Over €1M in Cryptocurrency Seized From Nigeria’s Criminal Gang With Global Network

A new report by the British Broadcasting Corporation (BBC) has revealed that a Nigerian secret cult society, heavily involved in internet scams, has been laundering money through cryptocurrency, particularly Bitcoin. As a result, over €1 million in cryptocurrency has recently been seized from this group.

Between April and July 2024, Interpol raided 21 countries and arrested 300 individuals connected to the dreaded Black Axe group, known for online crimes and maiming individuals in Nigeria, especially in Benin City, Edo State. According to Interpol, the group operates with sophistication and maintains networks across the globe. The recent arrests are seen as a “major blow” to the criminal network, though Interpol warns that the group remains a global threat due to its high level of technological expertise.

In a separate development, Canadian authorities highlighted that a section of the Black Axe movement was busted in 2017, with evidence showing that around $5 billion had been laundered through the group. A 2022 report by Interpol states that Black Axe and similar groups are responsible for the majority of the world’s cyber-enabled financial fraud, along with many other serious crimes.

Many Black Axe members are university graduates, recruited into the group during their studies. These criminals are known for selling stolen PayPal accounts, credit cards, and other financial information, often collecting payment in Bitcoin through platforms like Telegram. Those initiated into the cult often become “Yahoo boys,” a popular term for cybercriminals in Nigeria.

While the government, through the Economic and Financial Crimes Commission (EFCC), has been making efforts to arrest individuals with questionable sources of income, the number of cybercriminals continues to rise. These individuals often flaunt their wealth with exotic cars and pose as musicians or business owners while engaging in internet fraud, known as “Wire-Wire” in Nigeria.

Once they gain access to foreign accounts, they transfer the money to various accounts in Nigeria or sell the information to others, demanding payment in Bitcoin. Some Nigerian bankers are also complicit, accepting money from these cyber fraudsters to shield their activities. A popular method for laundering money involves the use of Opay Bank, a Nigerian banking service where minimal information is required to open an account, allowing fraudsters to move funds discreetly.

Wanted Nigerian Celebrity Scammer Flees to South Africa, Living Lavishly Beyond EFCC’s Reach

A few days ago, Today’s Gazette reported that a wanted Nigerian celebrity allegedly involved in an internet scam has absconded to South Africa, where he lives an extravagant lifestyle out of the reach of the EFCC. The alleged cybercriminal, wanted for fraud, was identified as residing in South Africa after a video surfaced online showing him answering questions from a TikToker.