocurrency crimes with bull markets such as the one the market is expected to get into. This may not only be in Australia but other countries as well especially the U.S where 56% of all cryptocurrency-related crimes are found.