Connect with us

Crypto

'Disturbing surge in cryptocurrency fraud' led by young, tech-savvy Nigerian men

Published

on

'Disturbing surge in cryptocurrency fraud' led by young, tech-savvy Nigerian men
Bitcoin fraud trap

(© 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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Crypto

120% growth! Bitcoin outperformed most asset classes last year — will the momentum sustain for cryptos in 2025? | Stock Market News

Published

on

120% growth! Bitcoin outperformed most asset classes last year — will the momentum sustain for cryptos in 2025? | Stock Market News

Bitcoin, the world’s biggest cryptocurrency, demonstrated 120 per cent growth in 2024, outperforming most asset classes. However, its record-breaking run slowed at the end of 2024 and into the New Year 2025, leading to the token’s first monthly drop since August 2024, according to a Bloomberg report.

Bitcoin slipped 3.2 per cent in December as investors began cashing profits following the sustained rally in the lead-up to the inauguration of Donald Trump as the 47th president of the United States on January 20, 2025. 

Bitcoin Outperformed Gold, Equities

The Trump-backed crypto fever pushed Bitcoin to an all-time high of $108,315 mid-December before US Federal Reserve decisions cooled the high. Still, the cryptocurrency has notched a 120 per cent gain through 2024, outperforming gold and global equities, as per the report. Bitcoin has also more than doubled in 2023 in a “comeback,” the report added. Interestingly, cocoa was among the few assets that beat even the crypto comeback.

And while investors and market watchers largely dipped into the Bitcoin pie, other crypto tokens also saw an influx. Meme-favourite Dogecoin rose 253 per cent—for example, a $10,000 investment in the token would have netted one $35,345 in return.

New All-time Highs?

  • Edul Patel, CEO and co-founder, Mudrex, told Livemint that the outlook for 2025 is “even more promising” than 2024 due to the pro-crypto leadership at the SEC, CFTC, and the US White House working towards crypto-friendly regulations. “With better regulatory clarity from the US, the institutional interest in crypto is set to get stronger, bringing in higher inflows into the ETFs. On the other hand, countries like China, Canada, EU nations, and the Middle East are easing restrictions, creating a healthy environment for wider crypto adoption. These developments create a strong pipeline for the crypto industry, making 2025 a critical year in taking crypto investing mainstream. As adoption increases and the market matures, Bitcoin could potentially reach $150,000 by the end of the year, creating new milestones for the industry,” he added.
  • Dr Sujata Seshadrinathan, Director of IT and Process, Basiz Fund Services, told Livemint she sees expectations from analysts for Bitcoin reaching life-time highs of $190,000-$200,000 in 2025. The Indian markets, she felt will see some large crypto trading platforms re-entering with due compliance to relevant government regulations. “Overall, 2025 could see regulatory clarity and protocols being established for the use of cryptocurrencies. This will mean moderation and controlled fluctuations in prices, with investor protection and institutional adoption moving well ahead on an upward trajectory,” Dr Seshadrinathan said.
  • Kumar Gaurav, founder of Cashaa, speaking to Livemint echoed sentiments of Bitcoin surpassing the $150,000 level. “In 2025, I expect Bitcoin to conservatively surpass at least $150,000, fueled by increased institutional adoption, the approval of spot ETFs, and its strengthening role as a hedge against economic uncertainties,” he said. Gaurav also anticipates growth in the broader crypto markets and an increase in real-world applications. “I believe 2025 will mark a transformative year for crypto, positioning it as a cornerstone of the global financial system and accelerating mass adoption,” he stated.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

Advertisement
Continue Reading

Crypto

Best Crypto Wallets to Buy New Cryptocurrency Assets Pre Launch

Published

on

Best Crypto Wallets to Buy New Cryptocurrency Assets Pre Launch

The possibility of a mega bull run happening this year has rekindled investors’ interest in the crypto market. 

The previous year – 2024 – was remarkable for cryptocurrency, with Bitcoin and top altcoins like Solana, Ethereum, XRP, and even Pepe achieving new heights. 

In fact, at the peak of the positive market outlook, Bitcoin crossed the monumental $100k milestone and even reached a new peak of $108k before a retracement. 

Stepping into 2025, the crypto market is expected to build on this strong momentum, with experts projecting a bigger and prolonged bull run than the one witnessed in the fourth quarter of 2024. 

However, as the escalating momentum of the next bull run continues to shake up the entire market, the spotlight is gradually shifting from Bitcoin and other well-established cryptos like Ethereum and shining on new cryptocurrency assets with high-growth potential. 

Advertisement

This is no surprise as these new cryptocurrency assets present a bigger opportunity for investors to maximize the bull run and optimize their returns. 

That being said, finding the right new crypto launches can sometimes be difficult, given the complex nature of the industry and the fact that there are thousands of options available. 

With this in mind, we identify the best wallets to find and buy new cryptocurrency assets before they go mainstream. 

Best Crypto Wallets to Buy New Cryptocurrency Assets 

For those looking to gain early exposure to new cryptocurrency assets, here are the two top wallets to try out: 

Best Wallet

Thanks to its groundbreaking “Upcoming Tokens” feature, Best Wallet has fully changed how investors have long interacted with assets still in their pre-launch stages. This standout functionality, which is powered by its presale aggregator, simplifies the whole process of finding and investing in highly promising new cryptos. 

Advertisement

At its core, Best Wallet’s “Upcoming Tokens” feature filters legitimate pre-launch cryptos, presales, and even new direct-to-DEX launches and alerts investors so that they can get in early and make the most profit.

More so, through the industry-standard feature, users are able to access important information about each of the featured projects, especially their tokenomics, roadmap, pricing, and many more, eliminating all the hurdles in finding the right investment opportunities. It also provides countdowns and handy notifications on upcoming events like DEX launch so that investors can be abreast of deadlines. 

To streamline investors’ experience and ensure that they do not end up on fake websites, Best Wallet, through its “Upcoming Tokens” mechanism, also makes it possible to buy these new cryptocurrency assets within the app with just a few clicks. There is also a robust portfolio facility where investors can effectively manage and grow their new tokens in a single app. 

With the next bull run likely to unfold this year, there may not be a better time than now for investors to download the Best Wallet app and maximize its “Upcoming Tokens” functionality to strengthen their portfolios. 

Since the addition of the innovative feature to the wallet app, Best Wallet has been consistent in identifying high-potential projects for investors, with some of the recent features, especially Pepe Unchained and Catslap emerging among the top performers. 

Advertisement

Pepe Unchained, a Pepe-inspired meme coin with a Layer-2 functionality, became the biggest crypto presale of 2024, having raised over $73 million from early movers. Following its Uniswap listing, the token exploded on the price charts, crossing the $500 million market valuation benchmark within a few days before a dip. With major CEX listings still on the way for the token, experts say $PEPU could achieve the billion-dollar market cap milestone this year. 

Similarly, Catslap also started blowing up following its debut, registering a parabolic price pump of more than 5000% within the first three days. While it took a slight dip, it still holds a 500% return from its launch price. 

Advertisement

Overall, the impressive performances of these two projects speak to the ability of Best Wallet and its groundbreaking tool in spotting promising early-stage projects before they gain mainstream attention. 

Now, active ICOs on the platform such as Wall Street Pepe (WEPE) and (SOLX), are even showing signs of following similar paths. WEPE, for instance, has already surpassed the $40 million mark in its presale, solidifying its position as one of the most in-demand new tokens on the market. Solaxy, on the other hand, just hit $8 million, underscoring investors’ confidence in its potential. 

There is also the Best Wallet Token $BEST – the core currency of Best Wallet itself – which has been causing heavy waves since landing on presale. What sets this token apart from other wallet cryptos is the tangible value and various benefits tied to it. 

Advertisement

According to its whitepaper, holding $BEST guarantees exclusive access to early-stage projects at stage 0, higher staking rewards, low transaction fees, airdrops, and many more. This high-rewarding aspect of the token has significantly boosted its appeal among investors, allowing it to raise over $6 million in presale. 

Meanwhile, with the platform on track to capture 46% of the non-custodial wallet market in 2026 – thanks to its innovative offerings spanning secure and decentralized storage, multichain functionality, iGaming segment, and the viral “Upcoming Tokens” tool – $BEST is poised for steady growth in the coming years. 

Visit Best Wallet

Phantom 

Phantom is another ideal place to discover new and trending cryptocurrency assets. Through its “Trending Tokens” feature, Phantom curates a list of top trending crypto launches so that investors can gain access to them quickly and with ease. 

Advertisement

Investors can filter by chain or other metrics that matter to them to find the next investment opportunity that’s trending among Phantom users. Some of the factors determining the tokens featured on the “Trending Tokens” tool include trading volume, price performance, social media mentions, and many more. There are also charts accompanied by various price data, settings for possible slippage, real-time updates, and everything investors may need to enter new trades.  

For those looking for brand new meme coins, especially the ones launched on the fast-growing Solana blockchain, Phantom is one of the most popular spots to find them. The Web3 wallet provides direct access to Pump.fun, allowing investors to discover and buy meme tokens just minutes after their launch. 

More so, to guarantee users’ safety, it has an active token filter that ensures that only genuine projects are showcased. This attribute of Phantom helps widen the visibility and exposure of new cryptos among potential traders. 

Besides, don’t forget that Phantom showcased PENGU and FARTCOIN, two new Solana meme coins that later became the talk of the crypto town. Both tokens have continued to turn heads with their astonishing performances which propelled many early investors into millionaires. 

Those who invested in Fartcoin at its earliest stage, for instance, saw approximately 100x returns on their initial investments after the flatulence-inspired token suddenly hit the $1 billion market valuation, reinforcing Phantom’s position as one of the best crypto wallets to find and buy new cryptocurrency assets with strong growth potential. 

Another major selling point of this non-custodial Web3 wallet is its in-wallet staking feature which allows users to stake SOL and earn attractive annual percentage yields. Also, it facilitates seamless token swaps across multiple chains, including Base, Ethereum, Solana and Polygon. 

Advertisement

As the crypto market begins a new chapter in 2025, Phantom is more likely to retain its relevance as the prime destination for investors looking to capitalize on fresh launches. 

Bottom Line

While investing in new cryptocurrency assets can be risky, finding the right ones can bring massive ROI to investors. 

Therefore, for those hunting for tokens in this category, one of the most reliable ways to discover them is by getting started with versatile wallet solutions like Best Wallet. 

This top-tier wallet leaves no stone unturned to ensure that investors gain exposure to genuine and high-potential new cryptos alone. So far, its “Upcoming Token” feature has hosted viral presales like Pepe Unchained which eventually electrified the meme coin market with its explosive debut. 

With active features like Wall Street Pepe and Solaxy currently generating significant buzz, investors looking to amplify their returns with early-stage projects are encouraged to download the Best Wallet app and explore the “Upcoming Tokens” feature. 

Advertisement

Visit Best Wallet

Continue Reading

Crypto

Bears, Bulls and Regulations Shape Crypto’s 2025 Aspirations | PYMNTS.com

Published

on

Bears, Bulls and Regulations Shape Crypto’s 2025 Aspirations | PYMNTS.com

The global cryptocurrency market is capitalized at over $3 trillion. Much of that value is concentrated at the top, among a few key digital tokens.

Bitcoin, as the first and most widely recognized cryptocurrency, plays a central role in the sector’s valuation, commanding a substantial share. At its highest, bitcoin’s market capitalization has approached $2 trillion, representing roughly two-thirds of the landscape’s overall market value.

Bitcoin topped $100,000 as 2024 came to a close, but has skidded down double digits from its peak of over $108,000 around two weeks ago.

This concentration of value at the top has implications for the overall market’s volatility, innovation and the evolution of altcoins, with bitcoin often setting the tone for broader market trends. It also raises questions about the future of crypto market dynamics as new technologies and use cases continue to emerge.

With the news that the Tether stablecoin’s (USDT) market cap fell more than 1% to $137.24 billion this week, the largest decline since the crash of the FTX exchange in November 2022, understanding the impact of regulations on the marketplace is becoming crucial for businesses looking to capture efficiencies and advantages from the use of tokens such as stablecoins.

Advertisement

After all, USDT is supposed to maintain a stable, flat value of $1. As of reporting, the stablecoin is a smidge below that value, sitting at $0.9993. The decline comes after several European Union-based crypto exchanges removed USDT due to compliance issues with the EU’s Markets in Crypto-Assets (MiCA) regulation that took full effect on Dec. 30 (the actual law around stablecoins kicked in six months ago).

Per the MiCA regulations, stablecoin issuers must hold an e-money license in at least one EU member state in order to operate across the 27-nation bloc. Tether, which has faced controversy throughout its history, has yet to apply for an e-money license.

Read more: What Was Crypto’s Biggest 2024 Story? Hint: It Wasn’t Named Elon

The Role of Institutional Adoption 

In 2025, the cryptocurrency market may find itself at a crossroads. If the bulls are right, the industry could see substantial growth, with more institutional investment, regulatory clarity and real-world use cases for cryptocurrencies. However, if the bears prevail, we may witness a volatile market, regulatory crackdowns and a continued struggle to overcome the technology’s shortcomings.

The bullish optimism surrounding institutional adoption is one of the strongest driving forces. In 2025, financial institutions, banks and even central banks are expected to play a significant role in legitimizing cryptocurrencies. Global financial giants are already eyeing blockchain for solutions like cross-border payments and settlement systems, providing liquidity for crypto markets and solidifying their utility in traditional finance.

Advertisement

Stablecoins — digital currencies pegged to traditional assets like the U.S. dollar — are likely to become a common mode of transaction. With major players in FinTech, like PayPal and Visa, already integrating cryptocurrencies into their platforms and experimenting with stablecoins, real-world use cases could soon be as easy as tapping a credit card.

Read also: Why Banks Might Want to Have a Blockchain Strategy

The Bearish Argument: Volatility, Regulatory Shadows

Perhaps the biggest concern for crypto’s future is government regulation. The lack of clear rules around cryptocurrencies has been a major deterrent for mainstream adoption.

PYMNTS covered on Nov. 25 how cryptocurrencies, and more specifically their underlying blockchain technologies, have gone from a solution in search of a problem to a solution in hopes of some regulatory clarity. Of course, that clarity may come when cryptocurrency companies and other firms embrace and invest in, rather than resist, appropriate guardrails for their industries.

The dynamic situation at home in the U.S. has even led to people like venture capitalist Marc Andreessen arguing that banks are cutting ties with customers on the political right, or with industries such as the cryptocurrency sector.

Advertisement

Writing about the issue earlier this month, PYMNTS argued that while Andreessen’s claims might resonate with the frustrations held by many corners of the cryptocurrency and FinTech sectors, the reality could be far more nuanced than a political assault on those industries.

“After all, innovation typically moves faster than regulation, and the growing strain between traditional banks and future-fit FinTech and crypto firms can also be in part chalked up to the inevitable consequence of outdated regulatory frameworks, stricter know your customer (KYC) and anti-money laundering (AML) standards, as well as heightened fraud risks,” that report said.

Continue Reading

Trending