Retired Cop Loses $1.2M in Thailand Crypto Scam After Online Romance

Michael Reinecke, a retired Australian police officer with a 30-year career, fell victim to a cryptocurrency scam in Thailand, reportedly losing nearly 40 million Thai baht ($1.2 million) to a fraudster he met online. The scammer, identified as “Alex,” a German national based in Phuket, initially built a relationship with Reinecke over social media. Over the course of a year, Alex introduced him to crypto investment opportunities, eventually persuading him to transfer his life savings [1].

During in-person meetings, Alex presented Reinecke with dashboards and charts that supposedly demonstrated the potential for 5%-10% monthly returns. These promises, combined with the credibility of face-to-face interaction, further solidified Reinecke’s trust. However, after transferring his funds, Reinecke was informed that the crypto platform had crashed due to a lost phone, resulting in the theft of his money. Soon after, Alex cut all communication and disappeared [1].

Reinecke reported the incident to the Mueang Udon Thani Police Station in July 2025, supported by his Thai wife, Areerat Noonyat, and his lawyer, Kritsada Lohitdee, known as Lawyer Nobi. The case highlights a growing trend in which fraudsters exploit personal relationships and emotional trust to defraud victims—often targeting retirees and expatriates who seek to grow or preserve their savings through alternative investments [1].

Reinecke’s case is not isolated. Earlier this year, an elderly U.S. investor lost $330 million in Bitcoin through a social engineering scam, in which the fraudster gained unauthorized access to the victim’s wallet by manipulating them. Additionally, in a separate but related scheme, scammers used dating apps to create fake relationships and defraud investors of $36.9 million [1].

Such scams often rely on tactics like social engineering, high-yield illusions, fake legitimacy through professional-looking websites, and ghosting after funds are transferred. These methods are designed to erode the victim’s skepticism and create a false sense of security. As reported in a recent security analysis, the first half of 2025 saw $3.1 billion lost to scams and hacks—representing an 88.7% increase compared to the same period in 2024 [1].

Reinecke and his wife had intended to use the funds to build a home and possibly open a cafe. Their distress underscores the emotional and financial toll such scams can inflict, particularly on those who are less familiar with the volatile and often opaque world of digital assets.

To avoid such scams, investors are advised to verify the legitimacy of investment platforms through regulatory bodies, be wary of unsustainably high returns, use secure hardware wallets, and file complaints promptly through legal channels. As the crypto ecosystem continues to expand, so too do the risks, making investor education and due diligence more critical than ever [1].

Source:

[1] How a retired Aussie cop lost $1.2M in a crypto scam in Thailand. (2025). Retrieved from https://cointelegraph.com/explained/how-a-retired-aussie-cop-lost-12m-in-a-crypto-scam-in-thailand?utm_source=rss_feed&utm_medium=rss%3F_dc%3D175****245056%26_refresh%3D74dt7gi05p6%26v%3D1755161245%26sid%3D41aaff0774053e0f&utm_campaign=rss_partner_inbound