TL;DR: the short answer
ASIC warned in October 2022 that appasiccoin.org uses crypto to scam Australians and falsely claims ASIC endorsement. ASIC's advice is not to invest in the product.
Scambaba rates appasiccoin.org critical risk with a risk score of 9.0/10, last verified 2026-10-24.
Key facts
| Risk score | 9.0 / 10 (Critical Risk) |
|---|---|
| Status | ASIC crypto scam alert, October 2022 |
| Category | Crypto / Forex Scam |
| Primary scam vector | Crypto scam website falsely claiming ASIC endorsement |
| Reported domains |
|
| First listed | 2026-10-24 |
| Last verified | 2026-10-24 |
Red flags reported for appasiccoin.org
- Falsely claims endorsement by ASIC
- Operators lack an Australian financial services licence
- Uses encrypted messaging
- Provides limited contact information
- Crypto-based investment pitched to Australians
Detailed threat analysis
What the regulator says
On 18 October 2022 ASIC published a 'Crypto scam alert: appasiccoin.org'. ASIC warns that the site uses crypto to scam Australians and falsely claims ASIC endorsement; it states that ASIC does not endorse it or any other investments, that the site has no permission to use ASIC's name and has no affiliation with ASIC. ASIC says the operators lack an Australian financial services licence, so customers have no protections if things go wrong, and notes the scam uses encrypted messaging and provides limited contact information. ASIC's advice is 'Do not invest in this product'. The alert does not state victim numbers or losses.
How this type of scam usually works
Scams that borrow a regulator's name aim to short-circuit a victim's doubts. Fake investment websites typically show rising balances to encourage larger deposits, accept cryptocurrency because it is hard to trace, and then block withdrawals or demand fees or 'tax' payments. Recovery is rarely possible once funds have moved.
How to check a firm yourself
Search the firm on ASIC's Professional Registers for an Australian financial services (AFS) licence, and check the Moneysmart Investor Alert List. Use contact details you find independently rather than those given to you, and be cautious about any unsolicited investment offer or promised returns that look too good to be true.
What to do if you dealt with appasiccoin.org
- 01Stop sending money and do not pay any further fees or 'tax' to release funds.
- 02Contact your bank or financial institution immediately to ask about tracing or recalling payments.
- 03Report the scam to Scamwatch (scamwatch.gov.au) and, if you are in Australia, to ReportCyber (cyber.gov.au).
- 04Check the ASIC Moneysmart Investor Alert List and consider reporting misconduct to ASIC.
- 05Contact IDCARE (idcare.org) for support if you shared personal details or ID.
Frequently asked questions
Is appasiccoin.org legit?
ASIC warns it is a crypto scam site that falsely claims ASIC endorsement and advises not to invest.
Is it connected to ASIC?
ASIC says the site has no permission to use its name and has no affiliation with ASIC.
Sources
- Crypto scam alert: appasiccoin.org, Australian Securities and Investments Commission, 2022-10-18
This report reflects publicly available information and reported patterns as of 2026-10-24. It is an opinion, not a legal determination. Spot an error or represent this entity? See our editorial and corrections policy.