According to data from Chainalysis, the crash of FTX won't have a long-term effect on the crypto market despite fear and uncertainty.
A new trial by the Australian Competition and Consumer Commission (ACCC) has been implemented to work to reduce the number of scams sites in the country. The new trial is set to resolve how many Australians lose money to Bitcoin and cryptocurrency scams.
According to the ACCC, over the last year Australians have suffered over $113 million USD in losses over cryptocurrency scams that have not been regulated. The trial by the commission will see a partnership with the Australian Securities and Investment Commission (ASIC). In the intuitive, the commissions will create a way to effectively and efficiently remove scam websites once they have been reported. Austrian regulators will be involved in this regulatory process.
According to the ACCC, it will be using a services from Netcraft, a United Kingdom-based firm, as part of its cybersecurity framework. Since the trial has been launched, several scam sites have already been taken down inducing phishing sites that are designed to impersonate both businesses and authorities in the country. Other scams include “puppy scams, shoe scams, cryptocurrency investment scams and tech support scams.”
“The difficulty is that the scammers are incredibly agile. As soon as they see one avenue being blocked they’re very good at finding a new one to exploit. So it’s a constant car chase to try to prevent that activity.”