A 42-year-old Sydney man has been charged over an alleged $3.5 million (A$5 million) crypto investment scam that targeted more than 190 elderly and vulnerable Australians, as authorities strengthen efforts against rising crypto-linked fraud.
New South Wales Police said Cybercrime Squad detectives charged the man on Friday following a probe under Strike Force Resaca, established this month to investigate a large-scale digital asset investment scam that began last November, according to a statement released Saturday.
According to the police, victims were initially contacted via social media with invitations to invest in crypto or shares and then urged to transfer funds through an online portal called “NEXOpayment.”
Detectives say deposits were routed through a network of crypto wallets and exchanges in a pattern consistent with money laundering, according to the statement.
They executed warrants at residences in Strathfield and Cammeray, and at a business in Burwood, on 20 February, seizing electronics and documents.
The accused faces a proceeds-of-crime charge tied to funds allegedly exceeding $3,542 (A$5,000) and is set to front Burwood Local Court on March 17 after being released on bail.
A second suspect, aged 36, was taken into custody during the raids but later freed as investigators continue to assess his alleged role.
These criminals are highly organised, sophisticated, and relentless in their targeting,” NSW Police Cybercrime Commander Detective Acting Superintendent Jason Smith said in the statement, warning against unsolicited investment pitches and urging would-be investors to verify legitimacy before transferring funds.
Australia and crypto crime
The Strathfield charges come amid a broader escalation in Australian crypto-crime enforcement.
In November 2025, South Australia Police made 55 arrests as part of Operation Ironside, a long-running encrypted-messaging probe that uncovered networks trafficking drugs, firearms, money laundering, and financial crime involving crypto, contributing to seizures previously estimated at around $41 million (A$58 million).
Last year also saw former Australian Rugby League star Trent Merrin arrested and charged over the alleged theft of $99,000 (A$140,000) in crypto, after police accused him of dishonest transfers from a victim’s account.
Internationally, the U.S. Department of Justice noted in its 2025 Year-in-Review that crypto played a material role in multiple large-scale fraud prosecutions, including cases targeting elderly and vulnerable victims, as total intended fraud losses charged by prosecutors exceeded $16 billion.
As crypto grows in retail and institutional use, law enforcement warns that sophistication and victim counts are rising, driving agencies to expand resources and public warnings.