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Interpol Dismantles African Crypto Crime Ring, Seizes $100 Million
Interpol, the International Criminal Police Organization, has revealed that it has effected over a thousand arrests and seized $100 million in a significant push to stop crypto miners and scammers in Angola.
In a recent notice, the organisation stated that it joined forces with Angolan officials, closing down 25 illegal crypto mining operations overseen by 60 Chinese citizens. Following the Angola crypto crime, equipment worth over $37 million was seized. The relevant authorities in the country highlighted that this equipment will be distributed as financial support to vulnerable areas.
Interpol joins forces with Angolan law enforcement to dismantle illegal mining operations
The measures taken in Angola are steps in a bigger cybercrime operation conducted across several African countries. Apart from Angola, Zambia has also been exposed to a fraud scheme. This was revealed after officials in the country identified a scenario whereby 65,000 individuals experienced significant financial losses amounting to $300 million following fake promises of higher returns upon making crypto investments.
According to records, the population of Angola is estimated to be roughly 39 million. Power supply and distribution are the country’s primary problems. Over the years, the government has pointed accusing fingers at crypto miners, which has resulted in several crackdowns on their operations. This also led to a ban on mining in April 2024 amid concerns about energy use. However, digital assets are not entirely prohibited in Angola.
After the ban on mining was passed, a translated notice was released from the Chinese embassy in Angola stating that cryptocurrency mining under this law was considered illegal. It also warned that individuals possessing any equipment or infrastructure used for virtual currency ‘mining’ could be imprisoned for about one to five years, and the equipment might be taken away. This law illustrates a growing trend among countries globally, aiming to limit or completely ban crypto mining to address how power is shared among citizens.
The post Interpol dismantles African crypto crime ring, seizes $100 million first appeared on Coinfea.
In a recent notice, the organisation stated that it joined forces with Angolan officials, closing down 25 illegal crypto mining operations overseen by 60 Chinese citizens. Following the Angola crypto crime, equipment worth over $37 million was seized. The relevant authorities in the country highlighted that this equipment will be distributed as financial support to vulnerable areas.
Interpol joins forces with Angolan law enforcement to dismantle illegal mining operations
The measures taken in Angola are steps in a bigger cybercrime operation conducted across several African countries. Apart from Angola, Zambia has also been exposed to a fraud scheme. This was revealed after officials in the country identified a scenario whereby 65,000 individuals experienced significant financial losses amounting to $300 million following fake promises of higher returns upon making crypto investments.
According to records, the population of Angola is estimated to be roughly 39 million. Power supply and distribution are the country’s primary problems. Over the years, the government has pointed accusing fingers at crypto miners, which has resulted in several crackdowns on their operations. This also led to a ban on mining in April 2024 amid concerns about energy use. However, digital assets are not entirely prohibited in Angola.
After the ban on mining was passed, a translated notice was released from the Chinese embassy in Angola stating that cryptocurrency mining under this law was considered illegal. It also warned that individuals possessing any equipment or infrastructure used for virtual currency ‘mining’ could be imprisoned for about one to five years, and the equipment might be taken away. This law illustrates a growing trend among countries globally, aiming to limit or completely ban crypto mining to address how power is shared among citizens.
The post Interpol dismantles African crypto crime ring, seizes $100 million first appeared on Coinfea.
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