Australian regulator granted permission to shut down 95 "hydra" companies suspected of cryptocurrency and emotional fraud

The Federal Court of Australia has approved an application by the Australian Securities and Investments Commission (ASIC) to shut down 95 companies suspected of operating cryptocurrency trading and romance scams under the name "hydra". The ASIC's liquidation application was granted by the Federal Court of Australia on grounds of fairness and justice, after it found that most of these companies were registered with false information. In a statement on April 8, ASIC Deputy Chair Sarah Court said many of these companies claimed to offer "genuine services" when they were established but are actually suspected of scamming victims. After reviewing 48 cases of alleged misconduct by 17 companies accused of aiding romance scams, Judge Angus Stewart stated in a court ruling on April 4: "The nature of these fraudulent activities seems to follow a common 'pig-killing dish' pattern." The judgment was made on March 21.