TL;DR: On May 25, 2026, ASIC alerted investors that scammers recruit people through “share trading” or “stock tips” messaging groups, posing as well-known figures and recommending fake crypto trading platforms. The platforms show fabricated profits, and when victims try to withdraw they are asked for fees to “unlock” their money.

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What happened

The ASIC alert says any money deposited into these platforms “goes straight to the scammers”. Victims of earlier pump-and-dump schemes are also targeted with money recovery scams.

The alert cites a Moneysmart survey of 1,127 Australians aged 18 to 28: 23% own crypto assets, two-thirds of owners take a short-term speculative approach, 29% make short-term trades based on social media influencers, 72% have seen social media ads for crypto and 41% have been contacted about investing in it.

Why it works

Messaging groups mix tips with fake testimonials, so the platform looks established. Fees to “unlock” funds are the final extraction step, not a path to withdrawal.

A recovery offer after a loss is usually a second scam.

Background: our explainers on realistic expectations for crypto scam recovery and pig butchering scams. See also Scamwatch: Fake Amazon and YouTube Recruiter Job Texts and ASIC: Pump-and-Dump Scammers Use Fake Celebrity Endorsements. For wider numbers, see our data page on average loss per victim by scam type.

What ASIC advises

If you have already sent money

Contact your bank immediately, report the scam to Scamwatch and through ReportCyber, and call IDCARE on 1800 595 160 if your identity may be at risk. Our guides on the Scamwatch and IDCARE recovery process, Australian bank impersonation scams and how to reverse a wire transfer scam explain the steps, and what to do after a scam, wherever you live covers the first 24 hours. Scammers often start with details taken from past leaks, so run our free digital footprint check to see what of yours is already exposed.

Frequently Asked Questions

How do the fake platforms work?

They show fabricated profits and trades, and when victims try to withdraw they are asked for fees to unlock their money, but no assets are released.

Where are victims recruited?

Through “share trading” or “stock tips” messaging groups, where scammers pose as well-known figures.

What is VASPR?

AUSTRAC’s register of virtual asset service providers, where you can confirm a crypto provider is registered.

What if someone offers to recover my lost money?

ASIC says victims of earlier pump-and-dump schemes are also targeted with money recovery scams, so treat such offers with suspicion.

Sources

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