The Australian Securities and Investments Commission received permission from the Federal Court to shut down 95 companies for suspected involvement in cryptocurrency and romance scams. These firms, characterized by deceptive practices, often engaged in ‘pig butchering’ schemes that exploited victims.
Of the 95 firms, only three had any substantial assets, prompting provisional liquidators to suggest dissolving the majority. This scenario underscores the escalating concerns among regulators regarding the proliferation of crypto-related scams.
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