NT residents warned about crypto investment scams after one victim loses nearly $5m

Police, banks and social media platforms struggling to stop scammers who often use fake celebrity endorsements and AI in schemes

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Northern Territory police have warned that cryptocurrency investment scams are the biggest cause of financial harm to people there, with one resident losing nearly $5m to one scam.

The massive loss was revealed in a submission to a federal inquiry on law enforcement capability around cybercrime. NT police said residents in the territory had suffered significant losses" ranging from hundreds of thousands of dollars to the $4.98m lost by one person in 2022.