(DDM) – Nigeria’s Economic and Financial Crimes Commission (EFCC) has announced a major crackdown on cryptocurrency-related fraud using cutting-edge technology, including blockchain analytics and digital forensic tools.
Diaspora Digital Media (DDM) gathered that the initiative aims to trace illicit funds, disrupt criminal networks, and bring perpetrators of digital financial crimes to justice.
The EFCC noted that the rise of cryptocurrency scams has created significant financial risks for Nigerians, with victims losing millions of naira to online fraudsters operating both locally and internationally.
Officials emphasized that blockchain analysis allows investigators to track the movement of digital assets across wallets, exchanges, and peer-to-peer platforms, providing evidence previously difficult to obtain.
The commission also highlighted the importance of artificial intelligence and machine learning in identifying suspicious transactions and predicting fraudulent activity patterns.
EFCC operatives have reportedly already used the technology to uncover multiple ongoing crypto fraud schemes, leading to arrests and asset seizures.
Authorities say the integration of advanced tech tools enhances the agency’s efficiency, reduces investigative delays, and strengthens Nigeria’s legal capacity to prosecute financial crimes in digital currencies.
The commission further warned that criminals exploiting cryptocurrencies will face heightened surveillance and that regulatory collaboration with banks, fintech firms, and international partners is critical.
Crypto experts and financial analysts have welcomed the development, arguing that technology-driven monitoring will restore public confidence in digital finance and prevent large-scale losses.
The EFCC reiterated that the campaign is part of a broader strategy to modernize financial crime investigation and to align Nigeria with global best practices in digital security enforcement.
Observers note that cryptocurrency fraud in Nigeria has been rising sharply, with scams ranging from Ponzi schemes to phishing attacks targeting unsuspecting investors.
The new technology also enables the EFCC to trace cross-border fund transfers and coordinate with foreign agencies to apprehend international syndicates.
Officials said the public is encouraged to report suspicious crypto activities and exercise caution when engaging in online investments, as fraudsters continue to innovate rapidly.
The commission’s spokesperson emphasized that enforcement will combine technological capability with legal action, ensuring that arrested individuals face full prosecution under Nigerian law.
Financial authorities hope this initiative will act as a deterrent to cybercriminals, signaling that Nigeria is capable of policing both traditional and digital financial markets.
For now, the EFCC remains committed to protecting investors, safeguarding economic integrity, and ensuring that technological advancement in finance does not become a loophole for criminal exploitation.
Experts predict that the adoption of such technologies could serve as a model for other African nations grappling with crypto-related financial crimes, positioning Nigeria as a leader in digital crime prevention.
The commission continues to urge vigilance among citizens while promising more aggressive actions in upcoming months to clamp down on the rising menace of cryptocurrency fraud.