Binance and Coinbase participate in the West Africa anti-fraud operation, identifying $11 million in funds that can be frozen

According to CoinDesk, the U.S. Department of Justice has announced that authorities in Ghana and Nigeria arrested 28 people in an enforcement action against a West African scam network, which involves cryptocurrency investment fraud.

The UK's National Crime Agency (NCA) stated that the operation also uncovered 117 victims of human trafficking in Ghana, who are awaiting repatriation to Nigeria. Private sector partners identified over $11 million in funds that could be frozen.

The operation, hosted by the NCA, brought together tech companies and law enforcement agencies, aiming to combat scam networks targeting citizens of the U.S., U.K., and other countries. The Department of Justice stated that this is the first joint operation focused on West Africa. Cryptocurrency exchanges Coinbase and Binance, as well as blockchain analytics firms Chainalysis, Elliptic, and TRM Labs, were all involved.

Coinbase stated that it assisted in tracking illegal funds, supporting asset freezes, and providing intelligence to investigators, identifying over 65 active scam victims and preventing potential losses of over $415,000. TRM Labs claimed it uncovered a large-scale peer-to-peer money laundering network. In the Sasaabi region of Ghana, authorities arrested 19 people and seized 303 electronic devices; Nigeria arrested another 9 people. Meta reported that it has removed over 3.7 million Facebook and Instagram accounts, pages, and groups, most of which targeted Americans and Brits through impersonation tactics. Law enforcement also received leads on over 30 suspected scam centers.