Nigeria Dismantles Crypto Crime Ring: 53 Arrests

The Economic and Financial Crimes Commission (EFCC), a federal agency in Nigeria, has conducted an operation against a cryptocurrency-related criminal organisation, arresting hundreds of individuals. The agency has formally charged 53 suspects.

In the most recent development, authorities were only able to recover $200,000 in assets, but over $3 million is estimated to have been concealed in various assets. Reports indicate that the criminal organisation operated globally, and the total amount of money laundered remains uncertain.

Nigeria Dismantles a Crypto Criminal Organisation

According to reports circulated, the criminals ran several operations, all classified as cryptocurrency-related crimes. Those arrested, including 739 individuals apprehended in December 2024, have pleaded not guilty.

"The Lagos Zonal Directorate of the EFCC, on 3 February 2025, brought [53 defendants] before various federal courts in Ikoyi, Lagos. They were indicted on separate charges for alleged cybercrimes, cyber-terrorism, identity theft, possession of documents containing false statements and other offences," the report reads.

The EFCC continues to play a key role in the fight against cryptocurrency-related fraud. Last year, the agency received an award for its steadfastness in countering crypto crimes. Nigeria also arrested two Binance employees on suspicion of illicit trading activities, but the charges were dropped after months of negotiations with the US.

The authorities have seized $200,000, a relatively small sum compared to the amount of fraud currently taking place in the crypto sector. However, the investigation is still ongoing and could reveal a much larger business.

In addition to the money, the EFCC seized 500 SIM cards, phones, laptops and cars from the criminal organisation's base in Lagos. The number of assets seized suggests that billions of dollars may be hidden in assets and activities that are difficult to track due to the global nature of the operation.

Nigeria said the crime syndicate was large and operated internationally, with over 750 members from five different countries. In a single month, the group moved $1.5 million in bank accounts and sent $2.3 million to two money launderers via P2P transfers.

The EFCC accused these criminals of activities that "severely destabilise Nigeria's economic and social structure" and pointed out that there could be millions of accomplices whose funds have yet to be traced.

In conclusion, the capture of these criminals shows that global law enforcement is getting better at fighting technologically advanced criminals. In the future, it will be increasingly difficult to escape justice.