Key Takeaways
- • ASIC has issued a formal alert regarding Alliance Limited (alliancelimited.org), a fraudulent cryptocurrency investment scheme that falsely displays ASIC's logo to deceive investors and create false regulatory endorsement.
- • Alliance Limited claims to offer 2% daily profits on cryptocurrency investments and markets itself as "completely risk free" while falsely claiming Australian registration—hallmark characteristics of investment fraud with no underlying assets.
- • Affected investors report complete loss of capital with no ability to recover funds after investing through the entity, indicating systematic fraud rather than isolated cases.
- • Cryptocurrency investment scams in Australia resulted in losses exceeding $21 million in 2019 alone, with ASIC reporting that most cryptocurrency investment opportunities submitted for review are outright scams lacking any legitimate underlying investment.
- • ASIC recommends reporting suspected scams directly to the regulator or the Australian Cyber Security Centre (ReportCyber), noting that public reports provide critical intelligence to disrupt fraudulent operations and protect additional victims.
Summary
Australia's corporate and financial services regulator ASIC has identified a fraudulent cryptocurrency investment scheme operating under the name Alliance Limited through the website alliancelimited.org. The operation employs sophisticated deception tactics, including the unauthorized use of ASIC's official logo on its website to falsely suggest regulatory approval and oversight of its investment products.
The scheme markets a cryptocurrency investment management service promising 2% daily returns while claiming to be "completely risk free"—claims that are mutually incompatible with legitimate financial markets and serve as clear indicators of fraud. Alliance Limited further misrepresents its status by claiming registration in Australia, lending false credibility to what ASIC identifies as an unregistered and unauthorized operation.
Investor losses are substantive and irreversible. Multiple consumers have reported to ASIC their inability to recover invested capital after transferring funds to Alliance Limited, indicating a pattern of systematic fraud rather than isolated complaints. This mirrors broader trends in the cryptocurrency sector: Australian investors lost more than $21 million to cryptocurrency investment scams in 2019 alone, according to ACCC data cited by ASIC. The regulator emphasizes that the vast majority of cryptocurrency investment opportunities reported to it prove to be outright scams with no legitimate underlying assets or investment management activity.
ASIC has published guidance directing affected or suspicious parties to report misconduct through official channels, including direct submission to ASIC or the Australian Cyber Security Centre via ReportCyber. The regulator stresses that public reports provide actionable intelligence for disrupting fraudulent operations and warning prospective victims. Additional consumer protection resources are available through ASIC's Moneysmart website.
The scheme markets a cryptocurrency investment management service promising 2% daily returns while claiming to be "completely risk free"—claims that are mutually incompatible with legitimate financial markets and serve as clear indicators of fraud. Alliance Limited further misrepresents its status by claiming registration in Australia, lending false credibility to what ASIC identifies as an unregistered and unauthorized operation.
Investor losses are substantive and irreversible. Multiple consumers have reported to ASIC their inability to recover invested capital after transferring funds to Alliance Limited, indicating a pattern of systematic fraud rather than isolated complaints. This mirrors broader trends in the cryptocurrency sector: Australian investors lost more than $21 million to cryptocurrency investment scams in 2019 alone, according to ACCC data cited by ASIC. The regulator emphasizes that the vast majority of cryptocurrency investment opportunities reported to it prove to be outright scams with no legitimate underlying assets or investment management activity.
ASIC has published guidance directing affected or suspicious parties to report misconduct through official channels, including direct submission to ASIC or the Australian Cyber Security Centre via ReportCyber. The regulator stresses that public reports provide actionable intelligence for disrupting fraudulent operations and warning prospective victims. Additional consumer protection resources are available through ASIC's Moneysmart website.
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