Law Enforcement Authorities Make Significant Crackdown on Cryptocurrency Fraud Suspects

Nigeria has made a significant breakthrough in the fight against cryptocurrency fraud as it arrests 792 individuals suspected to be crypto scammers. The suspects, who allegedly operated from a seven-story building that resembles the headquarters of a financial establishment, have been taken into custody by Nigerian authorities.

According to the Economic and Financial Crimes Commission (EFCC), the suspects used powerful computers and registered hundreds of SIM cards, including foreign phone numbers. This revelation highlights the sophistication of the scam operation, which involved training new recruits for two weeks on how to impersonate foreigners and convince victims to invest in fake crypto projects.

The EFCC further disclosed that some of the scammers had foreign phone numbers, indicating a level of globalization and coordination in their illegal activities. It is also noteworthy that out of the 792 individuals arrested, 148 were Chinese nationals, while 40 were Filipinos, highlighting the international scope of the scam operation.

This latest development comes on the heels of other recent crackdowns on crypto scams, including the shutdown by Brooklyn District Attorney Eric Gonzalez of 40 NFT scam websites. It also comes six days after blockchain security firm Scam Sniffer exposed a new tactic used by scammers to drain crypto wallets using fake Telegram verification bots.

It is evident that despite efforts to curtail these illegal activities, scammers are constantly inventing new tactics to evade detection. This raises concerns about the future of cryptocurrency security and the need for heightened vigilance among investors and regulators alike.

Source: fullycrypto.com