Ken Gamble of IFW Global has uncovered details of a cryptocurrency scam which falsely claimed Australian businessman Andrew “Twiggy” Forrest made billions of dollars from bitcoin.

According to investigations by IFW Global, the crypto scam is being run out of Ukraine by an Israeli crime syndicate. Gamble spoke to The Daily Telegraph to discuss the scam and the growing problem of investment fraud impacting Australians.

Using Fake News To Lure Australian Investors

The fraudsters use “sponsored posts” of fake news articles to lure Australians into making investments. The posts claim Mr Forrest and other high profile Australians have spoken to news outlets and media organisations about billions made through automatic cryptocurrency trading systems.

English speaking call centres in Kiev speak to victims who leave their phone number in forms linked to the fake news articles, though the numbers appear to be coming from Australia. Victims are then asked by the “broker” to transfer progressively larger sums of money into a series of “investment opportunities”.

In the first 11 months of 2021, more than $150 million was reported lost by Australians in investment fraud schemes.

The full article can be read on The Daily Telegraph website.

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