The Economic and Financial Crimes Commission (EFCC) has urged Nigerians who lost money to the CryptoBridge Exchange (CBEX) scam to visit its offices in Ibadan and Lagos as part of its investigation. In a statement from EFCC’s Head of Media and Publicity, Dele Oyewale, the commission revealed that it is prosecuting three suspects, Adefowora Olanipekun, Otorudo Avwerosuo, and Ehirim Chukwuebuka, over their suspected involvement in the CBEX Ponzi scheme. Recall, Daily Tech Nigeria reported on the 15th of April, 2025, that CBEX reportedly lured hundreds of thousands of Nigerians with promises of unrealistic investment returns. Victims deposited funds through CBEX offices located in Ibadan, Oyo State, and Idimu, Lagos, but have since been unable to recover their money. The scheme led to serious financial losses for Nigerians who invested their funds with the promise of unrealistic returns on investment – EFCC To help the commission track and build cases against scammers, EFCC is calling on victims linked to these offices to report to the Ibadan Zonal Directorate and Lagos Zonal Directorate 2. This move aims to ensure justice for those affected and to stop further fraud. Nigerians who lost money to CBEX should adhere to the directives of the EFCC and come forward with any information or evidence to help curtail such cybercrime.
INTERPOL cracks down on cybercrime across Africa, recovery totals $97.4 million
Between June and August 2025, INTERPOL led a sweeping operation across Africa, resulting in the arrest of over 1,200 suspected cybercriminals and the disruption of more than 11,000 malicious online infrastructures. The extensive crackdown thwarted cyber fraud schemes that had targeted nearly 88,000 victims, recovering close to $100 million in illicit funds. Dubbed Serengeti 2.0, this large-scale campaign united law enforcement agencies from 18 African countries alongside partners from the United Kingdom. The effort tackled a range of digital threats, including ransomware attacks, business email compromise (BEC), and fraudulent online activities, areas previously noted as escalating challenges in INTERPOL’s Africa Cyberthreat Assessment Report. Key intelligence driving the raids came from a combination of suspicious IP addresses, domain monitoring, and command-and-control server identification. Specialized expertise from private sector collaborators was crucial in tracing cryptocurrency-related crimes, analyzing ransomware tactics, and conducting digital forensic investigations. The crackdown uncovered several notable cases throughout the continent. In Angola, authorities shut down 25 illicit cryptocurrency mining sites operated by Chinese nationals, seizing equipment valued at over $37 million, which local officials plan to repurpose to improve regional power supply. Zambia saw a bust involving an elaborate crypto investment scam that fooled some 65,000 people, causing losses estimated at $300 million. Fifteen suspects were apprehended, and investigators confiscated domain registrations, bank accounts, and mobile phones connected to the fraud network. Additionally, Zambian police dismantled a suspected human trafficking ring, recovering 372 forged passports from seven different nations. Côte d’Ivoire also played a critical role, breaking a cross-border inheritance fraud scheme originating from Germany. Following the arrest of the main suspect, authorities seized cash, vehicles, electronics, and jewelry linked to the scam that defrauded victims of approximately $1.6 million. Despite being a longstanding form of cyber deception, inheritance cons remain lucrative for organized crime, INTERPOL officials noted. This pan-African crackdown shows the rising threat that digital crimes pose as more people and businesses engage online. Funded partly by the UK Foreign, Commonwealth, and Development Office and supported by industry leaders like Fortinet and Kaspersky, the campaign demonstrates the power of multinational partnerships in securing the continent’s cyberspace. INTERPOL and its partners are expected to maintain vigilance, refining tactics to stay ahead of evolving cybercriminal strategies.
Three US-based Nigerians sentenced over $520,910 COVID-19 fraud
Three Nigerian men living in the United States have been sentenced to prison for their role in a COVID-19 unemployment benefits fraud scheme that stole over half a million dollars. According to the US Department of Justice, Kamaldeen Karaole, Stephen Olamigoke, and Johnson Omodusonu were involved in stealing $520,910 by using stolen information to claim unemployment benefits on debit cards that belonged to other people. The scam took place in 2020 during the height of the pandemic. The trio, aged in their early twenties, worked with others outside the US to file false claims using 168 Unemployment Insurance debit cards. They then withdrew cash from ATMs, especially in Indianapolis, often making multiple withdrawals in a short time. In total, they made 529 withdrawals across several states including California, Arizona, and Nevada. Court documents showed that none of the cards were theirs. They all belonged to real individuals whose personal information was stolen. The men faced charges including conspiracy and aggravated identity theft. Karaole, 24, pleaded guilty to several charges and was sentenced to four years and three months in prison, plus two years of supervised release. Olamigoke, 23, received two and a half years in prison and two years supervised release. Omodusonu, 24, was sentenced to two years in prison with two years supervised release. They were each ordered to repay the full amount stolen. Olamigoke also agreed to be deported to Nigeria after completing his sentence. Authorities are expected to pursue others involved both in the US and abroad, as investigations continue. Recovering stolen funds and preventing future scams remain priorities.
Lagos court sentences two more internet fraudsters arrested at Obasanjo Library hotel
Two internet fraudsters arrested during a sting operation at the Olusegun Obasanjo Presidential Library (OOPL) hotel in Abeokuta have been convicted and sentenced by a Lagos federal court. Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, on Thursday, August 21, 2025, sentenced Asimiyu Oluwaponmile Olatunji and Hassan Makinde for internet fraud offences. The two were among 93 suspects nabbed during a sting operation at a hotel within the OOPL complex on Sunday, August 10, 2025. They each pleaded guilty to charges including impersonation, identity theft, and internet fraud. For example, Olatunji admitted to fraudulently setting up a Facebook account under the name “Janet Milner” and deceiving someone into paying $350. Makinde confessed to benefiting about 10,000 Australian dollars (around 1.5 million Naira) through his fraudulent activities. The court received evidence such as the suspects’ mobile phones (Olatunji’s iPhone 12 and Makinde’s iPhone 16), cash restitution, and forensic documents from their devices. Considering the evidence and their guilty pleas, the judge convicted them and handed down sentences. Olatunji was sentenced to three months in prison but allowed to pay a fine of 500,000 Naira instead. His iPhone 12 and the restitution cheque were forfeited to the Nigerian government. Similarly, Makinde got the same prison term with an option of a 500,000 Naira fine, and his phone was confiscated. Earlier in the week and month, several others arrested in the same sting were also convicted for cybercrime offences.The EFCC is actively following up on the large number of arrests, with more court cases on the horizon. The efforts of the EFCC and the decisions coming out of court send a strong message: cybercriminals won’t get away without consequences. It’s also a reminder for everyone to stay alert and protect their personal information when online. Young Nigerians and professionals alike should see these developments as a serious warning—not only about the dangers of getting involved in internet scams but also about the risks of becoming targets. The EFCC is actively following up on the large number of arrests, with more court cases on the horizon.The efforts of the EFCC and the decisions coming out of court send a strong message that cybercriminals won’t get away without consequences. It’s also a reminder for everyone to stay alert and protect their personal information when online. Young Nigerians and professionals alike should see these developments as a serious warning, not only about the dangers of getting involved in internet scams but also about the risks of becoming targets.
Crypto giants launch Beacon Network to stop $47 billion fraud in real time
Big names in crypto like Binance, Coinbase, PayPal, and Kraken have joined forces with global law enforcement to fight a growing wave of crypto fraud. Together, they’ve introduced the Beacon Network, a new system designed to catch and block stolen crypto before scammers can cash out. Since 2023, fraud-related crypto transactions have totaled a staggering $47 billion, with over $2.3 billion stolen already in 2025 alone. The Beacon Network aims to change how the industry responds to these crimes by acting instantly when flagged funds move on the blockchain. Unlike traditional methods, where criminals often slip through by exchanging stolen tokens quickly, Beacon Network alerts participating exchanges as soon as suspicious transactions happen. This quick action helps platforms freeze those funds, stopping illegal withdrawals on the spot. The network includes major exchanges and payment firms: Binance, Coinbase, Kraken, Ripple, Robinhood, Blockchain.com, Crypto.com, Stripe, OKX, and PayPal. It also works closely with federal law enforcement and blockchain researchers for constant monitoring. Valerie-Leila Jaber, Coinbase’s Global Head of Anti-Money Laundering, said, There’s no program like Beacon Network. It’s a true early warning system that helps us identify and freeze illicit assets so law enforcement can recover them. Binance’s Chief Compliance Officer Noah Perlman added We are looking forward to strengthening collaboration through Beacon Network. It helps build trust and security, which are key for broader crypto adoption. The push for real-time crypto crime fighting gained urgency after the $1.5 billion Bybit hack, reported by Daily Tech Nigeria on the 22nd of February this year. Stolen funds from that attack were moved through over 10,000 transactions within just one month, showing the narrow window exchanges have to act. TRM Labs, the blockchain intelligence firm behind Beacon Network, stressed how quick detection and response can unlock crypto’s full potential for transparency and safety. Reports from Chainalysis confirm crypto thefts surged by 21% in 2024, with $2.2 billion stolen. The Bybit hack this year was the biggest crypto heist ever, surpassing other large incidents like the Ronin and Poly Network breaches. As crypto adoption grows, systems like Beacon Network could play a critical role in protecting investors and keeping the digital economy safer for everyone.
Nigeria begins deportation of 42 foreign cyber terrorists in major fraud crackdown
Yesterday, Nigerian authorities began deporting 42 convicted cyber terrorists from China and the Philippines as part of a crackdown on international fraud networks. The deportation is the first wave out of 192 foreigners nabbed for cyber terrorism and Ponzi scheme offences, following a major December 2024 raid in Victoria Island, Lagos. The suspects were arrested at Oyin Jolayemi Street during what officials call one of the nation’s biggest anti-cybercrime operations. According to the Nigeria Immigration Service, the 42 convicts will be sent home today, August 18, while more deportees are scheduled for Monday and Tuesday to wrap up the process. All those convicted had earlier been handed over to immigration for processing. The group includes Chinese and Philippine nationals prosecuted by the Economic and Financial Crimes Commission (EFCC). They were found guilty of various offences, such as using fake online identities to defraud people and training staff at Genting International Co. Limited in fraudulent practices, violating Nigeria’s Advance Fee Fraud Act of 2006. EFCC Chairman Ola Olukoyede called the convictions and swift deportations a major win in Nigeria’s fight against cybercrime. We are intensifying investigations, recovering stolen money, and restoring the country’s dignity, just as President Tinubu’s anti-corruption campaign demands – Olukoyede Authorities say the December 2024 operation is a turning point against financial crime in Nigeria and a strong warning to foreign syndicates targeting the country. As the remaining deportations proceed this week, officials pledge more action to block future cyber fraud and protect the nation’s financial systems at all cost.