Australian Man Charged Over $5M Crypto Scam Targeting Elderly Investors

Australian authorities have made an arrest in connection to a large-scale cryptocurrency investment scam that targeted elderly investors.

According to police, the scheme involved victims being approached via social media and encouraged to invest in cryptocurrency through a digital currency exchange portal called NEXOpayment.

The deposited funds were allegedly channelled through multiple cryptocurrency wallets and exchanges, described as consistent with money-laundering activity.