Global Crypto Crime Crackdown: US And Nigeria Unite Against Digital Threats

As a seasoned crypto investor with over a decade of experience in this rapidly evolving digital frontier, I’ve witnessed the meteoric rise and fall of numerous cryptocurrencies, along with their accompanying challenges. The recent partnership between the US and Nigeria to combat crypto-related crimes is a stark reminder that while the potential of blockchain technology is immense, so are the risks associated with it.


Over the past few years, there’s been an increasing connection between criminal activities and cryptocurrencies. As the popularity and applications of cryptocurrency expand, so does the occurrence of crypto-related crimes. This trend poses a threat not only to individual traders but also to businesses in general.

According to TrendMicro, though the amount of cryptocurrency transactions going to suspected illegal addresses is now around $24.2 billion, it’s expected that this number could grow as more questionable or hidden addresses are identified in the future.

The extent of crypto-related crimes has grown so widespread that the U.S. has felt compelled to establish a task force dedicated to fighting them, collaborating with other agencies when necessary. This is precisely what the U.S. did when it forged a partnership with Nigeria in its endeavor to foster digital technologies while addressing the challenges of cybercrimes and digital misconduct.

Global Crypto Crime Crackdown: US And Nigeria Unite Against Digital Threats

US Partners With Nigeria To Combat Crypto-Related Crimes

According to a press announcement from the U.S. Embassy and Consulate in Nigeria, the United States has established a joint task force with Nigeria, referred to as a Bilateral Liaison Group. This team is specifically focused on tackling the increasing issues surrounding cryptocurrency-related crimes. The formation of this group signifies the strengthening partnership between our two nations.

Under this new alliance, the two nations will work together, exchanging data, to aid law enforcement in locating and bringing to justice individuals engaged in criminal activities, particularly those involving cryptocurrencies. They aim to also uncover novel approaches for tackling such crimes as they progress.

Global Crypto Crime Crackdown: US And Nigeria Unite Against Digital Threats

Partnership To Improve Nigeria’s Campaign Against Crypto Crimes

Experts have indicated that the ongoing U.S. aid will strengthen Nigeria’s fight against cryptocurrency-related crimes. According to the press release, this assistance empowers the Nigerian administration in their efforts to track down and prosecute these criminals. This new alliance was made public mere hours after the Nigerian government freed Tigran Gambryam, a Binance executive.

Global Crypto Crime Crackdown: US And Nigeria Unite Against Digital Threats

The backing of the U.S. Department of Justice adds to the vibrancy of Nigeria’s dynamic cryptocurrency sector. Despite the government’s firm opposition towards cryptocurrencies, the local crypto market persistently expands. Notably, Chainalysis reports place Nigeria as the second nation globally in terms of crypto adoption, trailing only India. Furthermore, industry statistics indicate that Nigeria has warmly adopted stablecoins.

US Continues To Help As Crypto Crime Rises

The collaboration between U.S. officials and Nigerian authorities underscores the expanding influence of the United States within the realm of cryptocurrencies. Cryptocurrency-related crimes are on the rise in the U.S., posing threats not only to individuals and businesses, but also to the government itself. As per an FBI report from 2023, a staggering 90% of reported investment scams can be traced back to cryptocurrencies, resulting in a substantial $396 million in losses.

It’s even more troubling to note that crypto crimes have affected the U.S. administration. An investigation found out that around $20 million worth of tokens were stolen from a crypto wallet of a hacked U.S. government account last Friday. Interestingly, the hackers decided to return $19.3 million of the funds they took.

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2024-10-27 08:11