ASIC warns against crypto scam Alliance Limited

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

According to ASIC, the page wrongly displays the regulator's logo to give the impression that ASIC endorses the investment. '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 claims to be registered in Australia.

However, consumers have told ASIC that they have been unable to get their money back after investing through this entity.

ASIC is particularly concerned about the risk to consumers and investors losing money when buying into fake crypto-assets. Cryptocurrency investment scams are on the rise, with Australians losing more than $21 million in 2019.

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