New South Wales Police have charged a 42-year-old Sydney man in connection with an alleged cryptocurrency investment scam that defrauded more than 190 elderly and vulnerable Australians of approximately $3.5 million (A$5 million). The charges were filed on Friday, February 21, 2026, following an investigation by the Cybercrime Squad's Strike Force Resaca, which was established this month to probe the large-scale scam that began in November 2025.
Victims were initially contacted via social media with offers to invest in cryptocurrency or shares and were then directed to transfer funds through a fraudulent online portal called “NEXOpayment.” Police allege that deposits were routed through a complex network of cryptocurrency wallets and exchanges in patterns consistent with money laundering.
On February 20, authorities executed search warrants at residences in Strathfield and Cammeray and at a business in Burwood, seizing electronic devices and documents. The 42-year-old man was charged with recklessly dealing with the proceeds of crime, specifically funds exceeding $3,542 (A$5,000). He was granted conditional bail and is scheduled to appear at Burwood Local Court on March 17, 2026. A second suspect, aged 36, was arrested during the raids but later released as investigations into his alleged role continue.
“These criminals are highly organised, sophisticated, and relentless in their targeting,” said NSW Police Cybercrime Commander Detective Acting Superintendent Jason Smith, who warned the public against unsolicited investment pitches.
This arrest is part of a broader crackdown on crypto-related crime in Australia. In November 2025, South Australia Police made 55 arrests as part of Operation Ironside, which targeted networks involved in drug trafficking, money laundering, and financial crime involving cryptocurrency, leading to seizures estimated at around $41 million (A$58 million). The U.S. Department of Justice also noted in its 2025 review that cryptocurrency played a material role in large-scale fraud cases, with total intended fraud losses charged by prosecutors exceeding $16 billion.
As cryptocurrency adoption grows, law enforcement agencies globally are expanding resources and public warnings to combat the rising sophistication and victim count associated with crypto-linked fraud.
