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Nigeria Arrests Almost 800 Over Crypto Scams: Reuters
Nigeria has been clamping down on illegal activity regarding crypto in the country.
Dec 17, 2024, 3:11 p.m.
What to know:
- Nigeria arrested 792 people following a raid at a building where people allegedly committed crypto-related scams.
- The perpetrators would allegedly lure victims, typically from America and Europe, with romantic offers only to ask them to give them money toward fake crypto investments.
Nigeria arrested 792 people following a raid at a building where people allegedly committed crypto-related scams, Reuters reported on Monday.
The suspects would lure victims, typically from America and Europe, with romantic offers before asking them to hand over money for fake crypto investments, the report said.
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The people, who included Chinese and Filipino nationals, were detained last week at a seven-floor building in Lagos, Economic and Financial Crimes Commission spokesperson Wilson Uwujaren told Reuters.
"Once the Nigerians are able to win the confidence of would-be victims, the foreigners would take over the actual task of defrauding the victims," he said.
Nigeria has been clamping down on illegal activity related to crypto. At one point it was reported that the country had blocked several exchanges from operating within its borders. More recently the country has been in an almost year-long legal dispute with Binance and its executives over alleged money laundering and tax evasion charges.
CoinDesk reached out to Nigeria's Economic Financial Crimes Commission for a comment.
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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