The Australian Securities and Investments Commission (ASIC) has issued a warning about fraudulent cryptocurrency trading platforms targeting young investors. Scammers are using messaging apps like WhatsApp and fake trading platforms to defraud retail investors. They lure users with investment advice on social media, leading them to groups posing as financial experts, and then encourage deposits into fraudulent platforms. These platforms simulate profits with fake data, but charge "unlocking fees" when users attempt withdrawals, funneling money to scammers. Additionally, scammers exploit victims of previous frauds by offering fake "funds recovery services." A MoneySmart survey reveals that 23% of Australians aged 18–28 hold crypto assets, with 72% of Generation Z exposed to crypto ads on social media and 41% directly solicited for investments. ASIC advises verifying platform compliance through the AUSTRAC Register of Digital Currency Exchange Providers and cautions against trusting social media investment advice.