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Australian regulators allowed to close 95 "hydra" companies suspected of cryptocurrency and emotional scams

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2025-04-08 03:34:43
The Federal Court of Australia has approved an application by Australia's securities regulator to close 95 "hydra" companies suspected of operating cryptocurrency exchanges and emotional scams. The Australian Securities and Investments Commission (ASIC) 's winding-up application has been approved by the Australian Federal Court on just and equitable grounds after ASIC found that most of the companies were registered with misinformation.
In a statement on April 8, ASIC vice-chair Sarah Court said many of these companies were set up claiming to provide "genuine services" but were in fact suspected of defrauding victims. "There appears to be a common'romance scam 'pattern in the nature of these scams," Justice Angus Stewart said in the April 4 court ruling, after looking at 48 "misconduct reviews" of 17 companies accused of aiding emotional scams. The judgment was handed down on March 21.
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