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 mon

Go to Source to See Full Article
Author: Landon Manning

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details