The Official Report: Hackers Steal $3 Billion from Australians in 2022
The Australian Financial Crimes Exchange (AFCX) report reveals that hackers managed to steal $3 billion from Australians in 2022. In June 2023 alone, they stole an additional $38 million. Scammers funneled these stolen funds through cryptocurrency operators, such as exchanges and trading venues.
Main breakdowns of the report:
- Hackers stole $3 billion from Australians in 2022 and $38 million in June 2023 alone.
- Scammers used cryptocurrency operators, like exchanges, to launder the stolen funds.
- Industry experts and regulators are calling for collaboration between banks and exchanges to combat these scammers.
- 47% of all stolen wealth was sent to bank accounts linked to digital asset businesses during the last 30 days of Australia’s financial year.
David Pegley, the managing director of the AFCX, highlighted the difficulty of recovering funds laundered through crypto exchanges. Anna Bligh, the CEO of the Australian Banking Association, supported this claim and proposed policies to prevent crypto from being used for money laundering. However, Blockchain Australia insisted that efforts to combat scams should not impede crypto users’ access to local banking services.
Hot Take:
The rise of cryptocurrency has undoubtedly attracted scammers and hackers, resulting in significant financial losses for Australians. To combat this, collaboration between banks, exchanges, and regulators is crucial. However, it is essential to strike a balance between protecting consumers and ensuring that legitimate crypto users are not burdened with unnecessary restrictions. Efforts should focus on evidence-based measures that bring genuine benefits without imposing undue costs.
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