A recent operation in Nigeria has resulted in the arrest of 792 individuals suspected of involvement in cryptocurrency scams, as reported by Reuters on Monday. The suspects allegedly used romantic schemes to deceive victims, primarily from the US and Europe, into investing in fake cryptocurrency ventures. The arrests took place at a seven-story building in Lagos, where Chinese and Filipino nationals were among those detained. According to Wilson Uwujaren, a spokesperson for the Economic and Financial Crimes Commission, the scammers would initially gain the trust of potential victims before handing over the task of defrauding them to foreign accomplices.
Nigeria has been actively working to curb illegal cryptocurrency activities, having previously blocked several exchanges from operating within its borders and currently being embroiled in a lengthy legal dispute with Binance over allegations of money laundering and tax evasion.