Crypto Crime Sweep in Nigeria: EFCC Targets Extensive Network
by aria-crypto.com
February 7, 2025 at 23:47
Crypto Crime Sweep in Nigeria: EFCC Targets Extensive Network
The Economic and Financial Crimes Commission (EFCC) of Nigeria has charged 53 individuals for their involvement in a widespread crypto crime ring, evidencing the agency's ongoing crackdown on digital currency related crimes. This major operation encapsulates not just a local but a global challenge, with criminals across multiple countries implicated. Despite seizing assets worth approximately $200,000, authorities have identified nearly $3 million in various deposits related to these activities. The suspects, part of a group totaling 792 members, were allegedly involved in severe offenses like cyber-terrorism, impersonation, and fraud. Last year, Nigeria also highlight its strict approach to crypto regulation by initially apprehending two executives from the exchange Binance, although charges were later dropped after diplomatic discussions. Insights from the EFCC indicate that over 500 local SIM cards, laptops, and vehicles were confiscated from a seven-story building in Lagos, hinting at the operation's extensive scope. Despite challenges in asset recovery, such actions underscore Nigeria's role in the global effort to combat crypto-related crimes, signifying an adaptation in law enforcement tactics against increasingly sophisticated cyber criminals.
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