ASIC Shuts Down Crypto Scam Companies Linked to Pig Butchering

Australia’s corporate regulator, ASIC, has shut down 95 crypto scam companies linked to pig butchering scheme. These are frauds that combine fake investments with emotional manipulation. The crackdown exposed a global network responsible for over $35 million in losses.

95 Companies Shut Down

On March 21, the Federal Court approved ASIC’s request to wind up 95 companies posing as legitimate businesses. These firms were linked to “pig butchering” scams, where scammers gain victims’ trust through fake relationships and convince them to invest in bogus crypto schemes.

Most of the companies were registered using false information and had no real business operations.

$35.8 Million Lost Across 14 Countries

Nearly 1,500 claims have been filed by victims worldwide. Total reported losses: $35.8 million.

Countries impacted include:

Australia
United States
India
Ghana
France
Nepal
Philippines
Cameroon

Only 3 of the 95 firms had any assets, totaling just $33,018. In contrast, liabilities across 7 firms reached $38.6 million.

“Hydra-Like” Scam Network

ASIC described the fraud network as “hydra-like”. You can take one down and even more appear. The scammers used fake websites, false identities, and complex setups to appear legitimate while hiding their true intent.

Many sites promoted fake investments in:

Crypto
Foreign exchange
Commodities

ASIC’s Crackdown on Scam Websites

ASIC is actively removing around 130 scam websites per week, including:

7,200+ fake investment platforms
1,500+ phishing scams

Despite this, ASIC warns that scam threats remain high and continue to evolve.

What You Can Do to Stay Safe

✅ Verify companies through official registries
✅ Be cautious of unsolicited investment pitches or sudden online relationships
✅ Only use trusted platforms for crypto activity
✅ Report suspicious activity to your national regulator

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Aussie regulator to shut 95 ‘hydra’ firms linked to crypto, romance scams

S Taylor is a crypto trader with five years of experience, having navigated a wide range of market dynamics and witnessed numerous scams firsthand. As a former victim of scams, S Taylor turned their focus to blockchain forensics and Solidity Smart Contract development, gaining deep technical expertise in the field. With a unique insider’s perspective, they’ve been involved in various crypto projects, where they’ve seen how developers can exploit vulnerable investors.

S Taylor is also the published author of Meme Coins Made Easy, a comprehensive guide that teaches beginners about cryptocurrency and how to identify and avoid common scams. S Taylor is dedicated to sharing valuable insights and helping the crypto community stay informed and safe.

Disclaimer: This article is for informational purposes only and should not be considered legal, tax, investment, or financial advice.