Nigeria Arrests Hundreds In Cryptocurrency Romance Scam

According to BlockBeats, the Economic and Financial Crimes Commission (EFCC) of Nigeria announced on December 17 that nearly 800 individuals have been arrested nationwide in connection with a cryptocurrency romance scam. The arrests took place in a seven-story building, which is believed to be a hub for criminal activities. EFCC's Olukoyede noted that the building could easily be mistaken for the headquarters of a financial institution. The suspects have not yet been formally charged, and the EFCC has not disclosed the amount of money stolen from victims by the romance scam network. Inside the building, authorities discovered high-end desktop computers and, on the fifth floor alone, found 500 SIM cards. The operation involved staff equipped with computers and mobile phones who underwent a two-week training program. This training was designed to teach them how to impersonate foreign women in romance scam chats and persuade victims to invest in their employer's cryptocurrency scam.