Crypto
'Disturbing surge in cryptocurrency fraud' led by young, tech-savvy Nigerian men
(© OlegD – stock.adobe.com)
New research shows 55% of cases involve American victims
SURREY, England — In an eye-opening study that sheds new light on the evolving landscape of digital financial crime, researchers have uncovered a striking pattern in Nigerian cryptocurrency fraud: all convicted perpetrators are male, and nearly two-thirds are under 30 years old. This revelation comes from recent research conducted through an unprecedented collaboration between academic institutions and Nigeria’s Economic and Financial Crimes Commission (EFCC).
The study arrives at a critical moment in global digital finance. Nigeria has emerged as the third-largest player in Bitcoin transactions globally, trailing only Russia and the United States, with cryptocurrency transactions reaching approximately $400 million. This surge in digital currency adoption reflects both opportunity and risk in Africa’s most populous nation, where only 36.8% of adults have access to traditional banking services.
“Our research reveals a disturbing surge in cryptocurrency fraud,” says study lead author Dr. Suleman Lazarus, a cybercrime expert at the University of Surrey, in a statement. “We’re observing a rising generation of young, tech-savvy male offenders who adeptly exploit digital platforms and cryptocurrencies to perpetrate high-stakes fraud.”
The research, published in Current Issues in Criminal Justice, reveals a clear geographical targeting pattern, with 55% of cases involving American victims. This international reach demonstrates how digital currencies have transformed the scope and scale of financial crimes, enabling fraudsters to operate across borders with unprecedented ease.
What makes these findings particularly intriguing is the fraudsters’ educational background. Despite the technical nature of cryptocurrency transactions, only a quarter of convicted fraudsters held university degrees, challenging assumptions about the expertise required for such crimes.
The digital toolbox of these fraudsters primarily consists of mainstream social media platforms. Facebook emerged as the preferred platform, used in 27% of cases, followed by Gmail at 22% and Instagram at 14%. These familiar platforms serve as hunting grounds where fraudsters establish trust before executing their schemes.
The financial scale of these operations is staggering. While some cases involved modest sums around $1,000, others reached heights of $475,000 in cash, with one case involving 1,200 Bitcoin – approximately $81.96 million. These figures underscore the lucrative nature of cryptocurrency fraud and its potential for devastating financial impact.
Bitcoin dominates as the preferred cryptocurrency for fraudulent activities, featuring in 46% of cases. This preference likely stems from Bitcoin’s decentralized nature and the relative anonymity it provides, presenting significant challenges for law enforcement in tracking and recovering stolen funds.
“As cryptocurrencies continue to gain popularity, our research serves as a wake-up call for law enforcement agencies, policymakers, and the general public to remain vigilant against the evolving threats in the digital financial landscape,” warns Dr. Lazarus.
The study illustrates how Nigerian cybercrime has evolved from traditional advance-fee scams to sophisticated cryptocurrency operations, reflecting broader changes in global financial systems and highlighting criminal enterprises’ adaptability. In a digital age where cryptocurrency promises financial inclusion and opportunity, this research serves as a crucial reminder of the shadow economy emerging alongside legitimate digital finance.
Paper Summary
Methodology
The study employed a structured approach, examining court records and case files of convicted cryptocurrency fraudsters from two major EFCC commands in Nigeria. Researchers analyzed 22 cases, documenting the fraudsters’ methods, preferred platforms, victim locations, and financial gains. This approach provided verifiable data from official sources, though it necessarily focused only on cases that resulted in convictions.
Results
The findings paint a clear picture: all convicted fraudsters were male, predominantly under 30, with relatively low formal education levels. They primarily used social media platforms, with Facebook being the most common tool. Most targeted American victims, using Bitcoin as their preferred cryptocurrency. Financial gains varied significantly, demonstrating the range of schemes employed.
Limitations
The research faced several constraints. The sample size of 22 cases, while providing valuable insights, represents only convicted cases, potentially missing more sophisticated operators who evade detection. Additionally, the focus on two EFCC commands might not represent the entire country’s cryptocurrency fraud landscape.
Discussion and Takeaways
The research reveals an urgent need for international collaboration in combating cryptocurrency fraud. The predominance of young male offenders and their focus on American targets suggests a need for targeted intervention strategies and enhanced cross-border cooperation in law enforcement.
Funding and Disclosures
The study, conducted in collaboration with Nigeria’s EFCC, underwent ethical clearance from both the University of Portsmouth (clearance number 1110) and the EFCC. The research team reports no conflicts of interest, with one author’s EFCC employment providing valuable access to case files while maintaining ethical research standards.
Crypto
Former NYC Mayor Eric Adams unveils ‘NYCToken’ cryptocurrency he claims will fight antisemitism
Swagger remains his currency.
High-flying Eric Adams returned from his post-mayoralty travels to unveil the “NYC Token” on Monday, moving forward on his bizarre vow to tackle antisemitism with cryptocurrency.
Adams announced the crypto coin in Times Square, surrounded roughly a half dozen reporters curious to see what the former mayor would say in his first public appearance since leaving office not even two weeks ago.
“One focus we have on this New York City coin is to use the revenue generating to address anti-Americanism, antisemitism, to teach our children how to embrace the blockchain technology of how to run cities correctly,” Adams said.
“As Walmart is using blockchains to deal with their food chain and transparency, we know cities can run better, and by using this New York City token, this New York City token, we’re going to continue to invest in making our city a safer city.”
While the former Hizzoner was still vague on details, the broad strokes of his grand plan are essentially that profits from the “NYC Token” will go into a still-unnamed nonprofit, which will then fund groups that combat antisemitism.
Historically black colleges and universities also will somehow be involved in Adams plans, he said.
“I’ve talked about it often, I want to get on our college campuses and make sure that we start the process of having our young people appreciate our country today,” he said.
The crystal-loving, ghost-believing Adams made clear early in his first and only term that he was a devotee of the magic of cryptocurrency. He famously took his early paychecks in cryptocurrency and cultivated close ties with Bitcoin billionaire and former “The Mighty Ducks” star Brock Pierce.
Adams is one of three creators behind the “NYC Token,” he said, noting Pierce was not involved.
He said the other creators are listed on the crypto coin’s website, but the page remained blank Monday other than two slogans and a link to follow the token’s X account.
For those worried the whole venture could be a money-making scam, Adams promised he wouldn’t take a salary — at least at first.
“I’m not taking a salary at this time,” he said. “Down the line, if you take the determination of doing so, we will reveal that.”
The famous frequent-flyer-mile-collector said he had been spending his days since leaving office in Dubai and the Congo.
The jet-setter ex-mayor teased that he will be working with other countries across the globe and bringing the Big Apple’s “levels of services” abroad.
Mayor Zohran Mamdani didn’t seem too jazzed about his predecessor’s plans. When asked if he’d buy one of Adams’ crypto tokens, the new mayor had a one-word reply.
“No,” Mamdani said with a smile.
Financially Settled Ether (“FET”) Futures
| Vendor | Front Month | M25 Contract |
|---|---|---|
| Activ Financial / Options Technology | FET/*.CF | FET/25M.CF |
| BarChart | Y9*0 | Y9M5 |
| Bloomberg | FET = FTEA Curncy | FET = FTEA Curncy |
| CQG | FET? | FETM25 |
| DevExperts | /FETM25:XCBF | /FETM25:XCBF |
| DTN IQ | @FET | @FETM25 |
| DTN ProphetX | @FET | @FETM25 |
| Factset | FET.1-USA | FETM25-USA, FETM25-CBF |
| Interactive Data / ICE | F2:FET1C | F2:FETM25 |
| LiveVol | N/A | FETM25 |
| Morningstar | FET0Y | FETM25 |
| PICO | FET/M5 June 2025 | FET/M5 June 2025 |
| Silexx | N/A | FET/M25 |
| Six-Group | FET | FET5M or FETM5 |
| TradeStation | FETM25 | FETM25 |
| Trading Technologies | FET Jun25 | FET Jun25 |
Financially Settled Bitcoin (“FBT”) Futures
| Vendor | Front Month | M25 Contract |
|---|---|---|
| Activ Financial / Options Technology | FBT/*.CF | FBT/25M.CF |
| BarChart | Y7*0 | Y7M5 |
| Bloomberg | FBT = FXBA Curncy | FBT = FXBA Curncy |
| CQG | FBT? | FBTM25 |
| DevExperts | /FBTM25:XCBF | /FBTM25:XCBF |
| DTN IQ | @FBT | @FBTM25 |
| DTN ProphetX | @FBT | @FBTM25 |
| Factset | FBTC.1-USA | FBTCM25-USA, FBTCM25-CBF |
| Interactive Data / ICE | F2:FBT1C | F2:FBTM25 |
| LiveVol | N/A | FBTM25 |
| Morningstar | FBT0Y | FBTM25 |
| PICO | FBT/M5 June 2025 | FBT/M5 June 2025 |
| Silexx | N/A | FBT/M25 |
| Six-Group | FBT | FBT5M or FBT5M |
| TradeStation | FBTM25 | FBTM25 |
| Trading Technologies | FBT Jun25 | FBT Jun25 |
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