Crypto scam worth $3.5 million exposed in Australia with pensioners among victims
Australian police have charged a 42-year-old man over his alleged role in a cryptocurrency investment scheme that defrauded more than 190 people, mostly elderly, of about 5 million Australian dollars, or roughly $3.5 million.
According to authorities, the suspect was arrested following searches in Strathfield and Cammeray. Detectives from the cybercrime unit seized electronic devices and documents believed to be linked to the investigation.
The man has been charged with dealing with proceeds of crime, including allegedly laundering funds through an online platform. He was granted conditional bail and is scheduled to appear in court on March 17.
Investigators say that since November 2025, potential victims were approached through social media. Individuals posing as investment advisers allegedly encouraged them to deposit funds via a digital platform called NEXOpayment. Victims believed they were purchasing cryptocurrency, shares or other legitimate investment products. Instead, police allege the funds were routed through multiple crypto wallets and exchanges in a pattern consistent with money laundering.
Cybercrime in Australia
Cybercrime officials said investment scams generate some of the highest financial losses among all online crimes in Australia, costing hundreds of millions of dollars each year.In recent years, regulators have tightened oversight of the digital asset sector. In 2024, financial intelligence agency AUSTRAC established a dedicated task force to monitor cryptocurrency transactions, including activity involving crypto ATMs. Authorities also expanded regulatory powers to restrict high-risk products and distribution channels.
Despite increased enforcement, law enforcement agencies continue to report new fraud tactics. In late 2025, police warned about cases in which criminals impersonated law enforcement officers and used official online platforms to gain access to victims’ crypto wallets.
Why elderly people are often targeted
Crypto investment scams increasingly target older individuals. Fraudsters use social media, messaging apps and fake investment websites to create an appearance of legitimacy, often displaying fabricated real-time “profits” to build trust.Such schemes typically involve complex, multi-layered transfers through crypto wallets, making fund recovery extremely difficult. Even with regulatory involvement, recovering assets after they have been converted into cryptocurrency remains rare.
Experts advise verifying the licenses of investment advisers, avoiding transfers based on unsolicited social media offers and never sharing wallet access details or seed phrases.
Previously, we reported that French police conducted searches at the Paris offices of Elon Musk social network X as part of an expanded investigation into the company activities.
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