Nigeria’s EFCC Takes Down Crypto Crime Operation
The Economic and Financial Crime Commission (EFCC), a law enforcement agency in Nigeria, destroyed a major crypto crime ring with hundreds of potential criminals. Among them, 53 people were formally prosecuted.
Police can only recover about $200,000 of their assets, but they have identified nearly $3 million in various other deposits. Given the global spread of crime, it is a place where it is uncertain how much money this operation makes in total or that these assets are laundered.
EFCC destroys crypto criminals
according to ReportThese scammers Several different operations were performedbut they all fall under the widespread protection of crypto crimes. In December, the suspects and 739 other members were arrested, and all the suspects were not charged.
“On February 3, 2025, the Director of the Lagos Regional Bureau of EFCC (53 defendants) filed a lawsuit before the Separate Federal High Court in Ikoy, Lagos. They are suspected of cybercrime, cyber Terrorism, imitation, possession of documents containing false excuses, and identity theft, etc. were arraigned.
Last year, Nigeria won international notoriety Resolutely commit crimeEFCC maintains this reputation. Especially the country Two Binance executives arrested For suspicious transaction activities, Diplomatic events with the United States. final, It gave up the chargebut only after a few months of negotiations.
Law enforcement reportedly seized only more than $200,000 in assets. Compared to some, this seems to be small The main scams in today’s crypto marketbut the depth of the crime is still under investigation.
For example, over 500 local SIM cards, mobile phones, laptops and several cars Captured Seven-story base from the United Lagos.
A large number of resources suggest that the stolen money could be billions of dollars. However, tracking all stolen assets will be a challenge given the global spread of crime.
The EFCC claims that these crypto criminals are a very diverse and multinational corporations. It contains at least 792 members from five or more countries, excluding Nigeria. Over a nine-month period, they deposited $1.5 million in their bank accounts and sent $2.39 million to two money launderers using P2P transactions.
However, there may be dozens or even hundreds of unknown colleagues’ funds not traced back. The EFCC accused these crypto criminals of “severely undermining Nigeria’s economic and social structure” activities. Obviously why.
Nevertheless, their capture is an inspiring point. Law enforcement agencies around the world Learning to pursue crypto criminals, their approach is improving. These groups cannot escape capture forever.
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