Australian court greenlights closure of 17 scam firms

An Australian court has approved the application of the Securities and Investment Commission of Australia to shut down the companies that are accused of being involved in illicit activities, especially the pig butchering scam.

The SIC of Australia said that the court has permitted the commission to take them down, as the court found the ASIC’s findings to be a legitimate report.

The regulatory commission suspects that companies have been involved in coordinated scam operations, particularly tied to pig butchering, a type of scam in which a bad actor leverages different tactics to victimize females online by making relationships with them and further making them invest in bogus and scammy crypto projects.

Earlier in March this year the court had reviewed 17 firms and found a similar and clear pattern of pig butchering carried out by these companies. As per a person aware of the fact, these identified companies allegedly hold millions in cryptocurrencies looted from people from different regions.

According to ASIC’s findings, the majority of designed websites and mobile applications were developed by mimicking the original trading platform. 

The development and release of such bogus websites and applications has reached a new peak in the last few years, and it has been widely reported more than 10k fake websites are currently functioning that are exact copies of the original websites.

Despite the tough stance of regulators, the adoption of crypto remains at a peak, currently, the nation has 1638 functional crypto ATMs, and the nation is yet to legalize crypto in Australia.

A few published reports note that the number of crypto users in Australia is expected to reach 12.4 million, which was around 10 million in the last quarter of 2024, firms like Robinhood, Coinbase and Binance has been leading the operations in the nation. 

Also reported that around 70% of holders of crypto in Australia hold Bitcoin followed by Ethereum, and BTC is most watched in the nation followed by XRP, Solana, Official Trump and Ethereum.

There are around 135 businesses in Australia that have direct or indirect exposure to cryptocurrency; the number of firms grew by 1.6 % between 2020 and 2025.

Until publishing, the crypto market cap was at $2.54 trillion with an increase of 5.43% in the past 24 hours, and the fear and greed index was at 19, indicating an improvement in the index as it was reported at 16 on April 07, 2025.

Similarly, Bitcoin is below the mark of $80k and is now exchanging hands at $79,451 with a loss of 7.52% in the weekly time frame.

The intraday gainers list has been ruled by Fartcoin, Core, Zcash, Jasmy Coin, Hyperliquid, KuCoin and Hedera. At the same time the losers are Four, EOS, Tether Gold and Pax Gold.