Crypto Scams in Australia
How cryptocurrency fraud targets Australians — from social media investment pitches to superannuation crypto schemes — with reporting routes through Scamwatch, ASIC, and ReportCyber.
Part of: Crypto Scams
Last reviewed: 1 June 2026
Australia has one of the world's highest rates of cryptocurrency ownership, and the Australian Securities and Investments Commission (ASIC) and Scamwatch both record crypto fraud as a growing and significant loss category. Australian consumers face crypto scams through multiple channels: investment pitches on social media, romantic grooming that leads to trading platform fraud, fake celebrity endorsements, and schemes specifically targeting self-managed super funds (SMSFs).
This guide covers the crypto scam variants most active in Australia, the Australian regulatory checks available before investing, and the correct reporting pathways — including both Scamwatch and ReportCyber, which handle different aspects of cyber-enabled fraud.
How this scam works on Australia
In Australia, crypto scam contact frequently begins through Facebook or Instagram ads featuring AI-generated celebrity endorsements — often impersonating well-known Australians such as sports figures, businesspeople, or media personalities. These ads link to professional-looking trading platforms. The platform may display fabricated returns in real time to encourage larger deposits.
Pig-butchering variants approach Australians through dating apps and LinkedIn, building relationships over weeks before introducing a 'family investment group' or 'insider trading community.' The victim is directed to purchase crypto through a registered Australian exchange (CoinSpot, Independent Reserve, Swyftx) and then transfer it to the fraudulent platform.
Australia-specific: some crypto scams target SMSF holders, claiming to offer compliant crypto holdings within a self-managed super fund. These pitches exploit the genuine complexity of SMSF rules and the desire to diversify retirement savings. Any unsolicited offer involving SMSF and crypto should be verified with a licensed financial adviser and ASIC.
Common red flags
- Social media ad featuring an Australian celebrity or public figure endorsing a specific crypto platform — verify the endorsement on their official channels
- Investment platform not on ASIC's register of licensed entities
- Offer to hold cryptocurrency inside your SMSF through an unofficial intermediary
- Contact who builds a personal relationship before introducing an 'exclusive' crypto trading opportunity
- Withdrawal blocked by demands for 'ATO tax clearance' or an 'ASIC compliance fee' payable in crypto
- Platform with an Australian-sounding name but no verifiable ACN (Australian Company Number)
How to protect yourself
- Verify any crypto investment platform on ASIC's register at search.asic.gov.au before depositing
- Check the MoneySmart investor alert list at moneysmart.gov.au for platforms already flagged by ASIC
- For SMSF investment decisions, consult only a licensed financial adviser listed on the ASIC register
- Reverse-search any celebrity shown in a crypto ad — if the endorsement is real, it will appear on the person's verified accounts
- Report suspected unlicensed platforms to ASIC at asic.gov.au/report-misconduct before investing
How to report it
- Report to Scamwatch at scamwatch.gov.au — the ACCC's national scam reporting service collects intelligence and issues consumer warnings
- Report cybercrime (including crypto fraud with a cybercrime component) to ReportCyber at cyber.gov.au/report-a-cybercrime
- Report unlicensed investment activity to ASIC at asic.gov.au/report-misconduct
- Contact IDCARE at idcare.org or call 1800 595 160 if personal identity documents were shared with the fraudulent platform
Frequently asked questions
What is the difference between Scamwatch and ReportCyber in Australia?
Scamwatch is run by the ACCC and focuses on consumer fraud — it collects reports that inform public warnings and policy. ReportCyber is run by the Australian Cyber Security Centre (ACSC) and is the national reporting portal specifically for cybercrime. Crypto scams that involve hacking, phishing, or malware should be reported to ReportCyber; general investment fraud should go to Scamwatch. In cases of doubt, report to both.
Are SMSF-linked crypto investment offers ever legitimate?
Legitimate SMSF investment in cryptocurrency is possible within a compliant SMSF structure, but it requires documented trustee decisions, compliant custody arrangements, and adherence to SMSF investment strategy rules. Any unsolicited offer to 'simplify' crypto for your SMSF through an unofficial intermediary should be verified with a licensed SMSF adviser and ASIC before proceeding.