792 Suspects Arrested in Nigeria for Crypto Fraud

user avatar

by Giorgi Kostiuk

2 years ago

In a major operation in Nigeria, 792 individuals suspected of involvement in cryptocurrency romance fraud have been arrested.

Global Syndicate Uncovered

Those arrested include both local and foreign nationals. Among them are 148 Chinese citizens, 40 Filipinos, two Kazakhs, one Pakistani, and one Indonesian. The operation is the largest of its kind in Nigeria's history, and the suspects are believed to be part of a global network involved in crypto scams and online romance fraud.

Romance and Crypto Frauds at the Core

The scams, known as 'pig butchering', involve creating fake romantic relationships with victims via social media. Once trust is established, scammers persuade victims to invest in fraudulent cryptocurrency schemes. The primary targets were from the USA, Canada, Mexico, and Europe.

Role of Foreign Nationals

Foreign nationals were responsible for training and guiding local Nigerian accomplices in these frauds. These accomplices seek out victims online through phishing and manipulation tactics. According to IFW Global, Chinese crime syndicates are expanding operations in regions with weaker cybersecurity enforcement. These schemes are now spreading to Africa and Eastern Europe, targeting less-regulated markets.

The suspects are currently in custody, and investigations with international partners are ongoing to uncover links to organized crime groups.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.