Australian authorities have charged two men after investigating an alleged $5 million cryptocurrency investment scam that police say targeted victims across the country, including elderly people and others seen as financially vulnerable.
Victims were allegedly directed to a fake platform
The New South Wales Police Force said detectives from its Cybercrime Squad formed Strike Force Resaca to examine reports of fraudulent online investment activity. Search warrants were later carried out at homes in Strathfield and Cammeray, along with a business location in Burwood, all in Sydney.
Police allege the operation used social media advertisements and unsolicited messages to attract victims with cryptocurrency offers and other investments promising high returns. Those contacted were then instructed to deposit money into a platform called “NEXOpayment”, which they believed was legitimate.
Funds allegedly moved through multiple wallets and exchanges
According to authorities, the money was not used for genuine investment activity. Instead, it was allegedly funneled through multiple cryptocurrency wallets and exchanges in an effort to conceal the movement of funds. Police did not disclose additional on-chain details or the total number of victims.
A 42-year-old man was arrested at a residence in Strathfield and taken to Auburn Police Station. He was charged with recklessly dealing with proceeds of crime valued above $5,000. He was granted conditional bail and is due to appear at Burwood Local Court on March 17, 2026.
A 36-year-old man was also arrested at a property in Cammeray and later released while inquiries continue. The investigation remains active.
Authorities renew warnings on investment scams
Police urged anyone who believes they may have been targeted by an investment scam to contact authorities. Officials also said investment scams remain one of Australia’s highest-loss categories of cybercrime, with crypto frequently used in cases where fund flows are harder to trace across multiple transfer routes.