The Australian Securities & Investments Commission warned consumers who join share trading or stock tip messaging app groups that scammers are using those channels to direct people to fake crypto-asset trading platforms. The sites display fabricated trades and profits, but no real trading occurs, and both initial deposits and later fees demanded to release assets or proceeds are sent straight to scammers. Victims are typically first approached through social media advertisements or posts offering trading tips, then invited into messaging groups where scammers impersonate well-known figures and recommend investing through the fake platform. ASIC said the same tactic is also being used against victims of pump and dump schemes through recovery scams. It highlighted research showing high exposure among younger Australians to crypto advertising and contacts on social media, and pointed consumers to checks including ASIC's licensing and investor alert resources and AUSTRAC's Virtual Asset Service Provider Register, noting that virtual asset service businesses must be registered with AUSTRAC and meet anti-money laundering and counter-terrorism financing obligations.
Australian Securities & Investments Commission2026-05-25
Australian Securities & Investments Commission warns stock tip messaging groups are being used to funnel users into fake crypto trading platforms
The Australian Securities & Investments Commission warned that scammers are using share trading and stock tip messaging app groups to lure consumers onto fake crypto-asset trading platforms that fabricate trades and profits and divert all deposits and “release” fees to scammers. Victims are typically targeted via social media ads and posts, with scammers impersonating well-known figures and also using similar tactics in recovery scams. ASIC urged consumers to verify firms using its licensing and investor alert resources and the Australian Transaction Reports and Analysis Centre Virtual Asset Service Provider Register.