11 hours ago
Nigeria’s Economic and Financial Crimes Commission (EFCC) on December 10 arrested 792 people linked to a massive crypto-romance scam operating out of Lagos. The suspects, who included 148 Chinese, 40 Filipinos, and several other foreign nationals, were caught during a surprise raid at an imposing seven-story structure known as Big Leaf in the affluent Victoria Island neighborhood. Sophisticated Scam Network Unveiled According to information shared by the agency, the operation followed intelligence reports, which indicated that Big Leaf was a hub for fraudulent activities targeting victims around the globe. Investigations revealed a highly organized network where foreign operatives collaborated with local accomplices to swindle unwitting individuals through romance and investment hoaxes. The Nigerian recruits, chosen for their proficiency with computers, were reportedly trained for at least two weeks on how to impersonate foreign women and engage victims in romantic and business conversations. They then created fake profiles on social media platforms such as WhatsApp, Instagram, and Telegram, which they used to lure targets to invest in bogus crypto schemes hosted on a platform called Yooto[.]com. The website required users to pay an activation fee starting from $35, with promises of high returns. Per investigators, after the Nigerians initiated contact with potential victims and built their confidence, they handed over communication to the foreign operatives who then executed the scams. This division of labor ensured that the local accomplices were kept in the dark about the full extent of the criminal enterprise. During their inquiries, authorities found at least 500 SIM cards and high-end computers on the premises, which were presumably used to maintain anonymity and target individuals primarily from North America and Europe. Further, they stated that the Nigerian recruits received cash payments for their part in the con, with no documentation, helping to obscure the identity of the operation’s masterminds, who remain at large. The agency is working with international partners to uncover the full extent of the scheme and any connections it may have to organized crime networks. Large-Scale Crypto Fraud Schemes Crypto scams have been on the rise recently, with a study by the Australian Cyber Security Centre (ACSC) revealing that Australians had lost nearly $270 million to fake investments. Elsewhere, South Korean law enforcement apprehended 215 people accused of perpetrating a $232 million crypto rip-off. Among those arrested was a popular YouTuber with more than 600,000 followers who allegedly ran a phony investment consulting firm pushing a purported digital asset product promising 20-fold returns. Also, in October, Hong Kong police dismantled a huge cross-border fraud operation that used deepfakes to lure men into deceptive crypto investments. Like in the Nigerian case, the Hong Kong group, consisting of at least 27 individuals, operated from a building in the city’s Hung Hom area. Upon raiding the facility, authorities recovered computers, mobile phones, and about $25,000 in suspected criminal proceeds. The post Nigeria Arrests 792 in Landmark Crypto-Romance Scam Raid appeared first on CryptoPotato .
Crypto Potato
You can visit the page to read the article.
Source: Crypto Potato
Tags :
AA News Crypto News Crypto Scams Nigeria
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Is It Too Late to Buy Bitcoin? Robert Kiyosaki Says No—Warns of Looming Financial Crash
Is it too late for bitcoin? Robert Kiyosaki signals urgency, pointing to bitcoin, gold, and silver as the best defense against a looming financial collapse. Too Late to Get Rich With Bitcoin? Kiyosaki Says the Door Is Open—But Not for Long Robert Kiyosaki, the author best known for co-authoring Rich Dad Poor Dad alongside Sharon Crypto Potato
Bitcoin Price Above $100,000 Again? Why $99,800 Is An Important Resistance To Break
The Bitcoin price is approaching the $100,000 level again after experiencing significant declines these past weeks. A crypto analyst has pointed out that the critical resistance level at $99,800 is crucial for Bitcoin’s next move. If the pioneer cryptocurrency can break through this level, it could trigger a significant breakout, potentially propelling Bitcoin past the $100,000 mark. Related Reading: Ethereum To Outpace Solana In 2025, Bitwise CIO Asserts Bitcoin Price Faces Resistance At $99,800 Prominent crypto analyst Ali Martinez has shared a chart showing an In/Out of the Money Around Price (IOMAP) analysis of the distribution of Bitcoin wallets based on their purchase price. According to the analyst, the Bitcoin price is facing extreme resistance between the $97,500 and $99,800 price levels as it tries to breach $100,000 again. Martinez noted that around this price range, approximately 923,890 wallet addresses had purchased over 1.19 million BTC. This price zone acts as an important resistance level because many Bitcoin holders may look to sell and break even, potentially exerting selling pressure. In the IOMAP chart shared by Martinez, the green dots that signal ‘In the Money’ represent price levels below the current Bitcoin price, where wallet holders are in profit because they bought BTC at a lower value. On the other hand, the red dots that represent ‘Out of the Money’ show price levels of Bitcoin’s present value, where wallet holders are at a loss because they bought BTC at a higher price. Lastly, the white dot indicates ‘At the Money’ and represents the current price of Bitcoin at an average of $98,676, where some crypto wallets see neither profit nor loss. Below Bitcoin’s current price, the chart shows strong buying zones, which could provide strong support if the pioneer cryptocurrency experiences a potential pullback. Martinez has forecasted that breaking through the critical resistance range between $97,500 and $99,800 would signal the start of a bullish rally for Bitcoin, potentially leading it to a new all-time high. Currently, the Bitcoin price is trading at $98,652, steadily rising to return to previous highs above $100,000. To a new all-time high, Bitcoin will have to surge by over 7%, surpassing its present ATH above $104,000. Related Reading: Dormant PEPE Whale Awakens, Moves 2.1 Trillion Tokens Worth $52 Million Bitcoin’s Biggest Gains To Come After Christmas A popular crypto analyst identified as the ‘Crypto Rover’ has expressed optimism about Bitcoin’s near-term price potential this Q4. According to the analyst, Bitcoin has historically experienced its most significant gains right after Christmas during the halving years. The analyst shared a price chart showing Bitcoin’s market performance during each halving cycle. In the 2012 halving year, Bitcoin started a significant price rally, which extended into the following year. The same bullish trend occurred in the next halving years in 2016 and 2020, with Bitcoin hitting exponential price highs. Based on this historical trend, Crypto Rover projects that Bitcoin could witness a similar bullish surge before the end of 2024, with the rally potentially continuing into 2025. Featured image from Bloomberg Images, chart from TradingView Crypto Potato
