The Australian financial market watchdog has warned against growing fraud involving fake crypto trading platforms, which scammers are promoting in messaging app groups and forums.

Targeting Young Investors

Targeting crypto investors also appears to be highly statistical: MoneySmart research found that 23 per cent of Aussies aged 18 to 28 own crypto assets, of whom two-thirds (66 per cent) have a short-term or speculative approach to managing their crypto investments. Moreover, 29 per cent of the 1,127 surveyed individuals conduct short-term trading based on social media influencers.

Warned today (Monday), the scam tactics are well-known and have been used globally for years to lure victims. However, the Australian Securities and…