Australian Police Charge Man Over $3.5M Crypto Investment Scam Targeting Elderly Victims
A 42-year-old Sydney man has been charged in connection with an alleged $3.5 million crypto investment scam that targeted over 190 elderly and vulnerable Australians. The scam, under investigation by New South Wales Police’s Cybercrime Squad, began last November and operated by enticing victims through social media to invest in crypto or shares and then directing them to transfer funds via an online portal called “NEXOpayment.” Authorities report that these funds were funneled through crypto wallets and exchanges in ways consistent with money laundering. Police executed search warrants at multiple sites, seizing electronic devices and documents. The accused, who faces proceeds-of-crime charges, was released on bail pending a court appearance in March. A second suspect was arrested but later released as investigations continue. The case comes amid a rise in crypto-related crime in Australia, with law enforcement highlighting the increasing sophistication of scammers and warning the public against unsolicited investment offers. Recent high-profile Australian and international cases underscore escalating fraud risks as crypto adoption grows.
