🚨💰 How a retired Aussie cop lost $1.2M in a crypto scam in Thailand 💸🚓
🎯 Modus operandi
Retired Queensland police officer Michael Reinecke, despite 30 years of experience spotting deception, was conned by “Alex,” a German national in Phuket.
💬 Social grooming: Contact started via social media, with over a year of friendly exchanges.
📈 High-return bait: Alex promised 5–10% monthly gains, showing fake dashboards and charts.
💻 Fake platform: The investment site looked professional but was fraudulent.
🏃 Exit scam: After receiving Reinecke’s life savings (~40M THB / $1.2M), Alex claimed the site crashed due to a “lost phone” and vanished.
🚓 Update: Arrest & legal proceedings
In early August 2025, Thai Immigration Police arrested “Alex,” the 38-year-old German suspect, at a gym in southern Thailand after a court-issued arrest warrant on July 23.
He faces charges of computer fraud and public deception, but denies wrongdoing, claiming his phone was stolen and he too was a victim.
Authorities are investigating for additional victims and potential broader fraud.
Legal proceedings are now underway in Thailand.
👴 Why retirees & expats are prime targets?
■Scammers exploit trust, loneliness, or financial aspirations.
■Retirees seek safe growth for savings but may lack deep crypto literacy.
■Even professionals can miss red flags when emotionally invested.
🛡 How to avoid similar scams?
🔍 Verify platforms: Check with official regulators (e.g., SEC Thailand, ASIC).
🚫 Doubt high yields: Guaranteed, consistent returns = major red flag.
🔐 Self-custody/CEX: Use hardware wallets and reputable CEX like Binance, with 2FA enabled.
📄 Act fast: Report losses promptly and work with legal authorities.
💡 Lesson: Crypto’s potential rewards come with real risks—emotions can override training, so skepticism is your best defense.