US Court Forfeits $125,000 Cryptocurrency from Nigerian Scammers

US Court Forfeits $125,000 Cryptocurrency from Nigerian Scammers

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by Giorgi Kostiuk

a year ago

US authorities have seized $125,000 worth of cryptocurrency from three Nigerian citizens involved in a scam against an American.

Details of Cryptocurrency Forfeiture

According to a judgment delivered by the Eastern District of Tennessee on April 30, the crypto assets were seized from three Binance accounts linked to Nigerian nationals: Martins Eromosele Iyere, Moses Olumide Sokale, and Olawumi Stephen Adewale, who defrauded Tennessee resident Matthew McNulty in 2021.

Fraud Scheme via Telegram

The FBI stated that Mr. McNulty was tricked into entering his login details on a fraudulent website hosted in Nigeria. The site generated a QR code, and the scammer asked him to screenshot it and send it, resulting in the immediate transfer of his cryptocurrencies out of his wallet. After the US government was unable to contact the scammers and they did not file any objections, the court ordered forfeiture.

Increase in Cryptocurrency Fraud

According to a 2024 report by the FBI, their Internet Crime Complaint Center received over 69,000 complaints regarding cybercrime and financial fraud involving the use of cryptocurrencies, totaling more than $5.6 billion in losses. Chainalysis reported that crypto wallets linked to scams received $9.9 billion in 2024, forecasting this might grow to $12.4 billion.

The cryptocurrency forfeiture case underscores the importance of combating fraud in digital assets, highlighting the need for effective protective measures for users.

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