Australian Police Charge Man Over $3.5M Crypto Investment Scam Targeting Elderly Victims
Decrypt
by Vismaya VFebruary 23, 2026
AI-Generated Deep Dive Summary
Australian police have charged a 42-year-old man in connection with a $3.5 million cryptocurrency investment scam that allegedly defrauded over 190 elderly Australians. The victims were lured through social media to invest in crypto or shares, with funds directed through an online portal called "NEXOpayment." Authorities believe the platform facilitated money laundering by routing deposits through multiple crypto wallets and exchanges. The suspect was arrested during raids conducted earlier this month as part of Strike Force Resaca, a newly established task force targeting large-scale digital asset scams.
The operation, led by New South Wales Police, also resulted in the seizure of electronics and documents from locations including Strathfield, Cammeray, and Burwood. A second suspect, aged 36, was briefly detained but later released as investigators assessed his potential involvement. The 42-year-old man faces charges related to proceeds of crime, with authorities alleging he handled funds exceeding $3,542 (A$5,000). He is expected to appear in court on March 17.
This case highlights the growing sophistication of crypto-related crimes and their impact on vulnerable populations. The suspect’s alleged actions align with a broader trend of organized and relentless targeting of elderly and financially inexperienced individuals through unsolicited investment pitches. Cybercrime Commander Detective Acting Superintendent Jason Smith has urged caution, warning against verifying legitimacy before transferring funds in similar scenarios.
The crackdown reflects increasing enforcement efforts in Australia to combat crypto-linked fraud. Earlier this year, Operation Ironside resulted in 55 arrests tied to encrypted messaging networks involved in drug trafficking, money laundering, and financial crimes facilitated by cryptocurrency. Internationally, the U.S. Department of Justice has also noted a surge in large-scale fraud cases involving crypto, with total intended losses exceeding $16 billion globally.
As cryptocurrencies gain wider adoption among both retail and institutional users, law enforcement agencies are stepping up their response to combat rising sophistication and victimization rates. This case underscores the importance of vigilance for investors and the need for robust regulatory frameworks to prevent such schemes.
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Originally published on Decrypt on 2/23/2026