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Former professional rugby league forward Trent Merrin has been charged in connection with an alleged crypto theft, following a year-long investigation by New South Wales Police.
Merrin, known for his stints with the Kangaroos, New South Wales Blues, and NRL clubs including the St. George Illawarra Dragons and Penrith Panthers, was arrested on November 4 for “dishonestly obtaining financial advantage by deception.”
Authorities allege that Merrin accessed and transferred funds from a 29-year-old man’s cryptocurrency wallet without authorization, using deceptive means to carry out the crypto theft. While the exact nature of the relationship between the two parties remains undisclosed, investigators say the crime involved sophisticated digital manipulation.
During a raid on Merrin’s Barrack Point home, police seized multiple electronic devices now undergoing forensic examination. The 35-year-old former athlete has been released on conditional bail and is scheduled to appear before Port Kembla Local Court on December 3, according to a report from Illawarra Mercury.
On his LinkedIn profile, Merrin describes himself as an “entrepreneur and investor with a passion for crypto, blockchain, and the health and wellness industry.”
The crypto theft case comes amid a wider crackdown on cryptocurrency-related financial crimes in Australia. Over the past year, regulators have classified the sector as a major financial integrity risk and stepped up enforcement actions targeting digital asset service providers.
In its most recent National Risk Assessment, the Australian Transaction Reports and Analysis Centre (AUSTRAC) identified cryptocurrencies as a “high-risk” factor for money laundering and fraud. The agency later announced it would begin taking regulatory action against exchanges and service providers enabling illicit financial flows.
“The digital asset ecosystem is evolving quickly, and with it, the methods criminals use to exploit vulnerabilities,” said Nicole Rose, CEO of AUSTRAC, in a 2025 statement. “We are committed to ensuring that innovation does not come at the cost of consumer protection or national security.”
In February, AUSTRAC conducted a compliance sweep across more than 50 crypto service providers and suspended 13 for regulatory breaches. The campaign marked one of the largest coordinated efforts to combat crypto theft and unlicensed digital operations in the country.
Australia’s new regulatory approach also extends to crypto ATMs, which have proliferated nationwide. Officials have raised concerns about their use in scams and untraceable financial transfers. Last month, AUSTRAC was granted expanded powers to oversee crypto ATMs under updated anti-money laundering laws.
Regulators are also finalizing draft legislation that would require digital asset platforms to obtain an Australian Financial Services Licence (AFSL). Violators could face fines of up to 10% of annual turnover or AU$50 million, whichever is higher.
“Strong licensing standards are essential to prevent crypto theft and ensure users have confidence in the integrity of the market,” said Stephen Jones, Australia’s Assistant Treasurer and Minister for Financial Services, in a parliamentary address earlier this year.
These initiatives form part of Australia’s broader strategy to align with global regulatory frameworks being developed by jurisdictions like the European Union and the United States.
The arrest of Merrin underscores how crypto theft has evolved from cybercrime circles into mainstream criminal investigations. Blockchain analytics firm Chainalysis reported that crypto-related thefts and fraud schemes accounted for more than $1.7 billion globally in 2024, with a growing number involving social engineering and insider access.
Experts warn that while law enforcement agencies are becoming more adept at tracing blockchain transactions, stolen crypto is often laundered through privacy tools and mixers, complicating recovery efforts.
“This case highlights both the promise and peril of decentralized finance,” said Dr. Ian McKenzie, a cybersecurity lecturer at the University of Sydney. “As adoption grows, so does the risk and enforcement must evolve just as rapidly.”
For Australia, the Merrin crypto theft case serves as both a cautionary tale and a policy catalyst. The government’s goal is not to stifle innovation, but to protect investors and maintain trust in emerging financial technologies.
As authorities prepare to bring Merrin to trial, legal experts say the outcome could set a precedent for how courts handle high-profile crypto theft cases involving public figures. The case also reinforces Australia’s commitment to transparency and consumer safety in its rapidly expanding digital economy.
