Advertisement
Australian Man Charged in $5M Crypto Scam Targeting Elderly Investors
- Police allege more than 190 elderly Australians lost over $5 million in a cryptocurrency investment operation involving NEXOpayment.
- Strike Force Resaca executed Sydney search warrants, leading to one charge and a second arrest pending inquiries.
- Funds were allegedly routed through multiple crypto wallets in transactions described as consistent with money laundering.
A Sydney man has been charged over an alleged cryptocurrency investment scheme that police say defrauded more than 190 elderly and vulnerable Australians of over $5 million since November 2025.
The investigation, led by Strike Force Resaca, was established in February 2026 by the State Crime Command’s Cybercrime Squad to examine the alleged involvement of two men in the operation. Detectives allege victims were first approached via social media and encouraged to invest in cryptocurrency. They were later contacted by someone posing as an investment adviser and directed to deposit funds into a digital currency exchange portal known as NEXOpayment.
According to police, victims believed they were purchasing cryptocurrency, shares or other legitimate investment products. Instead, the deposited funds were allegedly channelled through multiple cryptocurrency wallets and digital currency exchanges in a pattern described as consistent with money-laundering activity.
Related: Uniswap Founder Warns of Fake Ads as Victim Says Scam “Drained Everything”
Search Warrants Executed Across Sydney
At about 7.30 am on Friday, 20 February 2026, detectives executed search warrants at homes in Strathfield and Cammeray, as well as at a business in Burwood. Electronics and documents relevant to the investigation were seized.
A 42-year-old man was arrested in Strathfield and taken to Auburn Police Station, where he was charged with recklessly dealing with proceeds of crime exceeding $5,000 in relation to the alleged laundering of funds through NEXOpayment. He was granted conditional bail and is due to appear before Burwood Local Court on 17 March 2026. A 36-year-old man arrested in Cammeray was released pending further inquiries.
Related: Curve Founder: DAO Disputes Signal Strength, Not Weakness
Author
Rachel Lourdesamy
Rachel is a freelance writer based in Sydney with experience within financial services, marketing, and corporate communications in the APAC region. An avid reader and a graduate of the University of Sydney, she covers topics including business, finance and human interest.
