Alleged Australian crypto scammer brought before Court; incident highlights rise in crypto scams

Australia has been a pro-crypto country for quite some time and cryptocurrencies are treated as a legal commodity in the country; however, cryptocurrency exchanges register with the AUSTRAC, a government financial intelligence agency set up to monitor financial transactions.

People often question the need for regulations in the crypto world, but crypto-related scams and hacks lead to the need for implementing regulations.

According to a news portal, 45-year-old man was presented before the Southport Court on Thursday as he was reportedly charged with money laundering. He was “remanded” to appear in court on 5 September.

According to the report, three others were also “persons of interest” to the police. Companies like Exmount Holdings Group, The Quid Pro Quo Foundation, The Atlas Group, AFG Associates Pty Ltd, tradex123, exmounttrading, atlasfxgroup and amazonaus are also under the police radar for allegedly scamming users.

As per the report, investors assumed companies were legit as they were given log-in details and also had the option of watching their investments. Things got suspicious when they tried to withdraw their investments but couldn’t.