Fake crypto "investment" sites: what a US$833 million crackdown tells us

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In short: US authorities say they've halted about US$833 million linked to overseas crypto investment scams. The same kinds of scams target Australians, who lose more money to investment scams than to any other type of scam.

Think you've been scammed? Act now. It's not your fault.

Lost money or shared bank details? Call your bank or card provider straight away and ask them to stop any transactions. Use the number on the back of your card or in your banking app.
Report it to Scamwatch (scamwatch.gov.au/report-a-scam).
Cybercrime (hacked account, stolen money or data, extortion)? Report it to police through ReportCyber (cyber.gov.au/submit-a-report).
Your identity details have been misused or stolen? Call IDCARE free on 1800 595 160.
Need urgent cyber help? Call ASD's Australian Cyber Security Hotline, 1300 CYBER1 (1300 292 371). It's open 24 hours a day, 7 days a week.
Someone is in danger right now? Call 000.

Be careful of anyone who offers to get your money back for a fee. That is usually another scam.

What's happening

On 21 October (US time), a White House official said:

US law enforcement had halted about US$833 million in cryptocurrency linked to overseas scam operations;
503 fake crypto websites had been seized;
almost 9,000 Americans had been told they were victims.

CoinDesk reported these figures. They are the US government's own numbers. The money has been halted, which isn't the same as returned to victims.

The 503 website seizures aren't new. The US Justice Department announced them in April. It said the sites posed as real investment platforms that showed victims fake "returns". The Justice Department also said that by March 2026 the FBI and Secret Service's Operation Level Up had contacted 8,935 victims, and 77% of them didn't know they were being scammed.

Who's at risk

Anyone offered an investment through social media, a dating app, a new online friend, or an ad featuring a celebrity.
Anyone using an app or website that shows big, steady "profits" but won't let them withdraw it all.

What to do

Stop if someone you've never met in person starts talking to you about investing.
Don't trust a website because it looks professional or shows your balance growing. Scammers fake this.
Check the company isn't on Moneysmart's Investor Alert List, and check the adviser holds an Australian financial services (AFS) licence.
If a platform keeps finding reasons you can't withdraw your money, stop paying in.
Be wary of anyone who offers to recover your money. That's usually another scam.

Why it matters in Australia

Australians reported losing A$837.7 million to investment scams in 2025, more than any other type of scam, according to the National Anti-Scam Centre's Targeting Scams report.

Report it / get help

Sent money? Call your bank straight away.
Report crypto scams to police through ReportCyber (cyber.gov.au/submit-a-report) and to Scamwatch (scamwatch.gov.au/report-a-scam).
Shared your identity details? Call IDCARE free on 1800 595 160.

Sources

CoinDesk, "Trump to throw spotlight on overseas crypto abuses at White House event", 21 Oct 2026. https://www.coindesk.com/policy/2026/10/21/trump-to-throw-spotlight-on-overseas-crypto-abuses-in-white-house-event (checked 22 Oct 2026)
US Department of Justice, "Scam Center Strike Force Takes Major Actions Against Southeast Asian Scam Centers Targeting Americans", 23 Apr 2026. https://www.justice.gov/opa/pr/scam-center-strike-force-takes-major-actions-against-southeast-asian-scam-centers-targeting (checked 22 Oct 2026)
ASIC Moneysmart, "Investment scams", last updated 14 Oct 2026. https://moneysmart.gov.au/financial-scams/investment-scams (checked 22 Oct 2026)
Scamwatch, "Investment scams". https://www.scamwatch.gov.au/types-of-scams/investment-scams (checked 22 Oct 2026)
Scamwatch, "Report a scam". https://www.scamwatch.gov.au/report-a-scam (checked 22 Oct 2026)
IDCARE, "Get help". https://www.idcare.org/contact/get-help (checked 22 Oct 2026)
National Anti-Scam Centre, "Targeting scams: report of the National Anti-Scam Centre on scams data and activity 2025", 30 Mar 2026. https://www.scamwatch.gov.au/research-and-resources/targeting-scams-report (investment: A$837.7 million, combined reported losses. checked 22 Oct 2026)

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