Australia shuts down 95 firms with ties to crypto pig butchering scams

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Australia has cracked down on 95 companies that are believed to have operated crypto investment and romance scams under the guise of legitimate businesses.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

In its latest enforcement action against cryptocurrency crimes, the Australian Securities and Investments Commission confirmed in an April 8 statement that the Federal Court had approved its application to shut down the companies. According to the commission, the court agreed to wind them up on just and equitable grounds, with ASIC finding that most were registered using false information.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The watchdog suspects the companies were part of coordinated scam operations, particularly linked to “pig butchering” schemes, where scammers build fake online relationships to earn victims’ trust before tricking them into investing in fraudulent crypto platforms. Justice Angus Stewart, who presided over the matter, described the case for winding up the companies as “overwhelming,” adding that there was a justifiable lack of confidence in their conduct and management.