Crypto Scams in Australia: Common Tactics and How to Avoid Them

As crypto adoption grows in Australia, so does crypto-related fraud. In 2024 alone, Australians lost over $221 million to crypto scams, according to the ACCC. With 2025 bringing even more sophisticated tactics, it’s essential to recognize red flags and protect your assets.

Here’s a breakdown of the most common crypto scams in Australia—and how you can avoid them.

1. Fake Crypto Investment Platforms

These scams often start with an ad on social media or search engines promising “guaranteed” crypto returns. Victims are directed to fake websites that mimic legitimate exchanges or trading apps.

Red Flags:

Unrealistic returns (“Earn 5% daily”)

Pressure to deposit quickly

No way to withdraw funds

✅ Tip: Stick with AUSTRAC-registered exchanges like BitMart.

2. Romance + Crypto Scams (“Pig Butchering”)

Scammers build trust on dating apps or social media, then slowly introduce crypto investments. Victims are convinced to deposit money into fake trading platforms controlled by the scammer.

Red Flags:

Sudden switch from romance to investment

Refusal to meet in person

Screenshots of high “profits”

✅ Tip: Be wary of investment advice from people you meet online—especially in a romantic context.

3. Social Media Impersonation

Fake accounts on Facebook, Instagram, or X (formerly Twitter) impersonate real influencers or crypto companies, promoting fake giveaways or asking users to “verify wallet” information.

Red Flags:

DM requests for seed phrases or wallet access

Too-good-to-be-true giveaways

Suspicious handles or spelling errors

✅ Tip: Always verify official accounts and never share private keys or seed phrases.

4. Ponzi or Pyramid Schemes

Some platforms promise passive income through referrals or “staking,” but rely on new users to pay earlier ones. Eventually, the scheme collapses.

Red Flags:

Heavy emphasis on recruitment

No clear product or utility

Vague or nonexistent whitepaper

✅ Tip: If the returns depend more on inviting others than actual trading or product value, it’s likely a scam.

5. Malware & Phishing Attacks

Some scams come via phishing emails or fake wallet apps that steal login info or private keys.

✅ Tip: Use only trusted wallet apps and always double-check URLs before connecting your wallet.

Final Thoughts

Crypto can be empowering—but only if you stay vigilant. The best defense against scams is education and common sense. Avoid promises of guaranteed returns, double-check any unfamiliar links or platforms, and only trade on trusted, regulated exchanges like BitMart.