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Australia’s corporate watchdog has warned that fake crypto platforms pushed through WhatsApp-style “trading groups” are targeting young investors with fabricated profits, fake order books and invented withdrawal fees. The Australian Securities and Investments Commission has issued a fresh scam alert…
The post The “Gen Z” Crypto Scam Epidemic in Australia appeared on BitcoinEthereumNews.com. // News Reading time: 2 min Published: May 25, 2026 at 10:38 A sobering report from the Australian Securities and Investments Commission (ASIC), released this morning, highlights a massive spike in sophisticated trading scams targeting younger demographics. Financial regulators are sounding the alarm as “Generation Z” investors are increasingly being funneled into fake, high-tech-looking trading platforms via social media chat groups, particularly on platforms like WhatsApp. The Anatomy of the Scam Unlike the “clunky” scams of the past, these platforms are visually indistinguishable from legitimate institutional brokerages, showing real-time price movements that are entirely synthetic. Scammers are posing as high-profile crypto influencers or financial experts to build artificial trust. According to the reports, victims are often enticed to deposit more capital under the guise of “with
