ASIC raises crypto scam alert against Alliance Limited

Photo: Leaprate

The Australian Securities and Investments Commission warned against a suspicious website called Alliance Limited (alliancelimited.org) that is misleading crypto-asset (crypto-currency) investors.

The regulator found that the website wrongly displays ASIC’s logo to give the impression that ASIC endorses the investment.

The entity by the name ‘Alliance Limited’ claims to offer a high yield crypto-currency investment management service at 2% daily profits and promotes itself as ‘completely risk-free’. The entity also alleges to be registered in Australia.

Consumers have alerted the Australian watchdog that they have been unable to get their money back after investing through this entity.

ASIC stated that it is “particularly concerned” about the risk this poses to consumers and investors to lose money when buying into fake crypto-assets. The regulator warned that cryptocurrency investment scams are on the rise, with Australians losing over $21 million in 2019.

ASIC warned:

"Most crypto-asset investment opportunities reported to ASIC appear to be outright scams and there is no actual underlying investment."

Reprinted from Leaprate, the copyright all reserved by the original author.