Multiple scams relying on one now collapsed Australian exchange to funnel funds offshore illustrate the big issues facing the cryptocurrency industry.
does not suggest that the company’s management were aware of or involved in these or any other scams.
Australians reported more than $350 million of stolen funds via investment scams in 2022 – up 100 per cent on 2021 – and of that, crypto losses surged 217 per cent to $194 million. But the competition watchdog’s Scamwatch estimates only 13 per cent of people report their losses.
After that, the money was used to buy cryptocurrency, held in a digital wallet on the Mine Digital exchange. Analysis of that wallet shows the crypto was then transferred to three separate wallets in three transactions.
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