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ASIC Warns Of Crypto Superannuation Scams

ASIC has issued a warning about scammers trying to convince Australians to pull out of their current superannuation for self-managed funds that invest in high-risk cryptocurrency.

“SMSF trustees are being targeted to invest in crypto-assets, or cryptocurrencies,” ASIC warned. “Superannuation is an attractive target for scammers.”

ASIC continued: “Do not rely on social media ads or online contact from someone promoting an ‘investment opportunity’.

“Be wary of people ‘cold calling’, text messaging, or emailing you with a recommendation to transfer your super to an SMSF, or invest in crypto-assets via your SMSF.”

This comes as crypto.com makes a huge push towards the mainstream, running advertisement starring Matt Damon, and announcing a sponsorship deal with the AFL.

In November 2021, ASIC moved to shut down unlicensed QLD financial services business A One Multi Services Pty Ltd.

“The Gold Coast–based company appears to be engaging in unlawful activity,” ASIC said, alleging that over $2.4 million “was transferred from A One Multi to buy crypto-assets.”

ASIC “obtained interim orders and injunctions from the Federal Court in Queensland against A One Multi and its directors Aryn Hala and Heidi Walters to protect investors.

“Mr Hala appears to represent to investors that he can help them invest their superannuation in an SMSF, and then loan the money in their SMSF to A One Multi,” ASIC explains.

ASIC alleges Hala “told investors that they would receive annual investment returns of over 20 per cent.”



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