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. “It is important to note that whilst for many victims who lose less than one hundred thousand dollars, the impact of such a loss is still very significant to the individual and their family,” NT police said in the submission.