The Chairman of the Economic and Financial Crimes Commission (EFCC) Abdulrasheed Bawa has disclosed how the anti-graft agency recovered cryptocurrency loot from internet fraudsters in an e-wallet.
This was contained in a statement issued by Bawa on Tuesday during an interview with Channels TV.
According to Bawa, the commission had about $20 million worth of recovered cryptocurrencies in its e-wallet.
He noted, “As it is today, we have about $20 million worth of cryptocurrency as of last statistics that I have because we also created our own e-wallet to recover cryptocurrency. You know it has never happened before but we created it. We are now recovering these proceeds of crime from that means as well.”
Cyber fraudsters who used to employ the use of international money transfer platforms like Western Union in the past now use digital currencies to get the proceeds of their dubious transactions, the EFCC Chairman further stated.
“We have seen time and time again where cybercriminals are using this avenue to get their proceeds of crime. Before it used to be through money transfer agencies like money gram and of cause western union. Now they have gone E.
“They will defraud somebody. They will get gift cards and exchange them on the dark web, and they will use the proceeds to buy crypto, and they can get it to their e-wallet, and then, of course, they can sell and get their money,” Bawa explained.
Ngnews247 had reported that the Central Bank of Nigeria (CBN) had ordered deposit money banks, non-bank financial institutions, and other financial institutions to “identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”