The US government recently helped through the FBI to conduct training aimed at enhancing the capacities of Nigerian cryptocurrency investigators, the US Mission to Nigeria (USMN) said. Over 50 Nigerian investigators and prosecutors participated in the exercise.

Understand the trends

In its August 25 tweet, the USMN revealed that the training exercise was conducted in collaboration with Addis & Abuja’s International Computer Hacking & IP Attorney Advisers (ICHIP). The mission also explained what investigators learned from the exercise.

“Trainers shared patterns and trends in the criminal use of cryptocurrency and described the different ways that criminal companies use cryptocurrencies,” the US Mission Nigeria explained in the tweet.

This collaboration between the FBI and Nigeria comes from the fact that Nigeria continues to grapple with the numerous incidents of crypto-related crimes. Although Nigeria has had success in combating some crypto fraud cases or arresting masterminds like Omotade-Sparks Amos Sewanu of Inksnation’s infamous crypto-Ponzi scheme. However, many cryptocurrency-related crimes in this country remained unsolved.

High number of crypto fraud cases

The high number of crypto fraud cases in Nigeria in the past has prompted bodies such as the Nigeria Securities and Exchange Commission to issue public warnings or advice that discourage crypto-related activities. However, despite these warnings or the restrictions imposed by the central bank, Nigerian interest and use of cryptocurrencies continues to grow.

However, after the training exercise, officials hope to turn the screws on criminals who have made Nigeria a safe haven for crypto fraudsters so far.

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