Twenty-eight people were arrested in a West African scam operation supported by Binance and Coinbase, and more than $11 million in funds under consideration for freezing was identified.
In the operation announced by the U.S. Department of Justice, authorities in Ghana and Nigeria targeted criminal networks that included cryptocurrency investment scams. The effort, hosted by the U.K. National Crime Agency (NCA), brought law enforcement together with technology companies and blockchain analytics firms.
Described by the DOJ as its first joint operation of this kind focused on West Africa, the effort included Binance, Coinbase, Chainalysis, Elliptic and TRM Labs. The networks targeted are accused of defrauding people in the U.S. and U.K., as well as in other countries.
Review Underway to Freeze $11 Million in Funds
Private companies identified more than $11 million in funds for possible freezing. Cryptocurrency was also seized during the operation, but the type and total value of the seized assets were not disclosed.
Coinbase said it helped trace illicit funds, freeze assets and provide information to investigators. According to the company, more than 65 ongoing scam victim cases were identified, and potential losses exceeding $415,000 were prevented. TRM Labs said it uncovered a large-scale peer-to-peer money laundering network.
Human Trafficking Dimension of the Operation Also Revealed
Nineteen people were arrested in Sasaabi, near Ghana’s capital, Accra, and 303 electronic devices were seized. Nine people were also arrested in Nigeria. The NCA said 117 human trafficking victims identified in Ghana were awaiting repatriation to Nigeria.
Participants also provided law enforcement with information on more than 30 suspected scam centers. Meta said it had removed more than 3.7 million Facebook and Instagram accounts, pages and groups believed to have primarily targeted Americans and Britons through impersonation.
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