Top Nigerian financial watchdog named Nigerian Economic and Financial Crimes Commission (EFCC) has reportedly arrested 792 persons connected to major crypto romance scandals. The announcement came after the central agency concluded a major raid into a building suspected of being used for this organized fraud.
These arrests come only days after the authorities reportedly detained a Nigerian man named Osang Otukpa who was charged with defrauding 139 Australians of $5 million (8 million AUD) in a crypto scam. The major sweep followed soon afterwards and now the EFCC has a lot of proof in its hands to lock a number of culprits behind bars for a long time.
Foreign Hands Involved
This is one of the biggest actions against such fraudsters in recent history and shows the no-tolerance policy from the government against such activity. According to reports, a large number of foreign nationals were also arrested in this process. They included 148 Chinese nationals, 40 Filipinos, and a number of local enablers. However, the alleged mastermind behind this illegal operation has not been publicized.
According to the state authorities, this shady setup targeted citizens from around the world and lured them into opening phishing links which then wiped their online accounts, both fiat and crypto.
All foreign nationals involved in these fraudulent activities are going to be questioned by Nigerian authorities before being turned over to their parent countries’ law enforcement agencies.
An EFCC spokesperson stated:
“Nigerian accomplices were recruited by the foreign kingpins to prospect for victims online through phishing, targeting mostly Americans, Canadians, Mexicans and several others from European countries,”
What are Phishing Links?
Phishing links are malicious addresses that appear something else but trick users into giving up sensitive login information like password or allow the hackers’ device to login to the main platform.
Billions of dollars worth of funds are scammed by such operations every year and states are looking to act against them effectively but there are clearly cracks in the system as huge operations are allowed to happen as some governments turn a blind eye towards them.
Nigeria is looking to improve its status in the world by going after crypto scams aggressively. However, the government needs to be able to catch these culprits without affecting the largely innocent crypto users in the country who are tens of millions in numbers according to recent estimates.
Remitano – the trusted platform in Nigeria
Although scams are still quite common in the cryptocurrency market, Remitano stands out as a reliable platform that helps users exchange and buy cryptocurrencies safely. As a P2P cryptocurrencyexchange platform, Remitano facilitates secure and efficient trading for individuals worldwide. Founded in 2014, it has grown significantly, connecting buyers and sellers directly through its user-friendly interface.
The platform emphasizes safety by offering a range of features, including escrow services, which protect users from potential scams and enhance transaction security.
