Love

Ponzi

Nigeria’s Economic and Financial Crimes Commission (EFCC) has arrested 792 individuals in connection with an alleged crypto-based romance scam during a large-scale raid in Lagos, the country’s largest city. 
The operation, which took place on December 10, highlights growing international concerns over “pig butchering” schemes, a type of scam combining social manipulation and fraudulent investment promises. 
According to the EFCC spokesperson, among those detained were 148 Chinese nationals and 40 Filipino nationals, alongside several Nigerian accomplices. 
Authorities suspect the building in Lagos served as a hub for the massive scam network targeting victims primarily in North America, Europe, and Mexico. 
“Nigerian accomplices were recruited by foreign kingpins to prospect for victims online through phishing,” the EFCC spokesperson explained, adding that once victims were lured into a false sense of trust, foreign operatives would take over the process of defrauding them. 
The scam, often carried out through social media platforms, involves cultivating romantic relationships or offering fake cryptocurrency investment opportunities to deceive victims into transferring funds. These types of schemes have become increasingly common as cybercriminals adopt faster, high-return tactics compared to slower, long-term Ponzi schemes. 
Ken Gamble, co-founder of cybercrime investigative firm IFW Global, noted the involvement of Chinese crime groups in the operation, describing a broader pattern of expansion into regions like Africa, the Middle East, and Eastern Europe. “Chinese organized crime groups bring the technology, infrastructure, and financing, enabling local syndicates to enhance their operations,” Gamble told Cointelegraph. 
The Lagos-based scheme, while significant, is reportedly smaller than similar operations in Southeast Asia. Gamble revealed that some scam hubs in Myanmar employ as many as 5,000 workers, whereas Chinese ringleaders typically aim for networks involving around 1,000 personnel. 
Workers are often recruited through enticing job advertisements, with promises of salaries significantly higher than the local average. For example, Nigerian workers could earn up to $500 monthly, approximately ten times the country’s minimum wage, alongside bonuses based on scam success rates. 
The EFCC confirmed it is working closely with international partners to investigate potential connections between the Lagos operation and larger organized crime networks. 
It is worth noting that the raid comes amid rising global concerns over pig butchering scams. In August, blockchain analytics firm Chainalysis reported a surge in such scams this year, attributing the trend to cybercriminals favoring quicker, high-yield operations. 
The post <a href="https://www.unlock-bc.com/134601/crypto-love-lies-792-individuals-arrested-nigeria-largest-scam-bust/">Crypto Love and Lies: 792 Individuals Arrested in Nigeria’s Largest Scam Bust</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Crypto Love and Lies: 792 Individuals Arrested in Nigeria’s Largest Scam Bust

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