EFCC Nigeria Arrests 792 People Suspected in Crypto Scam Operations

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by Giorgi Kostiuk

2 years ago

Nigeria’s Economic and Financial Crimes Commission (EFCC) arrested 792 individuals suspected of involvement in a large-scale cryptocurrency romance scam operation.

Uncovering a Global Syndicate

The arrested individuals include a mix of local and foreign nationals. Among them are 148 Chinese nationals, 40 Filipinos, as well as two Kazakhs, one Pakistani, and one Indonesian. According to EFCC spokesperson Wilson Uwujaren, the suspects were part of a global network orchestrating cyber scams.

Crypto Schemes and Scams

The scams, known as 'pig butchering', involved scammers creating fake romantic relationships with victims and pressuring them into investing in fraudulent cryptocurrency schemes. Victims were mainly targeted from the U.S., Canada, Mexico, and Europe, and were convinced to invest large sums into a sham platform charging an initial activation fee of $35.

Role of Foreign Nationals

Foreign participants were responsible for training local Nigerian accomplices. These accomplices scoured for victims online using phishing tactics and manipulation. According to Ken Gamble, Chinese crime syndicates are expanding operations in regions with less stringent cybersecurity control.

The arrests highlight the international scale of contemporary cyber fraud and the complexity of combating it. EFCC continues to work with international partners to investigate the links between these operations and organized crime groups.

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