As a seasoned analyst with extensive experience in tracking financial crimes across the globe, I find it alarming yet unsurprising to see yet another large-scale crypto fraud scheme being exposed. The sophistication and scale of these operations suggest that cybercriminals are constantly evolving their methods to exploit new technologies and target unsuspecting victims.
As a crypto investor, I was taken aback when I learned that the Economic and Financial Crimes Commission (EFCC) in Nigeria apprehended a whopping 792 individuals on December 10th, all linked to an extensive crypto-based romance scam headquartered in Lagos. The news serves as a stark reminder of the need for vigilance and due diligence when investing in this dynamic sector.
148 Chinese, 40 Filipinos, along with various other international individuals, were apprehended unexpectedly during a search at a grand seven-story building, commonly recognized as Big Leaf, situated in the upscale Victoria Island district.
Sophisticated Scam Network Unveiled
Based on data provided by the agency, the operation was conducted based on intelligence findings, suggesting that Big Leaf functioned as a center for deceitful actions aimed at global victims.
Inquiries uncovered an intricate scheme involving foreign agents working together with local partners to defraud unsuspecting people using romance scams and bogus investment opportunities.
It has been reported that individuals from Nigeria, known for their computer skills, underwent a training program lasting at least two weeks, during which they learned techniques to pretend to be foreign women and carry on both romantic and business chats with potential victims.
Subsequently, they fabricated false profiles across various social media outlets like WhatsApp, Instagram, and Telegram. These profiles were crafted to entice potential victims into participating in fraudulent cryptocurrency ventures, which were hosted on a site named Yooto[.]com. The platform demanded an initiation fee ranging from $35, with guarantees of substantial returns.
According to researchers, once the Nigerian group established connections with possible targets and boosted their trust, they transferred control of the communication to external operators who carried out the frauds. This arrangement meant that the local assistants remained unaware of the entire scope of the illegal activities being conducted.
Investigators uncovered approximately 500 SIM cards and advanced computers during their probing, likely utilized for concealing identity and predominantly focusing on people residing in North America and Europe.
Additionally, it was mentioned that the Nigerian participants were paid in cash without any records, which made it difficult to identify the true leaders of the scam, who are still unidentified and on the run.
The organization is collaborating with global allies to fully explore the scope of this operation, as well as any ties it might share with criminal organizations.
Large-Scale Crypto Fraud Schemes
It’s been noticed that there’s been an increase in crypto-related frauds lately. A report by the Australian Cyber Security Centre (ACSC) shows that Australians have collectively lost approximately $270 million due to false investment opportunities.
215 individuals, including a well-known YouTube personality with over 600,000 subscribers, were taken into custody by South Korean authorities for their suspected involvement in a $232 million cryptocurrency scam. This individual is accused of operating a fake investment advisory firm that peddled a supposed digital asset product, claiming it could generate returns as high as 20 times the initial investment.
In addition, during October, Hong Kong authorities shut down a massive transnational scam involving deepfake technology, which tricked men into making false cryptocurrency investments.
In Hong Kong, a team made up of at least 27 people had established their base in a building within the Hung Hom district. During a search, law enforcement found computers, cellphones, and approximately $25,000 believed to be connected to illegal activities.
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2024-12-21 20:10