$5 Million. 190 Elderly Victims. One Fake Platform Called NEXOpayment.

The Investigation That Exposed NEXOpayment

In February 2026, NSW Police established Strike Force Resaca to investigate one of Australia's largest cryptocurrency investment scams in recent years.

The focus of the investigation was a platform known as NEXOpayment.

According to investigators, more than 190 Australians lost over $5 million after depositing funds into what appeared to be a legitimate cryptocurrency and investment platform.

Most victims were elderly Australians who believed they were investing through trusted financial advisors.

How The NEXOpayment Scam Worked

The operation followed a familiar pattern seen across many modern cryptocurrency investment scams.

Victims were approached through social media, phone calls, and online messaging platforms by individuals presenting themselves as investment experts.

The scammers directed victims to NEXOpayment, a professional looking platform that claimed to offer cryptocurrency trading, stock investments, and wealth building opportunities.

Users could log into their accounts and view balances that appeared to grow over time.

Everything seemed legitimate.

According to NSW Police, the displayed profits were an illusion designed to encourage larger deposits.

When victims transferred funds, the money was allegedly routed through multiple cryptocurrency wallets and exchanges rather than being invested.

Strike Force Resaca Findings

Investigators tracked suspicious financial movements connected to the platform and identified a network of transactions consistent with money laundering activity.

During searches conducted at properties in Strathfield and Cammeray, police seized electronic devices and documentation linked to the investigation.

A 42 year old man was arrested and charged with dealing in proceeds of crime.

The investigation remains a significant example of how organised cybercriminal operations exploit cryptocurrency infrastructure to move stolen funds.

Why Older Australians Were Targeted

Investment scams continue to disproportionately affect older Australians.

Retirees and individuals approaching retirement often possess larger savings balances and may actively seek investment opportunities that generate passive income.

Criminal groups understand this and frequently tailor their marketing toward older demographics.

The scammers behind NEXOpayment reportedly used professional language, polished websites, and convincing investment narratives to build trust before requesting deposits.

Following The Money

One of the most important discoveries in the investigation was the movement of funds after victims deposited money into the platform.

Instead of remaining within investment accounts, funds were transferred across multiple cryptocurrency wallets and exchanges.

This process is known as layering and is commonly used to obscure the origin of funds.

Once assets move through several wallets and platforms, recovering stolen money becomes significantly more difficult.

This is one reason cryptocurrency investment scams remain highly profitable for organised criminal groups.

Key Warning Signs Identified

The NEXOpayment case highlights several warning signs that investors should always watch for:

• Unsolicited investment opportunities
• Contact through social media or messaging apps
• Promises of strong or consistent returns
• Platforms with little public reputation
• Difficulty withdrawing funds
• Advisors pushing urgent investment decisions
• Requests to deposit additional funds before withdrawals are processed

Lessons From The Investigation

The collapse of NEXOpayment demonstrates how convincing fraudulent investment platforms have become.

Professional design, fake account balances, and persuasive advisors can create the appearance of legitimacy even when no real investments exist.

Before depositing funds into any cryptocurrency platform:

• Verify AUSTRAC registration
• Search ASIC MoneySmart scam warnings
• Research the company independently
• Verify team members and business registrations
• Test withdrawals before committing larger amounts

A few minutes of verification can prevent devastating financial losses.

Conclusion

The NEXOpayment investigation serves as a reminder that investment scams remain one of the fastest growing forms of cybercrime in Australia.

More than 190 victims lost over $5 million in just a few months before authorities intervened.

As cryptocurrency adoption continues to grow, investors should remain cautious of unsolicited opportunities and unknown trading platforms.

Trust should never replace verification.

Sources

• NSW Police Force Strike Force Resaca Media Release February 2026
• AUSTRAC
• The Block
• Decrypt