A 42-year-old Sydney man has been charged over an alleged $3.5 million (A$5 million) crypto investment scam that targeted more than 190 elderly and vulnerable Australians, as authorities strengthen efforts against rising crypto-linked fraud.
According to the police, victims were initially contacted via social media with invitations to invest in crypto or shares and then urged to transfer funds through an online portal called “NEXOpayment.”
They executed warrants at residences in Strathfield and Cammeray, and at a business in Burwood, on 20 February, seizing electronics and documents.
The accused faces a proceeds-of-crime charge tied to funds allegedly exceeding $3,542 (A$5,000) and is set to front Burwood Local Court on March 17 after being released on bail.
A second suspect, aged 36, was taken into custody during the raids but later freed as investigators continue to assess his alleged role.
These criminals are highly organised, sophisticated, and relentless in their targeting,” NSW Police Cybercrime Commander Detective Acting Superintendent Jason Smith said in the statement, warning against unsolicited investment pitches and urging would-be investors to verify legitimacy before transferring funds.
Australia and crypto crimeThe Strathfield charges come amid a broader escalation in Australian crypto-crime enforcement.
As crypto grows in retail and institutional use, law enforcement warns that sophistication and victim counts are rising, driving agencies to expand resources and public warnings.
