- Nigeria has arrested 792 individuals suspected to be crypto scammers
- The individuals allegedly majored in investment and pig butchering scams
- The group stationed their operations in a building that could be mistaken for “a corporate headquarters of a financial establishment”
Nigerian authorities have arrested 792 individuals believed to be crypto scammers targeting victims in the United States, Europe, and Canada. The group was operating in a seven-story building that resembled the headquarters of a “corporate […] financial establishment.” The suspects majored in investment and pig butchering scams, a few days after U.S. authorities traced a scam victim’s funds to Nigeria.
Scammers Used Foreign Phone Numbers
According to the Nigerian Economic and Financial Crimes Commission (EFCC), the suspects used powerful computers and had registered hundreds of SIM cards. The EFCC disclosed that some of the scammers had foreign phone numbers.
Nigerian authorities disclosed that the main operators of the scam operation trained new recruits for two weeks. The recruits were taught how to impersonate foreign individuals and convince victims to invest their money in fake crypto projects.
EFCC revealed that the Nigerian fraud unit was controlled by foreigners who took over a victim immediately after they agreed to invest. Out of the 792 individuals, 148 were Chinese nationals and 40 were Filipinos.
According to the EFCC, foreigners are exploiting the country’s reputation as a base for fraudsters to set up international crime hubs. The arrests come a week after Brooklyn District Attorney Eric Gonzalez shut down 40 NFT scam websites.
Scammers Are Inventing New Tactics
They also come six days after blockchain security firm Scam Sniffer disclosed that scammers are using fake Telegram verification bots to drain crypto wallets.
Last month, a scammer admitted that they’re no longer interested in compromising the security of a victim’s crypto wallet but instead want the victim to voluntarily send them their crypto.
With financial and law enforcement agencies continuously stopping scammers in their tracks, it’s likely malicious actors in the crypto scene will find new ways to reduce detection.
