Connect with us

Hi, what are you looking for?

Nigeria
Nigeria

Cryptocurrency

Nigeria cracks down on a major crypto romance scam, arresting over 800

The Nigerian Economic and Financial Crimes Commission has arrested 792 individuals involved in a large-scale crypto romance scam based in Lagos. The operation, which targeted international victims, involved both local and foreign perpetrators.

The Nigerian Economic and Financial Crimes Commission (EFCC) detained 792 persons suspected of being involved in a crypto romance fraud, principally operating in Lagos. On December 10, the EFCC made the arrests as part of a larger operation targeting a suspected hub of the scam, a building. 148 of those arrested were Chinese nationals, while 40 were from the Philippines.

According to EFCC officials, the scheme, known as “pig butchering,” involved Nigerian operatives working alongside foreign criminals to lure victims through social media. The local accomplices would build trust with potential victims, primarily from the U.S., Canada, Mexico, and Europe, before handing them over to foreign leaders, who would then execute the fraud, convincing them to invest in fake cryptocurrency ventures.

During the raid, agents discovered hundreds of SIM cards in the building, which resembled a corporate office, equipped with high-tech computers. Many of the scammers used foreign phone numbers, mainly from Germany and Italy, to carry out their operations. The scheme is thought to have defrauded numerous individuals globally, although the exact amount stolen has not yet been disclosed.

Experts believe that Chinese crime syndicates are expanding their operations into regions with weaker cybersecurity enforcement, including Africa, the Middle East, and Eastern Europe. These groups provide technology and financial backing to local scammers, enabling them to run more sophisticated fraud operations. Some workers in Nigeria reportedly earned up to $500 per month, which is ten times the country’s minimum wage.

This recent crackdown highlights the growing problem of crypto scams, with experts noting that such schemes are becoming more common due to their faster returns compared to traditional Ponzi schemes. In collaboration with international partners, the EFCC is advancing its investigation to ascertain the entire scope of the operation and its potential connection to larger organized crime networks.

author avatar
CryptoCorn
CryptoCorn is Editor and Author at 4C Media Co. and covers all stories and news related to Crypto & Finance. Excellent blogger and Passionate Crypto Trader. Follow her on twitter at @cryptocorn7.
Advertisement

You May Also Like

Cryptocurrency

This week’s Crypto Chronicle explores Ripple's potential SEC settlement, Canada’s leap ahead with Solana ETFs, growing controversy around MANTRA token, and Meta’s aggressive push...

Cryptocurrency

Arizona’s proposed crypto reserve bill, SB 1373, has passed a critical legislative stage and is now one vote away from becoming law. The lawmakers will...

Cryptocurrency

With tensions boiling over and wallets linked to sanctioned individuals being frozen, Russia is looking into making its own stablecoin. This step will lessen...

Cryptocurrency

A federal judge has halted a lawsuit filed by 18 U.S. states against the SEC, potentially influencing the agency's perspective on cryptocurrency. The lawsuit...

polkadot
Polkadot (DOT) $ 4.02 2.57%
bitcoin
Bitcoin (BTC) $ 92,739.00 0.97%
ethereum
Ethereum (ETH) $ 1,750.93 2.83%
cardano
Cardano (ADA) $ 0.696881 1.64%
xrp
XRP (XRP) $ 2.19 4.05%
stellar
Stellar (XLM) $ 0.268282 1.61%
litecoin
Litecoin (LTC) $ 81.60 3.47%