Nigeria’s Economic and Financial Crimes Commission (EFCC) carried out a large-scale raid in Lagos, the country’s largest city, arresting 792 individuals suspected of being part of a crypto romance scam operation. The arrests, which took place on December 10, included 148 Chinese nationals, 40 Filipinos, and hundreds of Nigerians.

How the Scheme Worked

According to EFCC spokespersons, the scam involved recruiting Nigerian accomplices to find victims online through phishing and social media platforms. Once initial contact was made, the operation’s foreign organizers would take over, persuading victims to invest in bogus cryptocurrency schemes or transfer money for fabricated purposes.

The victims were primarily from the United States, Canada, Mexico, and Europe. Known as “pig butchering,” this type of scam involves gaining the victim’s trust before pressuring them into sending money.

International Crime Networks Involved

Ken Gamble, co-founder of the cybercrime investigative firm IFW Global, noted that Chinese crime syndicates were likely behind the operation. These groups have expanded their activities from Southeast Asia to regions with weaker cybersecurity frameworks, such as Africa, the Middle East, and Eastern Europe.

“The Chinese bring technology, infrastructure, and financing to local Nigerian scam syndicates, significantly enhancing their operations,” Gamble said. He revealed that similar schemes in Southeast Asia have employed thousands, with some involving as many as 5,000 workers.

Attractive Incentives for Recruits

Scam operators reportedly lured workers with higher-than-average wages. Nigerian recruits were offered salaries up to $500 monthly—10 times the country’s minimum wage—along with bonuses based on successful scams. These attractive terms have enabled such schemes to thrive.

The EFCC is working with international partners to investigate the operation’s links to organized crime networks. This collaboration aims to uncover the full extent of the scam and its global connections.

A Growing Threat

Chainalysis, a blockchain security firm, reported earlier this year that pig butchering scams have been increasing. These schemes are now preferred by cybercriminals due to their faster execution compared to traditional Ponzi schemes.

The Lagos raid highlights the growing sophistication and global reach of crypto scams. With international crime syndicates expanding into new territories, authorities worldwide face mounting pressure to combat these operations effectively.