In a significant anti-cybercrime operation, Nigerian authorities arrested 792 individuals suspected of being involved in a cryptocurrency scam network.
A Global Syndicate Uncovered
The arrested individuals include locals and foreigners, with 148 Chinese nationals, 40 Filipinos, as well as Kazakh, Pakistani, and Indonesian citizens involved. EFCC spokesman highlighted these suspects as part of a global network committing crypto and online romance fraud.
Romance and Crypto Scams at the Core
Known as 'pig butchering,' the scams involve fake romantic relationships to lure victims into investing in fraudulent crypto schemes. The scam targeted victims from the US, Canada, Mexico, and Europe using fake profiles and communication via messaging platforms such as WhatsApp and Instagram.
The Role of Foreign Nationals
Foreign nationals trained local accomplices in phishing tactics to find victims. Ken Gamble noted that Chinese crime syndicates are seeking regions with weak cybersecurity for operations, expanding into Africa and Eastern Europe. Scammers earn above-average local incomes, drawing in operatives with higher pay.
The arrests are part of an ongoing investigation, conducted with international partners to uncover links between these fraudulent operations and organized crime.
