Crypto scam alerts & how to check
Crypto has become a common vehicle for investment scams in Australia. This page shows you how to verify a platform before you invest, the warning signs to watch for, and how to report a scam — using the official Australian bodies, not guesswork.
Official tools to check & report
We don’t maintain our own accusation list — these government bodies do, and they’re the authoritative source. Use them to verify a platform or report a scam.
ASIC Moneysmart — Investor alert list ↗
A searchable list of companies and websites ASIC has flagged as unlicensed or of concern. Check a platform’s name here before you invest.
Moneysmart — Crypto scams ↗
ASIC’s plain-English guide to how crypto scams work and how to avoid them.
Scamwatch (report a scam) ↗
Run by the National Anti-Scam Centre — report a scam and browse current scam warnings.
ReportCyber (cyber.gov.au) ↗
The Australian Government’s portal to report cybercrime, including crypto fraud, to police.
AUSTRAC ↗
Check whether a crypto exchange is registered as a digital currency exchange (DCE) — a legal requirement to offer AUD-to-crypto in Australia.
ASIC — Investment scam alerts ↗
ASIC’s ongoing alerts on investment scams, including fake trading platforms and apps.
Common crypto scams in Australia
Slick but bogus platforms that show fake “profits” to lure more deposits, then block withdrawals. Often promoted via ads, social media or messaging apps.
A scammer builds a relationship online, then steers you into a fake crypto “investment.” The emotional build-up is the hook; the platform is fake.
Posts or messages impersonating exchanges, celebrities or even ASIC, promising to “double” any crypto you send. No legitimate giveaway asks you to send crypto first.
People who’ve already been scammed are targeted again by “recovery agents” who promise to get the money back for an upfront fee. It’s a second scam.
Guaranteed or unusually high fixed returns paid from new investors’ money, not real profit. If it sounds too good to be true, it is.
Fake login pages, wallet “validation” prompts, or “support agents” who ask for your password or seed phrase. No legitimate service ever needs your seed phrase.
Red flags — walk away if you see these
- Guaranteed, fixed or “risk-free” returns — real crypto is volatile and nothing is guaranteed.
- Pressure to act fast, or to keep the “opportunity” secret.
- Being asked to send crypto to “unlock,” “verify” or “release” a withdrawal.
- A platform that isn’t registered with AUSTRAC, or isn’t on any independent review.
- Anyone asking for your password, 2FA codes or seed phrase.
- Contact that started with a stranger on social media, a dating app or a “wrong number” text.
For the full playbook, see our guide to avoiding crypto scams and our security checklist.
If you’ve been scammed
- Stop all contact and payments to the platform or person immediately.
- Contact your bank or card provider right away — fast action gives the best chance of stopping or recovering a payment.
- Report it to Scamwatch and to police via ReportCyber.
- Beware recovery scams — anyone promising to get your money back for an upfront fee is almost certainly scamming you again.
Frequently asked questions
How do I check if a crypto exchange is legit in Australia?
Confirm it’s registered with AUSTRAC as a digital currency exchange, search its name on ASIC Moneysmart’s Investor alert list, and look for an independent review. If it isn’t registered and can’t be verified, walk away.
How do I report a crypto scam in Australia?
Report it to Scamwatch (run by the National Anti-Scam Centre) and to police via ReportCyber. If you paid through a bank or card, contact your bank immediately — fast action gives the best chance of recovery.
Can I get my money back after a crypto scam?
Sometimes, if you act very fast — contact your bank straight away. Be extremely wary of anyone who contacts you promising to recover your funds for a fee; that’s a common follow-up scam.
General information only — not financial or legal advice. Links to third-party government sites are provided for convenience; always rely on the official source. If you’re in immediate danger or a crime is in progress, call 000.