- EFCC arrests 792 people in Lagos for allegedly participating in crypto schemes.
- An international syndicate exploited social media to target victims globally.
The Economic and Financial Crimes Commission of Nigeria, on 10 December 2024, arrested 792 suspects believed to be involved in an international crypto romance scam, suspected to run the scale in Lagos. Those arrested included 148 Chinese nationals and 40 Filipino nationals. Others, including Nigerians, were suspected of being part of a syndicate. This syndicate was behind an international scheme known as the pig butchering scam.
The suspects, who ran from a building in Lagos, circulated phishing fake cryptocurrency investment schemes targeting its victims mostly the US, Canada, Mexico, and several European countries. When the Nigerian operative gained victims’ trust through phishing online, crime rings abroad took over. They pressured the victim frantically, urging them to withdraw large amounts of cash.
Scammers are reportedly carrying out the scheme primarily on social media. This is where the scammers use fake investment opportunities to entice people into sending them money. Of late, it has become increasingly popular, especially since it’s a good method of quick scammed operations, hence, being dubbed pig butchering.
Chinese Crypto Scam Groups Increasing Presence in Africa
According to Ken Gamble, a co-founder of IFW Global specializing in cybercrime, Chinese crime syndicates extend their reach to areas where the cybersecurity environment is less strong, Africa, the Middle East, and Eastern Europe. As Gamble explained, They bring technology, finance, and infrastructure that make local scammers scale their operations more efficiently.
Even more minuscule than these scams were the suspected operations in Lagos, but involving an enormous number of perpetrators. The company often promised individuals significantly higher salaries compared to local wages. Reported earnings by Nigerian workers can go up to 500 dollars a month. These earnings are several times more than the country’s minimum wage.
This is one of the most important raids in Nigeria’s fight against crypto-related scams and raises questions about tighter regulations and more public awareness.
