EFCC Nigeria Reportedly Claims to Have Recovered Over $20 Million in Crypto Fraud

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The Economic and Financial Crimes Commission of Nigeria (EFCC Nigeria) has reportedly said it has recovered about $20 million worth of crypto from cybercriminals perpetuating fraud.

EFCC Nigeria, a Nigerian financial regulator, also expressed support for the recent ban on cryptocurrency by the Central Bank of Nigeria (CBN) saying it limited the ways criminals could exchange crypto for Naira.

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SEE ALSOFounder of Illegal Crypto Project, Pinkoin, Arrested by Economic and Financial Crimes Commission of Nigeria (EFCC Nigeria)

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In a statement, Abdrulrasheed Bawa, the Executive Chairman, EFCC, said:

“We have seen time and time again where cybercriminals are using this avenue to get their proceeds of crime. Before it used to be through money transfer agencies like Money Gram and of course Western Union. Now they have gone E. They will defraud somebody.

They will get gift cards, exchange them on the dark web, and they will use the proceeds to buy crypto, and they can get it to their e-wallet, and then, of course, they can sell and get their money.”

                  – Executive Chairman, EFCC

According to the report, EFCC is currently holding the loot in the commission’s e-wallet.

Recently, the EFCC published and gazetted a notice on the arrest of Omotade, the founder of Pinkoin, for reportedly defrauding over $80, 000 by claiming to offer a cryptocurrency to solve poverty in Nigeria.

Sources close to BitKE informed that A&D Forensics, which recently partnered with Chainalysis, the worlds largest blockchain forensics firm, informed SEC Nigeria which led to the Pinkoin project getting blacklisted.

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RECOMMENDED READINGThe Central Bank of Nigeria Warns Financial Institutions Against Facilitating Crypto Payments with Crypto Exchanges

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