Nigerian authorities detain Linus Williams (‘Blord’) for alleged cryptocurrency fraud and terrorism funding links.
Williams faces accusations involving unauthorized crypto platforms and non-compliance.
The arrest underscores Nigeria’s crackdown on financial crimes in its cryptocurrency sector.
Nigerian authorities have arrested Linus Williams, also known as “Blord,” amid allegations of crypto-related fraud and terrorism financing. Williams, who claims to be a crypto asset billionaire, faces accusations centered on his operation of unauthorized cryptocurrency trading platforms dealing in USDT and Bitcoin.
According to Force Public Relations Officer, Olumuyiwa Adejobi, complaints filed against Williams and his companies, including Blord Group and Blord Real Estate Ltd, range from crypto asset fraud to facilitating internet fraud and non-compliance with regulatory standards set forth by the Central Bank of Nigeria (CBN).
ALLEGED FRAUD, VIOLATION OF CBN ACT, POLICE INTERROGATES CEO BLORD GROUP OF COMPANIES, LINUS WILLIAMSThe FCID (NPF-NCCC) is currently investigating complaints lodged against BLORD GROUP, BLORD REAL ESTATE LTD, BLORD JETPAYE LIMITED, and BILLPOINT TECHNOLOGY. These offences… pic.twitter.com/u5GH0cano5
— Prince Olumuyiwa Adejobi (@Princemoye1) July 16, 2024
The Nigerian Cybercrime Investigation Unit (FCID-NCCC) is leading the probe into these allegations, which also include charges of terrorism funding linked to Williams’ activities.
The arrest of Linus Williams underscores ongoing efforts by Nigerian authorities to curb illicit activities within the cryptocurrency industry. With investigations ongoing and charges pending, the case highlights the complexities and challenges facing regulatory bodies in managing digital currencies amidst evolving global financial landscapes.
Moreover, the Central Bank of Nigeria had previously warned financial institutions against conducting cryptocurrency transactions, citing concerns about money safety and stability. Although the CBN eased some restrictions in December 2023, stringent rules about virtual currency remain in place. This emphasizes the importance of regulatory compliance for cryptocurrency businesses.
Adejobi reiterated that the Nigerian Police Force is dedicated to maintaining Nigeria’s internet security. He stressed the need for thorough investigations to ensure compliance and combat financial crimes online. This development represents a pivotal moment in Nigeria’s approach to digital currency.
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