Nigeria Arrests 792 Suspects for Running Massive Crypto Romance Scam Operation in Raid

Nigeria’s Economic and Financial Crimes Commission (EFCC) has arrested 792 individuals in connection with an alleged large-scale crypto romance scam.

The arrests took place on December 10 at a building in Lagos, Nigeria’s largest city, suspected to be a major hub for fraudulent activities.

The detained suspects include 148 Chinese nationals and 40 Filipinos, Reuters reported, citing an EFCC spokesperson who provided updates on December 16.

The Scheme Enlisted Nigerian Accomplices

The spokesperson revealed that the scheme’s masterminds had enlisted Nigerian accomplices to lure victims online, primarily targeting people in the U.S., Canada, Mexico, and various European countries.

“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,” the EFCC spokesperson said.

“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.”

193 Foreigners, 599 Nigerians Arrested by EFCC in Biggest Cryptocurrency Scam the biggest arrest of suspected cryptocurrency fraudsters, the Economic and Financial Crimes Commission has on Monday said its operatives have arrested about 792 persons.
The their region and tribe pic.twitter.com/ZCjT5ik2V5

— Maidalan Kabi Phd™ (@Nura_arg) December 16, 2024

The operation reportedly relied on tactics commonly associated with “pig butchering” scams.

In this method, scammers create fake online personas to build trust with victims, often feigning romantic interest or offering fraudulent cryptocurrency investment opportunities.

Once trust is established, victims are pressured into transferring funds.

Notably, similar operations in Myanmar employ up to 5,000 people, whereas the Lagos scheme was relatively smaller.

Workers are typically recruited through job ads and receive wages far higher than local averages.

In Nigeria, recruits were reportedly offered up to $500 per month—ten times the national minimum wage—along with performance-based bonuses for successful scams.

The EFCC said it is collaborating with international partners to determine if the Lagos operation is linked to global organized crime syndicates. The crackdown comes amid a surge in “pig butchering” scams globally.

New Zealand’s FMA Warns of Rising Crypto Scam

Just recently, New Zealand’s Financial Markets Authority (FMA) issued a warning about an increasing wave of crypto scams targeting social media users.

In a Monday warning, the watchdog said that the fraudsters operate primarily through YouTube channels and messaging platforms like WhatsApp and Telegram, where they lure unsuspecting users with promises of lucrative investment opportunities.

Scammers set up YouTube channels that present themselves as trustworthy sources of cryptocurrency trading advice.

Viewers are encouraged to join private messaging groups on WhatsApp or Telegram, where the fraudsters pose as experienced investment experts.

Once inside these groups, victims are directed to fraudulent trading platforms designed to look like legitimate cryptocurrency exchanges.

The scam follows a calculated strategy.

Initially, victims are asked to make small deposits, fostering a sense of trust.

They are then presented with fake profit statements to encourage larger investments.

However, when users attempt to withdraw their funds, they are met with demands for additional fees, and no money is ever returned.

The FMA has flagged more than 40 suspicious trading platforms, including bi-investments.com, phoenix-trades.com, and bricsinvestlimited.com.

A full list of the flagged platforms is available on the FMA’s official website.