The New South Wales Police in Australia have charged a 42-year-old Sydney man with allegedly orchestrating a cryptocurrency investment scam worth approximately $3.5 million (about AUD 5 million), targeting over 190 elderly and vulnerable investors. Police stated that victims were directed via social media to invest in a platform called “NEXOpayment” for cryptocurrency or stock funds, with the funds transferred through multiple crypto wallets and exchanges, exhibiting money laundering characteristics. On February 20, police executed searches in Strathfield, Cammeray, and Burwood, seizing electronic devices and documents. The suspect has been released on bail and is scheduled to appear in court on March 17; another 36-year-old man was taken in for questioning and released. (Decrypt)

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