Crypto scam alert: Alliance Limited
22 January 2021
- A suspicious website, Alliance Limited, is misleading traders and investors by wrongly displaying ASIC’s logo.
- ASIC and other Australian Government agencies never endorse particular investment opportunities.
- Beware of fake endorsements of investment opportunities.
ASIC is aware of a suspicious website called Alliance Limited (alliancelimited.org) that is misleading crypto-asset (cryptocurrency) investors.
The Alliance Limited company website page wrongly displays ASIC’s logo to give the impression that ASIC endorses the investment. An entity named ‘Alliance Limited’ claims to offer a high-yield cryptocurrency 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 cryptocurrency. Cryptocurrency investment scams are on the rise, with Australians losing more than $21 million in 2019 (ACCC’s Targeting scams 2019). Most cryptocurrency investment opportunities reported to ASIC appear to be outright scams and there is no actual underlying investment.
Think you have been scammed?
If you see the ASIC logo or references to ASIC staff being made by companies, submit a report of misconduct to ASIC. Include a link to the website or copy of the scam. Reports from the public provide ASIC with valuable intelligence. You can also make a report to the Australian Cyber Security Centre at ReportCyber. Your report may disrupt the scammers and hopefully will warn others to avoid it.
ASIC’s Moneysmart website has more information on investment scams.
Pictured below: Alliance Limited website falsely displaying ASIC’s logo
ASIC is Australia’s corporate, markets and financial services regulator.
Podcast: Crypto-assets for first time investors
Published 25 June 2021
We discuss crypto-assets for first time investors with Hema Raman, Crypto-Asset Coordinator at ASIC. If you're thinking about investing in crypto-assets, hear from ASIC on what to think about and look out for before you invest.