Nigeria's Crypto Crime Ring Bust: 53 Charged in Major Operation

Nigeria Charges 53 Individuals in a Major Crypto Crime Ring Bust

The Economic and Financial Crimes Commission (EFCC) in Nigeria has made a significant breakthrough in its fight against crypto-related crimes, charging 53 individuals as part of a major bust. The operation, which took place in December 2022, resulted in the arrest of 739 members, with all defendants pleading not guilty.

The EFCC announced the charges on February 3, 2025, with the defendants appearing before separate Federal High Courts in Ikoyi, Lagos. The charges include cybercrimes, cyber-terrorism, impersonation, possession of documents containing false pretenses, and identity theft, among others.

Nigeria has gained international recognition for its tough stance on crypto crime, as evidenced by its arrest of two Binance executives for suspicious trading activity in 2022. Although the charges were eventually dropped after months of negotiation, the incident highlights the country's commitment to combating crypto-related crimes.

The EFCC seized over $200,000 in assets during the bust, but the total amount of money involved in the operation remains uncertain. The depth of the crime is still under investigation, with the seizure of over 500 local SIM cards, mobile phones, laptops, and several cars from the syndicate's seven-story base in Lagos suggesting a much larger scale.

The EFCC described the crypto criminals as a diverse and multinational group, consisting of at least 792 members from five or more countries, not including Nigeria. Over a nine-month period, they deposited $1.5 million in a bank account and sent $2.39 million to two launderers using P2P transactions.

The EFCC accused these crypto criminals of activities that "seriously destabilize the economic and social structure" of Nigeria. Their capture, however, demonstrates the growing ability of law enforcement agencies around the world to pursue crypto criminals and improve their methods.