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

Grayscale Appoints BitGo as Custodian for Hyperliquid Staking ETF

Grayscale has appointed BitGo Bank Trust as an additional custodian for its Hyperliquid Staking ETF to enhance custody services and operational flexibility.

user avatarAndrew Smith

Avalanche Sees Surge in Tokenized US Treasury Assets

The value of tokenized US Treasury assets on the Avalanche network has surged to approximately $545 million, marking a fourfold increase over the past year.

user avatarJacob Williams

Metaplanet Shows Liquidity Management with Strategic Bitcoin Transactions

Metaplanet sold 10,000 BTC for approximately $790 million and bought back 11,000 BTC for around $950 million, demonstrating its ability to manage liquidity effectively.

user avatarSon Min-ho

Navra Secures $19 Million in Series A Funding to Bridge Traditional Finance and Blockchain

Navra, a startup led by Mike Cagney, has successfully raised $19 million in Series A funding to enhance access to blockchain-based financial markets for traditional investors.

user avatarZainab Kamara

Arbitrum Proposes Strategic Initiative for USDG Stablecoin

Arbitrum has proposed a governance initiative to back USDG as a core strategic stablecoin within its ecosystem, including adding 100 million ARB to enhance liquidity and adoption.

user avatarTando Nkube

BitGo and HashKey Cloud Expand Partnership in Asia-Pacific

BitGo and HashKey Cloud have expanded their partnership to cover multiple areas of institutional crypto infrastructure, including staking, trading, custody, and asset tokenization in Singapore.

user avatarAyman Ben Youssef

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.