Australian authorities have charged two men following an investigation into an alleged $5 million cryptocurrency investment scam that targeted vulnerable victims across the country. Summary The New South Wales Police Force has charged two men following an investigation into an alleged $5 million cryptocurrency investment scam targeting Australians. Police allege victims — including elderly and vulnerable individuals — were lured via social media into depositing funds into a fake trading platform, with money funneled through multiple crypto wallets. One man has been charged and granted conditional bail, while investigations continue as authorities warn Australians about rising investment scam losses. Australia steps up crypto fraud crackdown The New South Wales Police Force said detectives from its Cybercrime Squad launched Strike Force Resaca to investigate reports of fraudulent online investment activity. Search warrants were executed at properties in Strathfield and Cammeray, as well as a business premises in Burwood, all located in Sydney. Police allege the scheme lured victims, many described as elderly or financially vulnerable, through social media advertisements and unsolicited messages promoting cryptocurrency and other high-return investment opportunities. Victims were reportedly directed to deposit funds into what they believed was a legitimate trading platform known as “NEXOpayment.” Australian authorities claim the money was instead funnelled through multiple cryptocurrency wallets and exchanges in an attempt to disguise the movement of funds. A 42-year-old man was arrested at a Strathfield residence and taken to Auburn Police Station, where he was charged with recklessly dealing with proceeds of crime valued above $5,000. He was granted conditional bail and is scheduled to appear at Burwood Local Court on March 17, 2026. A 36-year-old man was also arrested at a Cammeray property and later released pending further inquiries. Police say investigations remain ongoing and are urging anyone who suspects they may have been targeted by an investment scam to report the matter to authorities. Officials reiterated that investment scams remain one of the highest-loss cybercrime categories in Australia.
