A retired Australian police officer’s retirement savings of approximately $1.2 million were stolen in a cryptocurrency scam orchestrated by an individual named Alex, a German national residing in Phuket. The victim, Michael Reinecke, met with Alex via social media over a year and was led to believe he could generate significant returns on his investment through various crypto opportunities presented in person meetings. Alex’s promises of 5%-10% monthly returns on investment ultimately crumbled as a website, which allegedly hosted the investments, crashed following the transfer of Reinecke’s life savings. Alex then ceased all communication with him, leaving Reinecke to confront his losses. After realizing he was scammed, Reinecke filed a formal police report in Thailand, supported by his Thai wife and lawyer. Reinecke and his wife had saved their funds for a home purchase and opening a cafe. This incident highlights the alarming rise of online crypto scams globally. A recent example involved a UK police officer impersonating a senior official to steal over $2.8 million worth of Bitcoin. Online crypto scams continue to target individuals across various platforms, as demonstrated by the increasing number of reported hacks and investment losses in the cryptocurrency market. According to data from CertiK, blockchain security firm, investors lost more than $2.47 billion through hacking and scams in the first half of 2023, exceeding all figures recorded in 2024. The Ethereum network suffered the greatest financial impact, with over $1.5 billion lost across a staggering 164 incidents during this period.