A Queensland man enjoyed soaring profits from a crypto trading app. Then his money started disappearing
Summary
A man in Queensland lost over $166,000 after investing in a cryptocurrency trading app that used artificial intelligence (AI) to scam him. Experts say AI is helping criminals run sophisticated investment scams that are hard to detect and that digital platforms should take more responsibility to stop these scams.Key Facts
- The man’s crypto trading app showed quick profits but then started making unauthorized withdrawals.
- Australians lost more than $45 million to investment scams in 2026 so far, following $160 million in 2025.
- AI helps create realistic scam websites, fake reviews, and even cloned voices to trick victims.
- Scammers use technology called “cloaking” to hide scam content from regulators.
- Experts say digital platforms often promote these scam ads to likely victims.
- Authorities have shut down nearly 12,000 scam websites in 2025 but scammers quickly replace them.
- Calls are growing for platforms to check that investment ads are legally licensed before allowing them.
- The Australian government is working on a plan involving banks and telecom companies to improve AI scam detection and protect consumers.
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