ACCC: the Australians lost about $2 million due to the cryptocurrency fraud

For 2017, Australians lost about 2 million Australian dollars (AUD) as a result of frequent cases of fraud associated with the cryptocurrency, according to the annual report of the Australian consumers Commission (ACCC).

Analysts said the ACCC almost every month in the period from January to September of 2017 the losses from fraud associated with cryptocurrencies, was about $100 thousand, and the sharp jump in bitcoin prices in the fourth quarter of 2017 has caused a sharp increase in the number of scams in this sector.

«With increasing rates of cryptocurrencies, and frequent cases of fraud. Most of them related to the desire to invest in digital gold. Year-end data reports related to losses from this kind of fraud, has exceeded $2.1 million», – stated in the ACCC report.

In December 2017, when the price of bitcoin peaked at $20 million, loss as a result of frequent cases of fraud amounted to $700 thousand, According to U.S. authorities, at the end of the year, these figures stood at $1885, and in January to $13 205.

By November, the number associated with cryptocurrency fraud cases increased by 126% over the week, as the price increase of bitcoin and increased interest from retail investors wishing to invest in it.

Among the most common forms of fraud, called the representatives of the ACCC – have benches using ICO and pyramid schemes, promising investment in cryptocurrencies.

«Cryptocurrency scammers have used the General hype around the price of cryptocurrency, and instead of directly buying bitcoin, many were involved in what were essentially pyramid schemes,» – said the ACCC.

Earlier, representatives of the ACCC reported receiving 1289 public complaints in 2017 related to fraud in the cryptocurrency environment.

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