Sydney, Australia: Two Australian men have been charged with fraud after allegedly running a cryptocurrency scam that defrauded two companies of $5.5 million.
The men, aged 26 and 33, were arrested in Sydney on Wednesday and charged with two counts of dishonestly obtaining property by deception.
Police allege that the men set up a fake cryptocurrency investment company and convinced two companies to invest a total of $5.5 million.
The men then allegedly disappeared with the money.
As part of the investigation, police seized a number of luxury vehicles, including a $600,000 Ferrari.
The men are due to appear in court on Thursday.
The charges come as the Australian Securities and Investments Commission (ASIC) has warned investors about the risks of cryptocurrency investment scams.
In a recent report, ASIC said that there had been a significant increase in the number of cryptocurrency investment scams in Australia.
ASIC warned investors to be wary of any investment opportunities that seem too good to be true, and to do their research before investing in any cryptocurrency.
The arrest of the two men in Sydney is a reminder of the risks associated with cryptocurrency investment scams.
Investors should always be wary of any investment opportunity that seems too good to be true, and should do their research before investing in any cryptocurrency.
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