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Author Topic: [2018-07-24] Australian Watchdog: Crypto Hoky-Poky Now Second Most Common Invest  (Read 24 times)
Vladdirescu87
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July 24, 2018, 08:33:05 PM
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Australian Watchdog: Crypto Hoky-Poky Now Second Most Common Investment Scam

Australia’s National Consumer watchdog has cautioned that crypto trading scams have significantly increased over a year and they are currently the second most widespread sort of investment scam in Australia.

The Australian Competition and Consumer Commission (ACCC), an independent government authority responsible for enforcing and imposing all consumer protection laws with supervision into scam-related events in the country, has a scam-alert domain named ' Scamwatch.'

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/australian-watchdog-crypto-hoky-poky-now-second-most-common-investment-scam-/



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July 31, 2018, 01:03:02 PM
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Cryptocurrency Fraud Now Second Most Common Investment Scam in Australia: Watchdog

Australia’s national consumer watchdog has warned that cryptocurrency trading scams have grown ‘significantly’ over a 12-month period and are now the second most-common kind of investment scam in the country.

An independent government authority tasked with the mandate of enforcing consumer protection laws with oversight into scam-related trends in Australia, the Australian Competition and Consumer Commission (ACCC)has a scam-alert domain dubbed ‘Scamwatch’.

In a warning on the ongoing alert radar on Monday, the watchdog raised public caution in bringing attention toward increasingly ‘prevalent’ cryptocurrency trading and binary option scams.  Cryptocurrency trading scams, in particular, have seen marked growth in the last twelve months and have become the ‘second most common type of investment scam offer pushed on victims,’ the ACCC said.

In statements, ACCC deputy chair Delia Rickard added:

“The rise in popularity in cryptocurrency trading has not been missed by scammers who are latching onto this new trend to con people. These are similar to any other investment scam: the scammer will claim to have inside knowledge about price movements they will use to make you a fortune. If you invest, your money will quickly disappear.”

As reported in November 2017, the ACCC revealed a 126% spike in bitcoin-related scams coinciding with the crypto market bull run toward the tail-end of last year.

Urging investors to be wary of fraudulent schemes, she warned Australians to steer clear of claims such as ‘risk-free investment’, ‘low risk, high return’ or ‘get-rich quick’.
https://www.ccn.com/cryptocurrency-fraud-now-second-most-common-investment-scam-in-australia/

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July 31, 2018, 01:32:57 PM
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Well, then they need to set up regulations to at least help protect some investors, amd not just be watchdogs. We as a crypto community can't deny tge fact that we need regulations to keep the ecosystem viable for long. The blockchain and cryoto idea is great but bad actors are killing the innovation.

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