### Australia Cracks Down: Hundreds of Crypto Scam Sites Taken Down

The Australian Securities and Investments Commission (ASIC), an independent financial regulatory authority, has removed over 600 crypto scam sites in the past year. This is part of a broader effort by ASIC to combat online fraud, during which approximately 7,300 phishing websites have been shut down. These sites were responsible for stealing user data and funds.

### The Scale of the Problem

The total financial damage from these scams amounted to around $1.3 billion, marking a $200 million decrease compared to the previous year. Investment fraud has become the most common type of fraud in Australia, with over 20 scam sites being removed daily. The rise of social media has exacerbated the spread of such fraudulent activities in recent years.

### Emerging Threats: AI-Generated Deepfakes

In addition to traditional scams, ASIC has expressed concern about the growing use of AI-generated deepfakes in fraudulent schemes. These deepfakes are increasingly being used to deceive investors and steal funds, making them a significant new threat in the crypto space.

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