Two men have been charged in Australia over an alleged $5 million cryptocurrency fraud. Authorities say the scam targeted vulnerable victims across the country. The case is part of a growing crackdown on crypto-related crime.
The New South Wales Police Force said its Cybercrime Squad launched an investigation called Strike Force Resaca. Detectives carried out search warrants at homes and a business in Sydney, including areas like Strathfield, Cammeray, and Burwood.
Police say the suspects used social media to attract victims. They promoted fake cryptocurrency investment opportunities with promises of high returns. Many victims were elderly or financially vulnerable individuals.
Victims were directed to deposit money into a platform called “NEXOpayment.” They believed it was a real trading service. However, police allege the platform was fake, and the funds were moved through multiple crypto wallets to hide the money trail.
A 42-year-old man was arrested at a home in Strathfield. He was charged with dealing with proceeds of crime worth more than $5,000. He was later granted conditional bail and is due to appear in court on March 17, 2026.
Another man, aged 36, was arrested at a property in Cammeray. He was later released while investigations continue. Police said more charges could be filed as the case develops.
Authorities warned that crypto investment scams are increasing. They urged people to be careful when investing online. Officials also asked anyone who suspects fraud to report it immediately.
The case highlights the risks in the fast-growing crypto industry. Police say protecting vulnerable people remains a top priority as scammers continue to target new victims.
