Sydney Police Bust $5M Crypto Scam Targeting Elderly Australians

Sydney police have uncovered what they say is a $5 million cryptocurrency scam that targeted elderly and vulnerable Australians, following a series of arrests across the city. Authorities are urging people to carefully check any investment opportunity before sending money.

Detectives from the NSW Cybercrime Squad, working as part of Strike Force Resaca, have been investigating two men believed to have defrauded more than 190 elderly Australians since November 2025.

The victims were reportedly first contacted through social media and encouraged to invest in cryptocurrency. They were then approached by people posing as investment advisors, who instructed them to deposit money into a digital currency platform called ‘NEXOpayment’.

Police allege that while victims believed they were purchasing legitimate cryptocurrency or shares, the funds were instead transferred across multiple wallets and exchanges in patterns characteristic of money laundering.

Arrests and searches

On Friday morning, detectives executed search warrants at homes in Strathfield and Cammeray, and at a business in Burwood, seizing electronics and documents relevant to the investigation.

A man arrested in Strathfield was charged with recklessly dealing with proceeds of crime exceeding $5,000 related to laundering funds through NEXOpayment. He was granted conditional bail and is due to appear at Burwood Local Court on March 17.

Another man, aged 36, was arrested in Cammeray on Sydney’s Northern Beaches. He was taken to Chatswood Police Station before being released pending further inquiries.

Police warn of scammers’ tactics

Detective Acting Superintendent Jason Smith, Commander of the Cybercrime Squad, said investment scams remain the highest-loss category of cybercrime in Australia.

“These criminals are highly organised, sophisticated, and relentless in their targeting,” he said.

He explained that scammers frequently contact victims via social media, text messages, or unsolicited phone calls, offering guaranteed or unrealistic returns.

“They create urgency, pressure people to transfer funds quickly, and play on a fear of missing out. That pressure alone should be a major red flag that something is wrong,” he added.

Det Act Supt Smith urged Australians to take their time when considering investments: “I urge anyone planning to invest, to slow down and take the time to verify who you are dealing with. Make sure, firstly, that the company is legitimate and registered in Australia. There is no rush, speak with a trusted friend, relative, or professional before you consider transferring any money.”

Rising trend of crypto scams

Authorities say that cases like this reflect a wider trend of cryptocurrency and investment scams targeting vulnerable Australians. Experts warn that scammers exploit urgency and fear, often offering “guaranteed returns” to trick victims into sending money quickly.

Australians are advised to verify any investment platform, check for official registration, consult trusted advisors, and report suspicious activity to police or the Australian Competition and Consumer Commission.

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