In December, Lagos, Nigeria, witnessed the largest operation in the country’s history, targeting individuals suspected of crypto fraud. 792 people were detained.
A Global Syndicate Uncovered
Among those arrested were local and foreign nationals, including 148 Chinese, 40 Filipinos, two Kazakhs, one Pakistani, and one Indonesian. This syndicate was part of an international network orchestrating crypto scams and online romance frauds.
Romance and Crypto Scams at the Core
Scammers created fake romantic relationships via social media, then persuaded victims to invest in bogus crypto schemes. Targets were primarily in the U.S., Canada, Mexico, and Europe, asked to invest in yooto(.)com.
The Role of Foreign Nationals
Foreign nationals trained local Nigerian co-conspirators to execute scams. Chinese crime syndicates are noted for expanding into regions with weaker cybersecurity measures.
The operation exposed a complex network of international crime involving both local and foreign nationals. Investigations continue with international partners to uncover links to organized crime.
