Internet message boards and social media are awash with warnings that AusCoin, which bills itself as \"Australia\'s First Crypto-Currency\" is a scam which is hoping to dupe investors. In a seed round, the company claims to have raised over $1.5 in 24 hours and is currently planning to launch its ICO in around 17 days it hopes to raise another $40 million. However, mindful of other ICO scams such as Benebit which have seen fraudsters makes off will millions of dollars, many users are wary of AusCoin as what it seems to be offering is too good to be true.

One red flag cited by investors is the fact that the AusCoin website and plans to launch the cryptocurrency were only announced in November 2017. This was around the time when the bitcoin markets were already starting to boom, which could suggest that AusCoin could be an attempt to cash in on interest from people who wish to get involved in the \'next big thing\' but who have little knowledge of what that thing may be. Investors are also wary of the backgrounds of the main players at AusCoin, which have nothing to do with the financial industry or computing.

Representatives from AusCoin have not yet commented on the allegations.