Inside, they confiscated 35 bitcoin worth $350,000 and $69,685 in cash suspected to be proceeds of crime, plus a diamond ring, mobile phones and computers.

Tenenboim was taken to Waverley Police Station and charged with 45 counts of importing commercial quantities of cocaine, MDMA and ketamine, supplying commercial quantities of the same, directing a criminal group and dealing with the proceeds of crime.

A neighbour who did not want to be named said that the pair had lived in their rented apartment for several years, and Tenenboim worked with computers.

"He was a wonderful guy," said the neighbour who also witnessed "dozens" of police raiding the unit that Tenenboim had called home.

"He drove a BMW, but that doesn't stand out around here."

The 33-year-old Moriah College alumnus, who described himself as an "elite hacker" in binary code on the Facebook page that also boasted business class flights and a thank you text claiming to be from ex-NSW Premier Mike Baird, faced Waverley Local Court on Friday morning.

He did not apply for bail, which Magistrate Michael Barko formally refused.

Tenenboim was faring badly after his first night behind bars, his lawyer Bill O'Brien said after a brief appearance.

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The privately educated tech professional shifted from foot to foot in the dock, looking at his fiancee who outside court refused to comment on the allegations.

"It's sensational. My client is suffering a very very severe attack of anxiety," he said, adding it was too early to say if his "bewildered" client would plead not guilty.

The matter will return to court on August 8.