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Nigeria’s EFCC arrests 792 individuals in crypto scam crackdown

Massive arrests indicate serious threat: Nigeria’s recent raid led to the arrest of 792 individuals in Lagos, primarily targeting suspects linked to a widespread crypto romance scam. This operation underscores the threat posed by organized crime groups in the cryptocurrency space.

International dimension of the scam: Among the arrested, 148 were Chinese and 40 were Filipino, showcasing the international scope of these scams. Local accomplices were essential in luring victims from the United States, Canada, and Europe using phishing tactics.

Growing trend of crypto scams: The scam method, known as ‘pig butchering,’ seduces victims into fake investment schemes. This trend is part of a larger increase in crypto scams, as criminal organizations shift their strategies toward faster, more profitable operations.

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