A Warriewood man has lost nearly $64,000 after falling victim to a cryptocurrency investment scam initiated through the Signal messaging platform.
Cryptocurrency Scam Results in Major Financial Loss
A resident of Warriewood has reported losing close to $64,000 after engaging in a fraudulent cryptocurrency investment scheme. The matter was brought to the attention of Northern Beaches Police on 7 May 2025, marking another case in a rising trend of digital investment scams across the region.
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Background to the Scam
The scam reportedly began in June 2024, when the man was contacted via Signal and encouraged to invest $500 in what was described as a cryptocurrency opportunity. He was promised a return ten times the initial investment and proceeded to contribute further funds to an entity known as Ultra Trade Investments.
Over time, he was informed that his funds were being rolled over and reinvested for higher profits. However, repeated fees were requested to release the supposed earnings. The man continued to make payments until April 2025, at which point he realised it was a scam.
Police Advice and Official Oversight
Authorities have reminded the public that all digital currency exchange providers operating in Australia are required to be registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). More information can be accessed through the AUSTRAC website.
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Related Cases on the Northern Beaches
In a separate incident, a woman in Brookvale was targeted by an impersonation scam known as the “Hi Mum” scheme. On 8 May 2025, she received a message claiming to be from her son, who said he needed money for a new phone. Believing it to be genuine, she sent her bank card details and later found that nearly $2,000 had been withdrawn.
Investigations are underway to trace the scammer’s phone and track the movement of the stolen funds.
Long-Term Case Leads to Arrest
Another major development in the area involved the arrest of a 36-year-old man linked to an armed robbery in Narrabeen dating back to April 2011. The man, originally from Helensvale in Queensland, was identified after Queensland Police collected DNA in August 2024 for an unrelated matter.
The match prompted a new investigation by Northern Beaches detectives, leading to the man’s arrest on 6 May 2025 at a Brisbane hotel. He was extradited to NSW and charged at Mascot Police Station. The accused is due to appear at Downing Centre Local Court on 10 July 2025.
Published 14-May-2025
