Nigerian law enforcement has uncovered a sophisticated global crypto scam operation in Lagos during a general cybercrime raid.

One of the most coordinated activities against crypto fraud in West Africa this year, the recent raid resulted in the arrest of 53 people from different nationalities.

Among those arrested were 29 Chinese nationals, forming the majority of the suspects, alongside citizens from the Philippines, Malaysia, Indonesia, and Pakistan.

Massive Financial Network Uncovered

The investigation revealed a staggering web of financial transactions, with authorities seizing assets worth $200,000. The network allegedly handled over $3 million in illicit money via Genting International Co. Ltd. their registered firm.

Even more concerning are bank records indicating transactions between April and December 2024 of over N2.26 billion passing through a single Union Bank account.

The suspected members of the crypto scam operation. Image credit: EFCC.

Digital Arsenal And Infrastructure Seized

The “Eagle Flush Mission” of the Economic and Financial Crime Commission found a large operational base furnished with advanced technologies.

Along with a sizable stockpile of computers, cell phones, and tablets, investigators seized around 500 Nigerian SIM cards.

Nestled amid the bustling city of Lagos, the group’s offices also housed several cars utilized in daily operations. This discovery emphasizes the industrial scope of their deception, aimed at victims from different continents.

Complex Network Of Fraud And Identity Theft

According to the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), among the more intriguing stories is that of a Chinese national who supposedly passed for a 28-year-old American lady called “Lina,” tricking naive victims.

The complexity of the operation included agreements with nearby cryptocurrency sellers, who enabled peer-to–peer USDT (Tether) trading. Two such suppliers—Chukwuemeka Okeke and Alhassan Aminu Garbo—admitted handling USDT transactions totaling $2.39 million for the syndicate.

International Implications And Future Impact

In the global campaign against crypto-related crimes, the arrests mark a major turning point. Among the other counts the defendants must answer are cyberterrorism, impersonation, and identity theft.

Beyond a local triumph, this case shows how African law enforcement’s capacity is developing to combat advanced financial crimes. The 792 people involved in illegal financial transfers via P2P exchanges point to a large network that could be spanning much beyond Nigeria’s boundaries.

For foreign cybercrime syndicates who see African countries as safe havens for their activities, this case delivers a strong message. As acceptance of cryptocurrencies rises around the world, this latest operation by Nigerian authorities could act as a model for the coming international collaboration against digital financial crimes.

Featured image from CNN, chart from TradingView

When Donald Trump dabbled in memecoins last month, it set off a floodgate of imitators in the cryptocurrency market. With the re-elected US president’s entry into the cryptocurrency market, there has been a dramatic increase in the number of opportunistic tokens.

According to a Financial Times report, more than 700 imitators launched their currencies in the span of three weeks. A tangled web of tokens, from the audacious to the ridiculous, has landed in Trump’s digital wallet, leaving investors bewildered.

Copycats And Confusion: The Name Game In Crypto

The numbers paint a startling picture of opportunism in action. Among the 736 different memecoins analyzed, 192 brazenly incorporate the Trump family name, with 167 being direct copycats.

The audacity doesn’t stop there – 67 tokens have slapped the word “official” in their names, despite having no connection to the president. Some creators have even gone as far as minting coins named after Trump’s children, with 30 tokens featuring Barron’s name, 26 referencing Ivanka, and 10 mentioning Eric, FT disclosed.

Trump Coin: The Numbers Behind The Digital Deception

In the hazy world of cryptocurrency trading, looks can be deceiving. The “Official Barron Trump” coin is an example of this; although its potential value, based on its most recent transaction price, is an astounding $6 billion, the reality is far less impressive.

Trump’s memecoin inspires wave of copycats https://t.co/Z5gdmLVkfs

— Financial Times (@FT) February 7, 2025

Since January 21, there hasn’t been any trading activity on the cryptocurrency, and its biggest transaction was only around $240. The large discrepancy between paper valuations and real liquidity serves as a warning about how speculative these investments are.

Scale And Speed: A New Challenge For Cryptocurrency Exchanges

This cryptocurrency gold rush is happening at an unprecedented rate. The first imitation of Trump’s memecoin surfaced within 30 minutes of its initial debut.

This rapid pace hasn’t slowed down; even big companies like Coinbase are finding it difficult to keep up with the creation of new tokens. Brian Armstrong, the exchange’s CEO, revealed that approximately 1 million new tokens are being created weekly, making individual evaluation of each token “no longer feasible.”

Experts Sound The Alarm On Market Manipulation

Market watchdogs and financial experts have harshly criticized the scenario. Trump’s memecoin, according to Brookings Institution analyst Eswar Prasad, has “opened the floodgates to deception.”

The complex methods in which these tokens can be manipulated are more concerning than the sheer number of counterfeit coins. One instance that raised concerns about possible market manipulation tactics was when a trader bought $100,000 worth of a counterfeit “Official Trump” coin, only to sell the entire holding 12 seconds later at a loss.

It’s now very hard for regular buyers to tell the difference between risky fakes and real ones in today’s market. The difference between innovation and making the most of current resources is getting less clear as the rush for digital currency continues. This raises concerns about the long-term impact on cryptocurrency markets and the safety of investors.

Featured image from David Hume Kennerly/Getty Images, chart from TradingView

Dogecoin Foundation Director Timothy Stebbing has hinted at significant partnerships with leading American brands as part of a strong push toward mainstream adoption of the meme coin. Taking to social media platform X, Stebbing shared that he and other Dogecoin Foundation representatives have been engaged in extensive meetings with some of the most recognizable brands in the United States.

Although he did not disclose specific names, he indicated that discussions have taken place with entities that would see Dogecoin transitioning into a utility asset very soon. 

Dogecoin Foundation Director Hints At Major Partnerships

Stebbing noted that talks are currently in place to increase Dogecoin’s utility. According to him, discussions have been taking place between him and other members of the Dogecoin foundation with entities spanning baseball, motorsports, global food brands, and even government agencies since Monday. The central topic of these discussions has been how these institutions can integrate Dogecoin into their payment systems.

Hey so I promised an update today about why I was in Miami and about the exciting news I had for the @dogecoin community. Unfortunately I have to 🤐 for 2 more weeks until I can share all the names and companies and amazing people we’ve met with over the last week (for legal…

— Timothy Stebbing (@tjstebbing) February 7, 2025

This initiative seeks to position Dogecoin as a viable medium of exchange that is free from restrictions and available for everyone to use. While the full details remain under wraps for the next couple of weeks, Stebbing assured the Dogecoin community that official announcements will soon be made through major news outlets across the United States.

Can Dogecoin Become A Global Payment Standard?

The push for Dogecoin’s widespread use in payments is not new, but securing partnerships with high-profile brands and organizations could mark a turning point for the cryptocurrency. Recent market dynamics have seen Dogecoin becoming the go-to cryptocurrency for retail traders hoping to turn a profit. 

Despite its market success, Dogecoin is still often classified as the king of meme coins. It is often viewed as lacking a real utility ecosystem like Bitcoin, Ethereum, XRP, and other large-market-cap cryptocurrencies. As such, members of the Dogecoin Foundation have been actively working to push Dogecoin beyond its meme status. The most notable way being done is to establish Dogecoin as a legitimate payment method worldwide.

The specifics are unclear at the time of writing, but Stebbing’s tease has caused anticipation among Dogecoin investors over which brands will be the first to embrace Dogecoin payments. One crypto investor, Adam McBride, commented on Stebbing’s post, noting that “Doge is our best hope for peer to peer digital cash.”

If major corporations integrate Dogecoin into their payment systems, it could set a precedent for others to follow. Such a move would create massive demand for Dogecoin and strengthen its price and position in the cryptocurrency market. 

At the time of writing, Dogecoin is trading at $0.2473 and is down by 0.68% in the past 24 hours. On a seven-day timeframe, Dogecoin is down by about 24%.

Featured image from Doge.gov, chart from TradingView