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17/12/24
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Nigeria’s Anti-Corruption Raid Nabs 792 in Major Cryptocurrency Scam Bust
Nigeria’s anti-corruption agency has apprehended 792 individuals in a significant operation targeting a suspected cryptocurrency romance scam. The raid, conducted on December 10 in Lagos, led to the arrest of various foreign nationals, including 148 from China and 40 from the Philippines, as reported by the Economic and Financial Crimes Commission (EFCC).
According to the EFCC, the operation was allegedly orchestrated by foreign crime leaders who employed local accomplices to seek out potential victims online, primarily focusing on individuals in the United States, Canada, Mexico, and several European countries. The local recruits were tasked with establishing relationships with targets through social media, eventually directing them to the foreign scammers, who would execute the fraudulent transactions.
The scheme utilized a method known as “pig butchering,” where victims were seduced or presented with fraudulent cryptocurrency investment opportunities. Victims were then pressured to transfer funds to the scammers, often resulting in significant financial losses.
Experts in cybercrime, including those from investigative firms, indicate that organized crime groups from China are increasingly extending their operations into regions like Africa and Eastern Europe, leveraging the limited cybersecurity measures in these areas. These groups often provide the technological resources and financial backing that enable local syndicates to enhance their scamming activities.
Although this particular operation in Lagos may be smaller in scale compared to others — such as those in Myanmar with thousands of participants — local workers are attracted to the potential earnings. Reports suggest that individuals in Nigeria could earn up to $500 per month, which is considerably higher than the national minimum wage, alongside bonuses depending on the success of the scams.
The EFCC is currently working with international partners to investigate the potential connections between these suspects and larger organized crime networks. Recent trends indicate a rise in such scams as cybercriminals favor quicker methods over traditional long-term fraud schemes.
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