Nigeria crackdown on cryptocurrency scams, 792 suspects arrested

The Economic and Financial Crimes Commission (EFCC) of Nigeria recently apprehended 792 suspects allegedly involved in a large-scale cryptocurrency romance and investment scam. These suspects include 148 Chinese nationals, 40 Filipinos, and several other foreign fraudsters.

The operation took place in a luxury building called Big Leaf on Victoria Island, which intelligence reports indicate is also a hub for global scam activities. This group of fraudsters is organized and disciplined, collaborating with foreign agents and locals to carry out romance and investment scams.

The scammers from Nigeria, particularly female scammers, are skilled in computer operations. They underwent at least two weeks of specialized training to disguise themselves as foreign women, engaging in romantic conversations with victims to lure them into investing in a fraudulent cryptocurrency platform called Yooto[.]com. The platform initially charges a $35 activation fee and promises high returns to investors.

The scammers create fake accounts on platforms such as WhatsApp, Instagram, and Telegram to entice their targets. Once trust is established with the target, the Nigerian scammers transfer the conversation to foreign accomplices, who then carry out the fraudulent activities.

Authorities also discovered over 500 SIM cards and high-end computers during the raid, which were used to maintain anonymity, primarily targeting victims in North America and Europe. The scammers receive cash payments without any documentation, making it extremely difficult to trace the masterminds behind the scheme.

Currently, the EFCC (Economic and Financial Crimes Commission of Nigeria) is collaborating with international partners to uncover the full extent of this scam operation and the associated cybercrime organizations.

Cryptocurrency scams are on the rise globally, prompting increased enforcement efforts. Countries like Australia, South Korea, and Hong Kong are also conducting law enforcement operations, breaking up a series of large-scale cross-border scam activities. This serves as a reminder that when making related investments, one should not be carried away by online romance and should be wary of investment plans that promise high returns.

💬 Have you ever encountered a similar scam? Share your story in the comments to warn others to be cautious of such fraud.