Crypto exchanges Binance, Coinbase join West Africa scam sweep that flagged $11 million
Published Updated 1 new report since it was first published
Authorities in Ghana and Nigeria arrested 28 people in a West Africa crackdown tied to cryptocurrency investment fraud. Private-sector partners flagged $11 million for possible freezing, and the operation also identified 117 trafficking victims.
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People in Ghana and Nigeria are the most directly affected today because the operation involved arrests in both countries and identified 117 trafficking victims. Crypto users and firms watching the region will also notice that Binance and Coinbase were named as private-sector participants in the crackdown.
What remains open is the final treatment of the $11 million and the scope of any cryptocurrency seizures, since their value was not disclosed. It is also not known from these reports how many of the 28 arrests were tied to each country or which roles the arrested people held in the networks.
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