Cryptocurrency scam losses hit new high in Queensland as cost of living bites & More Latest News

Queenslanders have misplaced almost $40 million to funding scams together with cryptocurrency swindles this yr — the best loss ever recorded in the state.

Australian Competition and Consumer Commission (ACCC) figures from January 1 to August 28, present Queenslanders misplaced $38.6 million in funding scams.

At the identical time final yr, Queenslanders had been defrauded of simply $19.8 million.

Nationally, $263 million has been misplaced this yr, virtually double the losses in 2021.

One of the state’s high monetary crime law enforcement officials says the new breed of crypto-scammers are more and more utilizing subtle methods to lure their victims in, together with posing as celebrities and even as Queensland law enforcement officials on social media.

Australian Federal Police (AFP) have additionally known as cryptocurrency an “emerging threat” with one report each eight minutes final monetary yr, a 13 per cent improve on the earlier yr. 

Cryptocurrency funding scams are the principle driver of the rise and a file quantity of Queenslanders are paying the value.  

Here are their tales.

‘Groomed’ and ‘conned’

Sunshine Coast lady Ella (not her actual title) misplaced her life financial savings by means of a subtle and complex scheme.

Over a five-week interval, she mentioned she was “groomed” and “conned” to make three deposits of $34,000 to what she believed to be a professional web-trading platform.

“My bank … didn’t come up with any warning signs that would have made me think: ‘This is a bit dodgy’,” she mentioned.

After depositing the funds, the cash was transformed into cryptocurrency accessible through a “wallet” tackle.

She mentioned the net portfolio appeared to correlate with the inventory change giving the phantasm that it was professional.

“The thing is, none of it is real,” Ella mentioned.

A man looking at a big screen.
Cryptocurrency scammers are typically primarily based abroad making them tougher to trace.(ABC News: Mary Lloyd)

“The minute it leaves [the web trading platform] to that wallet address … it goes into all these accounts all over the world and it’s impossible to actually follow up on any of these accounts from this one wallet address.”

After Ella’s third and closing deposit she tried to tug her cash out as a result of alarm bells rang and he or she had “nothing else in the tank”.

She was informed by scammers to remortgage her home or flip to credit score. 


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