Australian Cybercrime Unit Charges Suspect in $3.5 Million Crypto Scam

Operation Details The NSW Cybercrime Unit dismantled a $3.5 million crypto scam that targeted more than 190 elderly victims.
The operation, launched in February 2026 under the name Strike Force Resaca, led to the arrest of two suspects.
Suspects A 42‑year‑old man was taken into custody in Strathfield and transported to the Auburn Police Station.
A 36‑year‑old man was arrested in Cammeray, brought to the Chatswood Police Station, and subsequently released.
Legal Process Both men face charges related to the $3.5 million in illicit proceeds.
One suspect was granted conditional bail and is scheduled to appear in court on March 17.
The other was released pending further investigation.
Fraud Method The perpetrators created a sense of emergency, pressuring victims to transfer money quickly and exploiting fears of kidnapping.
Even this pressure alone should be a big red flag.
said an Australian Cybercrime Unit official on regulation and prevention.
Regulation and Prevention AUSTRAC imposed a $56,340 fine on crypto ATM operator Cryptolink and demanded mandatory third‑party reviews to address AML/CTF failures.
Officials urged citizens to verify that companies are legitimate and registered, consult trusted friends, family or professionals before transferring funds, and report potential scams through ReportCyber.
How to Protect Yourself Verify that the company is locally registered.
Consult trusted individuals before proceeding.
Report suspicious activity via ReportCyber.
This incident highlights the importance of vigilance among elderly citizens when dealing with crypto transactions.