Aussie regulator to shut 95 ‘hydra’ firms linked to crypto, romance scams

The Australian securities regulator’s application to close 95 “hydra” firms believed to be running crypto trading and romance scams has been approved by the Federal Court of Australia.

Australia’s corporate watchdog has been given the nod to shut down 95 “hydra” companies that it suspects engaged in crypto investment and romance scams, known as “pig butchering.”

The Australian Securities and Investments Commission’s application to wind up the companies was approved by the Federal Court of Australia on just and equitable grounds after ASIC found that most of the companies had been incorporated with false information.

Many of these companies were set up purporting to provide “genuine services” but were instead believed to be scamming their victims, ASIC Deputy Chair Sarah Court said in an April 8 statement.

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