Australians are being warned that the boom in cryptocurrency trading has been accompanied by the explosive growth of sophisticated scams targeting investors itching to get rich.

As Bitcoin reached an all-time high this week of $85,000 and leading cryptocurrency exchange Coinbase listed on the Nasdaq – marking a major milestone for digital currencies – the amount of money being lost to online scams has never been greater.

As cryptocurrency markets go from strength to strength, scammers are seeking to cash in on unwitting investors.Credit:Bloomberg

Australians’ losses to cryptocurrency investment scams in 2021 are on track to double last year’s, according to data from the Australian Competition and Consumer Commission.

In 2019, $21 million in losses were reported, increasing to $27.9 million last year. In the first three months of 2021, Australians lost $16.5 million to fraudulent investment opportunities in digital currencies.

Fraudulent investments…

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