According to ChainCatcher and Cointelegraph, the Australian Federal Court has approved the application by the Australian securities regulator to close 95 "hydra" companies suspected of operating cryptocurrency trading and emotional scams. The liquidation application by the Australian Securities and Investments Commission (ASIC) was approved by the Federal Court based on fairness and equity grounds, after ASIC discovered that most of these companies were registered with false information.

Sarah Court, Deputy Chair of ASIC, stated in a statement on April 8 that many of these companies claimed to provide "genuine services" when established, but were actually suspected of defrauding victims. After reviewing 48 "misconduct reviews" of 17 companies accused of assisting emotional scams, Justice Angus Stewart noted in a court ruling on April 4: "The nature of these scam activities appears to follow a common 'pig butchering' pattern." The ruling was made on March 21.