🧵 Legal thread of the week: ASIC Warns Gen Z: Crypto Scams Are Hiding in Your WhatsApp “Share Trading” Groups
#ASIC just warned: scammers are using social media “share trading” ads to pull Gen Z into messaging app groups — then straight onto fake digital asset platforms.
72% of 18-28 year olds have seen the ads.
41% have been contacted about investing in crypto.
The pattern is identical every time.
You click the ad.
You join the WhatsApp group. Scammers impersonate known figures with “hot tips.” They send you to a fake platform that shows real-looking #trades and profits.
There is no trading.
Deposits go straight to the scammers’ bank accounts. When you try to withdraw, they charge extra “fees”, then the money is gone.
The same groups now run recovery scams on pump-and-dump victims too.
Gen Z is the target because they’re online and active.
Survey of 1,127 Australians aged 18-28:
• 23% own digital assets
• 66% of owners trade short-term and speculatively
• 29% base trades on social media influencers
ASIC’s three practical steps: Don’t act on investment advice from social media or messaging groups.
Before sending money, check the platform on AUSTRAC’s register of legitimate virtual asset service providers.
If it feels wrong, contact your bank and the authorities immediately.
This alert lands two months after Parliament passed the Corporations Amendment (#Digital Assets Framework) Bill 2025.
Royal Assent: 8 April.
Digital asset platforms and custodians must now hold an Australian Financial Services License, same as every other regulated financial firm.
12 months to comply.
The #law puts fake platforms on notice. Until enforcement is complete, the only real defense is still the oldest one: verify first, then send a cent.
🏛️ In today’s world, knowing #Bitcoin law isn’t optional, it’s essential for staying free and safe.
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