A 42-year-old Sydney man has been charged in connection with an alleged cryptocurrency investment scam that defrauded over 190 elderly Australians of approximately $3.5 million. New South Wales Police allege victims were directed to a platform called “NEXOpayment” and that funds were moved through multiple crypto wallets in a suspected money laundering pattern. The arrest is part of a wider crackdown on crypto-related crime in the country.
New South Wales Police have charged a 42-year-old man over an alleged cryptocurrency investment scam that targeted more than 190 elderly and vulnerable Australians. The scam, investigated by Strike Force Resaca, reportedly began last November and involved losses of around $3.5 million.
Victims were initially contacted via social media with invitations to invest in crypto or shares. They were then directed to transfer funds through an online portal called “NEXOpayment.”
Detectives stated deposits were routed through a network of cryptocurrency wallets and exchanges in a pattern consistent with money laundering. Police executed search warrants at several locations, seizing electronics and documents during the operation.
The accused faces a proceeds-of-crime charge and is scheduled to appear in court on March 17. A second suspect was taken into custody but later released as the investigation continues.
“These criminals are highly organised, sophisticated, and relentless in their targeting,” said NSW Police Cybercrime Commander Detective Acting Superintendent Jason Smith. Authorities warned the public against unsolicited investment pitches and urged verification before transferring funds.
The charges come amid a broader escalation in Australian crypto-crime enforcement. In November 2025, a separate police operation resulted in 55 arrests and the seizure of assets previously estimated at around $41 million.
Internationally, crypto played a material role in multiple large-scale fraud prosecutions last year. As cryptocurrency adoption grows, law enforcement warns that the sophistication of such scams and victim counts are rising.
