Australian police have charged a 42-year-old man in connection with a crypto investment scam that caused over 190 elderly and vulnerable individuals to lose a total of 5 million AUD (3.5 million USD). The suspect is released on conditional bail and will appear in court on March 17.
According to the investigation, starting from November 2025, the perpetrators posing as investment advisors lured victims to deposit money into the platform “NEXOpayment.” The funds were then transferred through multiple wallets and digital asset exchanges in a money laundering scheme. Another 36-year-old man has also been arrested and is under investigation.
Authorities stated that investment fraud is the most damaging type of cybercrime in Australia, amid the country’s increased efforts to tighten regulations on digital assets.
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