The Economic and Financial Crimes Commission (EFCC), a law enforcement agency in Nigeria, busted a major crypto crime ring with hundreds of potential criminals. Among them, 53 individuals have been officially charged.

The police were only able to recover around $200,000 in assets, but they’ve identified nearly $3 million in various other deposits. Given the global spread of the crime, It’s uncertain how much money this operation made in total or where these assets have been laundered.

EFCC Busts Crypto Criminals

According to reports, these scammers ran several different operations, but they all fell under the broad umbrella of crypto crimes. These suspects were arrested with 739 other members last December, and all pled not guilty.

“The Lagos Zonal Directorate of the EFCC, on February 3, 2025, arraigned [53 defendants] before separate Federal High Courts sitting in Ikoyi, Lagos. They were arraigned on separate charges bordering on alleged cybercrimes, cyber-terrorism, impersonation, possession of documents containing false pretenses, and identity theft, among others,” it read.

Last year, Nigeria won international notoriety for being tough on crypto crime, and the EFCC is maintaining that reputation. Specifically, the country arrested two Binance executives for suspicious trading activity, sparking a diplomatic incident with the US. Eventually, it dropped the charges, but only after months of negotiation.

Law enforcement reportedly only seized over $200,000 in assets. This might seem small compared to some of the major scams in today’s crypto market, but the depth of the crime is still under investigation.

For instance, over 500 local SIM cards, mobile phones, laptops, and several cars were seized from the syndicate’s seven-story base in Lagos.

The vast number of resources suggests that the amount of money stolen could potentially be billions. However, given the global spread of the crime, it would be challenging to track all the stolen assets.

The EFCC claimed that these crypto criminals were a very diverse and multinational group. It contained at least 792 members from five or more countries, not counting Nigeria. Over a nine-month period, they deposited $1.5 million in a bank account and sent $2.39 million to two launderers using P2P transactions.

However, there could be dozens or even hundreds of unknown associates whose funds haven’t been traced. The EFCC accused these crypto criminals of activities that “seriously destabilize the economic and social structure” of Nigeria. It’s clear why.

Still, their capture proves an encouraging point. Law enforcement agencies around the world are learning to pursue crypto criminals, and their methods are improving. These groups can’t evade capture forever.

Despite the strong corrections in the last 30 days, artificial intelligence continues to be one of the most disruptive narratives in crypto. While some AI coins have struggled, others are showing resilience, making them key assets to watch in the second week of February 2025.

SwarmNode.ai (SNAI) has been one of the strongest performers, surging over 170% in a week, while Venice Token (VVV) is attempting a recovery despite transparency concerns. Meanwhile, Virtuals Protocol (VIRTUAL) has dropped 44% in a week, reflecting the broader slowdown in crypto AI agents.

SwarmNode.ai (SNAI)

SNAI serves as the backbone of SwarmNode, a platform designed for deploying serverless AI agents in the cloud. Through the SwarmNode Python SDK, users can seamlessly coordinate and automate interactions between these AI-driven agents, optimizing workflows and enhancing efficiency.

SNAI is one of the few AI coins showing strong gains this week. It has surged over 170% in the past seven days and pushed its market cap to $51 million. Technical indicators suggest that a golden cross may soon form on the price chart, signaling a potential bullish continuation.

If this happens, SNAI could climb toward the $0.749 resistance level, with a successful breakout opening the door for a move to $0.0839. However, if momentum fades, key supports lie at $0.039 and $0.027, with a deeper correction toward $0.010 possible if these levels fail to hold.

Venice Token (VVV)

VVV is the core token of Venice AI, a ChatGPT alternative designed to prioritize privacy and unrestricted conversations. Founded by Erik Voorhees, the founder of ShapeShift, Venice AI integrates decentralized principles to ensure user autonomy and freedom of interaction.

Initially distributed via an airdrop to early adopters, VVV has since been launched on the Base chain, where it quickly became one of the most trending tokens on the network.

VVV is among the few artificial intelligence tokens posting gains this week, climbing approximately 8% over the past seven days despite recently hitting all-time lows.

If bullish momentum continues, VVV could soon challenge the $10.36 level, with a breakout potentially driving the price toward $14.57, its highest mark since January 28.

However, concerns about transparency have weighed on market sentiment. Some users on X (formerly Twitter) have alleged that the project’s team started selling VVV just hours after its Coinbase listing.

If selling pressure escalates, the token could retest support at $5.50, with a deeper drop to $2.33 possible if bearish momentum persists.

Virtuals Protocol (VIRTUAL)

VIRTUAL was once the leading artificial intelligence crypto, but it has faced heavy losses. Its market cap has dropped 44% in the last seven days to $813 million.

The token is struggling due to the broader correction in the AI sector and also because the crypto AI agents market has seen declining engagement and stagnation in new project launches.

However, if the hype surrounding crypto AI agents returns, VIRTUAL could regain momentum and test resistance levels at $1.63 and $1.77, especially if its expansion to Solana brings more attention and new agents.

A breakout above these key levels, combined with renewed market excitement, could push VIRTUAL toward $2.41, its highest price in weeks.

On the other hand, if the correction deepens, the token risks falling further, with downside targets extending as low as $1.03.

Nearly nine months after his conviction, Tornado Cash co-founder Alexey Pertsev was released from Dutch prison today. He will remain under house arrest until his appeal is fully processed.

Although US sanctions against Tornado Cash were recently lifted, these wins are only a small bright spot in a long case. Criminal activity on the platform increased last year, which may hurt Pertsev in the appeals process.

Tornado Cash’s Pertsev Takes a Small Win

Alexey Pertsev, co-founder of cryptocurrency tumbler Tornado Cash, has been through quite an ordeal. Pertsev was convicted of money laundering last May in a controversial ruling for the crypto space.

Pertsev maintained an open-source platform that criminals used, which led to his arrest despite the lack of any direct involvement. However, he was released today.

“Freedom is priceless, but my freedom cost a lot of money. My house arrest was only possible thanks to the work of lawyers, who were paid from your donations. My fight is not over yet, and for a final and confident victory, I still need your help,” Pertsev claimed via social media.

Pertsev’s struggle and the Tornado Cash case have won support from the community. Paradigm pledged $1.25 million for co-founder Roman Storm’s own legal battle, and Vitalik Buterin also donated to the project’s developers.

Pertsev is still under house arrest pending an appeal, and he’s been seeking donations for his legal fund since August.

“I would like to thank everyone, especially Vitalik Buterin and Stefan George, for your incredible generosity to my defense. Your support inspires me to move forward, and I’m forever grateful. While the legal battle is far from over, I’m hopeful 2025 brings positive developments,” Pertsev wrote.

However, Pertsev’s release is just one piece of recent good news for Tornado Cash. Although US lawmakers banned the platform back in 2022, an appeals court overturned the sanctions last November.

Another District Court upheld this ruling in January, causing its TORN token to surge in value.

Still, Tornado Cash has its opponents, and Pertsev may face an uphill battle if he wants to remain free. Last year, the platform saw a resurgence in criminal activity as hackers used it to launder $50 million in one month.

For now, Pertsev can return to his home, and Tornado Cash has seen a slight reprieve from economic sanctions. Regardless of how well his appeal goes from here, developments like this can inspire hope and endurance when the community approaches a long fight.