Share this article
US Prosecutors Charge 2 Foreign Nationals Over Bitcoin Investment Scam
Two Nigerian nationals have been indicted in the U.S. for wire fraud and money laundering relating to a fake bitcoin investment scheme.
Updated Sep 13, 2021, 9:06 a.m. Published Apr 26, 2019, 9:00 a.m.
Two Nigerian nationals have been indicted by U.S. prosecutors for allegedly running a fraudulent bitcoin investment scheme.
The Oregon District Attorney’s Office announced Wednesday that the defendants, Onwuemerie Ogor Gift and Kelvin Usifoh, are charged with 11 counts of wire fraud, as well as conspiracy to commit wire fraud and money laundering.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
From December 2017 to June 2018, Gift and Usifoh are said to have promoted the fake bitcoin investment scheme via three websites – wealthcurrency.com, boomcurrency.com and merrycurrency.com – promising investors 20–50 percent risk-free returns with instant withdrawals.
Gift and Usifoh falsely claimed that victims' bitcoins would be invested using “unique trading methods” and that they would maintain a “constant high interest rate.” The pair also allegedly encouraged investors to transfer bitcoin to their own cryptocurrency wallets. Once transferred, Gift and Usifoh would exchange it for their local currency, Nigerian naira.
In over six months, the defendants stole 10.88 bitcoins (worth approximately $56,391 at press time) from three victims, one residing in Oregon and two in California, according to the indictment. They also used a photo of a fourth victim to promote their scheme.
In total, the prosecutors allege Gift and Usifoh received more than 50 bitcoins ($259,000) through the scam.
Largely due to their pseudonymous, online nature, cryptocurrencies are becoming increasingly popular as a means to scam investors. But law enforcement is catching up.
Last month, New York prosecutors charged a man in a nine-count indictment for duping investors out of over $200,000 in cryptocurrency and cash. And, in February, a 20-year-old man was indicted in the New York Supreme Court over SIM-swapping identity and crypto theft.
Warning cryptocurrency investors over such schemes, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission jointly issued an alert earlier this week, saying that claims such as "risk-free", "absolutely safe" and "guaranteed profit" are hallmarks of a fraud.
U.S. Department of Justice image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin pushes above $90,000 as traders eye change in pattern
Particularly hard-hit in 2025's final sessions, crypto-related stocks are bouncing in this year's first trading day.
What to know:
- Bitcoin rose above $90,000 during U.S. trading hours on Friday.
- It's a notable change in trend, as crypto prices late in 2025 were typically on the defensive while American stocks traded.
- Strategy, Coinbase, Hut 8 and Galaxy Digital were among the crypto-related stocks seeing strong gains.
Top Stories
