Nigerian investigators receive crypto training from the FBI

crypto training

TL;DR Breakdown

• Crypto scams in Nigeria have been prevalent in the city of Lagos.
• The crypto training aims to promote the virtual market regulations in Africa.

Many countries have recently accepted cryptocurrencies as part of their economy. The government of the United States is training more than 50 Nigerian investigators to battle crypto crimes such as drug trafficking, money laundering, and scams, among others.

The FBI is working with the ICHIP in Abuja in Nigeria, West Africa, and Addis Ababa in Ethiopia, East Africa, respectively. Organizations create online seminars that talk about cryptocurrencies and all their possible illegalities in the virtual market.

Crypto training: How good is it?

crypto training

The FBI, the American embassy in Nigeria, and the American embassy in Kenya are working together to help Nigerian investigators receive crypto training. The training goal is to prevent money laundering that somehow drives drug trafficking in the region.

The entire crypto training focuses on combating crypto scams and verifying illegal activities such as money laundering. Nigeria, Kenya, and Ethiopia are among the countries in Africa where cryptocurrencies are being used significantly. Crypto crimes in the African region have increased over the year, so the North American authorities are trying to act on this development.

The latest AfriCrypt platform scam fueled these seminars. According to reports, over 3,000 investors were affected by this cryptocurrency platform that purportedly offered high returns. The individuals responsible for this crypto scam have not yet been found, so the case is open.

Excessive crypto scams in the African region

Crypto scams have increased in recent months due to crypto platforms in the African region not being regulated. Cryptocurrencies like Bitcoin allow scammers to launder money as well as aid drug trafficking, fraud, corruption, and other crimes. However, with the US crypto training in the region, these heinous crimes are expected to decrease.

According to the agency Whitestream, which is in charge of analysis on the Blockchain network, Lagos, a city in Nigeria, predominates in crypto scams. The analysis determined that at least four crypto scams have been successfully formalized from within the city. The scam method used by Nigerians is to encourage people on social media to invest in fake companies.

South Africa was the center of the crypto super-scam with the MTI platform trend throughout 2020. These crypto training seminars in Nigeria, South Africa, Ethiopia, and Kenya are expected to start in September.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

Related News

Hot Stories

Starfish Finance Proposes DeFi-NFT Convergence on Polkadot
Dogecoin price analysis: DOGE slowly continues sideways, retests $0.06
Cardano price analysis: ADA finds support at $0.4300; where is the asset headed next?
ChainLink price analysis: LINK shows consistency at $7.7
Spanish telco announces Web3 adoption

Follow Us

Industry News

Spanish telco announces Web3 adoption
The Sandbox and HSBC flop show
Is Coinbase listing LUNC?
Big news for Facebook and Instagram crypto community.
Another pro-crypto news from Blackrock. This time it is for Europe markets