How a retired Aussie cop lost $1.2M in a crypto scam in Thailand

Key Points

1. Michael Reinecke, a retired Queensland police officer, was scammed out of $1.2 million by a fraudster named 'Alex' who posed as a German national based in Phuket.

2. The scammer built a relationship with Reinecke over a year via social media before introducing him to a fake crypto investment promising 5%-10% monthly returns.

3. Retirees and expats are prime targets for crypto scams due to their susceptibility to personal aspirations and lack of skepticism, as seen in other cases like a $330 million BTC theft from an elderly individual.

4. Crypto scams are increasing, with $3.1 billion lost in H1 2025, marking an 88.7% rise compared to H1 2024, according to Hacken’s report.

5. Scammers are using diverse methods, including dating apps, to defraud investors, as seen in a recent $36.9 million scam linked to Cambodia.