According to PANews, the Nigerian Economic and Financial Crimes Commission (EFCC) has dismantled a significant cryptocurrency crime syndicate, arresting hundreds of potential criminals, with 53 individuals formally charged. The authorities have recovered approximately $200,000 in assets, while identifying nearly $3 million in various other deposits. Due to the global spread of these criminal activities, the total amount involved and the locations of money laundering remain uncertain.
Reports indicate that the fraudsters engaged in multiple operations, all categorized under cryptocurrency crimes. In December of last year, police apprehended these suspects along with 739 other members, all of whom pleaded not guilty to the charges. The substantial resources seized suggest that the stolen amount could reach billions. However, tracking all stolen assets poses a significant challenge due to the international scope of the crimes.
The EFCC describes these cryptocurrency criminals as a diverse and transnational syndicate, comprising at least 792 members from five or more countries, excluding Nigeria. There may be dozens or even hundreds of unknown accomplices whose funds have yet to be traced.
