Key Takeaways:
- Massive Arrests: Nigerian authorities detained 792 individuals in Lagos for alleged involvement in crypto scams targeting U.S. and European victims.
- Cross-Border Fraud: The scams included romantic offers and fake investment schemes, with foreign nationals involved in executing the fraud.
- Anti-Fraud Crackdown: Nigeria is intensifying efforts against crypto-related crimes, including disputes with Binance over money laundering and tax evasion.
Nigerian authorities have arrested 792 individuals linked to cryptocurrency scams in a raid on a Lagos building, the Economic and Financial Crimes Commission (EFCC) announced.
The suspects allegedly targeted victims, primarily from the U.S. and Europe, through fraudulent romantic offers to lure them into investing in fake crypto schemes.
ARTICLE: Nigeria’s EFCC arrested 792 suspects in Lagos for a massive crypto romance scam targeting victims in the U.S., Canada, and Europe. The operation used fake profiles on WhatsApp and Instagram. Details in our article. ↓https://t.co/rhBSHvLFTf
— BSCN (@BSCNews) December 18, 2024
EFCC spokesperson Wilson Uwujaren explained that Nigerian scammers would build victims’ trust before foreign accomplices executed the fraud.
The arrests included Chinese and Filipino nationals, highlighting the international scope of the operations.
This crackdown is part of Nigeria’s broader efforts to combat illegal cryptocurrency activities.
Eye on Africa – Nigeria: 792 arrested over crypto-romance scam
— FRANCE 24 (@FRANCE24) December 17, 2024
➡️ https://t.co/Qpu5Fbit9B pic.twitter.com/UOLoxo9hag
The government has previously restricted certain crypto exchanges and is engaged in a legal dispute with Binance over allegations of money laundering and tax evasion.
These actions underscore Nigeria’s resolve to tackle crypto-related fraud, which continues to exploit victims globally and tarnish the country’s financial ecosystem.
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