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Nigeria Arrests 792 Suspected Crypto Scammers
In a significant crackdown on crypto-related fraud, Nigerian authorities have arrested no less than 792 individuals suspected to be involved in cryptocurrency scams. According to reports, the suspects were using powerful computers and had registered hundreds of SIM cards to carry out their nefarious activities.
Preliminary investigations suggest that the group was operating from a seven-story building that could easily be mistaken for the headquarters of a major financial institution. The scammers allegedly majored in investment and pig butchering scams, with some even using foreign phone numbers to make contact with unsuspecting victims.
It is reported that the main operators of the scam operation spent two weeks training new recruits on how to impersonate foreign individuals and convince people to invest their money in fake crypto projects. Once a victim agreed to invest, the scammers would take control of their accounts, leaving them financially ruined.
Out of the 792 arrested suspects, 148 were reportedly Chinese nationals, while 40 were Filipinos. The Nigerian Economic and Financial Crimes Commission (EFCC) revealed that foreigners are taking advantage of Nigeria’s reputation as a base for fraudsters to establish international crime hubs.
The arrests come at a time when authorities worldwide are battling to curb the increasing menace of crypto-related scams. Just last week, Brooklyn District Attorney Eric Gonzalez shut down 40 NFT scam websites, highlighting the need for a unified effort in tackling this menace.
It is likely that scammers will continue to invent new tactics to evade detection, and financial and law enforcement agencies must remain vigilant to stay ahead of them.
Source: fullycrypto.com
