The Economic and Financial Crimes Commission (EFCC), a law enforcement agency in Nigeria, busted a major crypto crime ring with hundreds of potential criminals. Among them, 53 individuals have been officially charged.
The police were only able to recover around $200,000 in assets, but they’ve identified nearly $3 million in various other deposits. Given the global spread of the crime, It’s uncertain how much money this operation made in total or where these assets have been laundered.
EFCC Busts Crypto Criminals
According to reports, these scammers ran several different operations, but they all fell under the broad umbrella of crypto crimes. These suspects were arrested with 739 other members last December, and all pled not guilty.
“The Lagos Zonal Directorate of the EFCC, on February 3, 2025, arraigned [53 defendants] before separate Federal High Courts sitting in Ikoyi, Lagos. They were arraigned on separate charges bordering on alleged cybercrimes, cyber-terrorism, impersonation, possession of documents containing false pretenses, and identity theft, among others,” it read.
Last year, Nigeria won international notoriety for being tough on crypto crime, and the EFCC is maintaining that reputation. Specifically, the country arrested two Binance executives for suspicious trading activity, sparking a diplomatic incident with the US. Eventually, it dropped the charges, but only after months of negotiation.
Law enforcement reportedly only seized over $200,000 in assets. This might seem small compared to some of the major scams in today’s crypto market, but the depth of the crime is still under investigation.
For instance, over 500 local SIM cards, mobile phones, laptops, and several cars were seized from the syndicate’s seven-story base in Lagos.
The vast number of resources suggests that the amount of money stolen could potentially be billions. However, given the global spread of the crime, it would be challenging to track all the stolen assets.
The EFCC claimed that these crypto criminals were a very diverse and multinational group. It contained at least 792 members from five or more countries, not counting Nigeria. Over a nine-month period, they deposited $1.5 million in a bank account and sent $2.39 million to two launderers using P2P transactions.
However, there could be dozens or even hundreds of unknown associates whose funds haven’t been traced. The EFCC accused these crypto criminals of activities that “seriously destabilize the economic and social structure” of Nigeria. It’s clear why.
Still, their capture proves an encouraging point. Law enforcement agencies around the world are learning to pursue crypto criminals, and their methods are improving. These groups can’t evade capture forever.
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