• About Us
  • Careers
  • Contact
No Result
View All Result
Monday, October 27, 2025
DeFi Planet
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result
Home News Crypto

Australian Court Approves Shutdown of 95 ‘Hydra’ Companies Linked to Crypto and Romance Scams

8 April 2025
in Crypto, News
Reading Time: 3 mins read
103 6
source:  asic.gov.au

source: asic.gov.au

In a significant crackdown on scam operations, the Federal Court of Australia has approved the winding up of 95 companies suspected of running elaborate crypto investment and romance scams, commonly known as “pig butchering” schemes.

The decision followed an application by the Australian Securities and Investments Commission (ASIC), which alleged the companies were incorporated using false information and primarily existed to defraud victims under the guise of offering legitimate services.

According to ASIC Deputy Chair Sarah Court, the companies shared a recurring pattern of deceit, where scammers gained victims’ trust through fake relationships before luring them into fraudulent crypto or financial investments. These tactics, Justice Angus Stewart noted in the court’s March 21 ruling, were evident across 48 misconduct reports involving 17 companies.

The court order came amid a surge in scam-related losses and reflects growing concerns that many scams are linked to Southeast Asia. Joint liquidators Catherine Conneely and Thomas Birch from Cor Cordis oversee the closure of 95 companies, having found that roughly 1,500 investor claims amount to over $35.8 million in losses, affecting claimants from 14 countries, including Australia, the U.S., and India. 

However, only three companies have any assets, leading to recommendations for the immediate deregistration of the others. Meanwhile, the Australian Securities and Investments Commission (ASIC) has stepped up its enforcement efforts by removing around 130 scam websites weekly, taking down over 10,000 fraudulent sites, including more than 7,200 fake investment platforms.

“These scams operate like hydras — take one down and two more appear,”

the Court remarked, urging Australians to remain alert as the threat of scams and identity fraud continues to loom large.

Despite these alarming developments, there’s a silver lining. The National Anti-Scam Centre recently reported a 26% reduction in scam-related financial losses, totaling $2 billion in 2024. The overall number of scam reports also dropped by 17.8% to 494,732. Meanwhile, in March, the Australian Federal Police (AFP) launched an investigation into a large-scale cryptocurrency scam in which fraudsters impersonated Binance representatives to defraud Australians.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

Tags: Australia
Share63Tweet40Share11
Favour Okosodo

Favour Okosodo

Experienced web content writer with a strong command of SEO, specializing in creating concise, engaging content that drives traffic and enhances conversions across diverse industries.

Related Posts

source: reason.com
Crypto

Javier Milei’s Crypto-Friendly Party Wins Midterm Election, Strengthening His 2027 Presidential Bid

27 October 2025
source: crypto-economy.com
Blockchain

MYX Finance Integrates Chainlink Data Standard to Power Next-Gen On-Chain Perpetual Trading

27 October 2025
source: news.bit2me.com
Ethereum

SharpLink Expands Ethereum Holdings with $78.3 Million Purchase

27 October 2025
source: financefeeds.com
News

Ethena’s Synthetic Stablecoin Model Challenges USDC’s Market Dominance

27 October 2025

Editors Picks

Mining vs. Staking: Which Crypto Validation Method Will Shape the Future?

Mining vs. Staking: Which Crypto Validation Method Will Shape the Future?

byOlajumoke Oyaleke
15 July 2025
0

Where Are the Ethereum-Killers Now?

Where Are the Ethereum-Killers Now?

byOlayinka Sodiqand1 others
6 January 2025
0

source: investorplace.com

How to Find the Newest Cryptocurrencies Before They’re Listed

byOlayinka Sodiq
30 December 2024
0

Exploring the Role of AI in Enhancing DeFi Security

Exploring the Role of AI in Enhancing DeFi Security

byOlayinka Sodiq
1 October 2024
0

The Ultimate Guide to How NFT Royalties Work

The Ultimate Guide to How NFT Royalties Work

byAdedamola Ojedokun
17 April 2024
0

Read More

Chain of Thoughts

The Aesthetics of Web3: Why Vibe Matters in Decentralized Communities

The Aesthetics of Web3: Why Vibe Matters in Decentralized Communities

byOlu Omoyele
27 September 2025
0

...

Zero-Knowledge Everything: Trust, Privacy, and Verification in the Digital Age

Zero-Knowledge Everything: Trust, Privacy, and Verification in the Digital Age

byOlu Omoyele
30 August 2025
0

...

What Happens When AI Gets a Wallet?

What Happens When AI Gets a Wallet?

byOlu Omoyele
31 July 2025
0

...

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

byOlu Omoyele
30 June 2025
0

...

Markets Update

Are Ethereum-Based Treasuries Emerging as the Berkshire Hathaway of Crypto?

2 days ago

Is the Crypto Market Now Majorly Driven by Institutions?

2 days ago

CBDCs vs. Stablecoins: Which Has the Market’s Trust?

2 days ago

Your Weekend Crypto Roundup | October 2025 (Week 4)

3 days ago

A New Age of Money: Should Every Currency Have Its Own Stablecoin?

3 days ago

Inside Africa’s Financial Reinvention: The Surge of Stablecoin Adoption

3 days ago
Read More

Events

  • No events
  • Spotlight

    All about Ethereum
    All about Algorand
    All about Bitcoin
    All about Gora

    Press Releases

    MultiBank Group and Khabib Nurmagomedov Launch an Exclusive Worldwide Multi-Billion-Dollar Joint Venture to Build the World’s First Regulated Tokenized Sports Ecosystem.

    bychainwire
    25 October 2025
    0

    RIVER Gains 5x Following Binance Perp Listing, Supported by Time-Encoded Airdrop Conversion

    bychainwire
    24 October 2025
    0

    Trezor Launches Trezor Safe 7: First Hardware Wallet With Transparent Secure Element

    bychainwire
    23 October 2025
    0

    Roba Shatters Closed Systems: The People’s Robotics Platform Launches To Dominate $218b Industry

    bychainwire
    23 October 2025
    0

    Aster Unveils Rocket Launch: A Gateway to Early-Stage Crypto Projects and Trading Rewards

    bychainwire
    23 October 2025
    0

    Read More

    ADVERTISING

    ABOUT

    TEAM

    CAREERS

    CONTACT

    TERMS & CONDITIONS

    PRIVACY POLICY

    © Copyright 2025 DeFi Planet

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • News
      • People
      • Business
      • Crime
      • Regulation
      • Crypto
      • CBDC
    • Markets
      • Bitcoin
      • Ethereum
      • Stablecoins
      • Altcoins
      • Crypto ETFs
      • Memecoins
    • Policy
    • Articles
      • Press Releases
      • Opinion
      • Explainers
      • Guest Post
      • Sponsored
    • Directory
      • Companies
      • People
      • Products
      • Wallets
    • Multimedia
      • Videos
      • Podcasts
    • Learn
      • DeFi Basics
      • Tutorials
      • Reviews
      • Blockchain Fundamentals
    • Research
      • Case Studies
    • Explore
      • DeFi
      • Crypto Gaming
      • NFT
      • DAO
      • Metaverse
      • Glossary
    • Jobs
    • Markets Pro
      • DeFi Planet Pro
      • Spend Crypto
      • Swap Crypto
      • Coin Prices
      • Crypto Exchanges
      • Crypto Analyzer

    © Copyright 2024 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

    -
    00:00
    00:00

    Queue

    Update Required Flash plugin
    -
    00:00
    00:00