The Federal High Court, Abuja, Nigeria has convicted a man for being involved in a $1.6 million crypto fraud. According to a local media report, on Thursday, Justice Emeka Nwite sentenced one Benjamin Ikaa to five years imprisonment for illegally taking 26 BTC from his unsuspecting victims.Â
The report indicated that the Economic and Financial Crimes Commission (EFCC) arrested Ikaa for allegedly operating an illicit crypto investment platform. Following his arrest, the crime-fighting commission commenced investigation into the allegation. Consequently, the agency discovered how Ikaa through his dubious crypto investment outlet defrauded victims from South Africa, Norway, the United Kingdom, and Barbados.
More so, upon the conclusion of the investigation, the EFCC charged Ikaa to court. During his trial, Ikaa pleaded guilty to one account of crypto fraud. More so, the prosecuting counsel, Aso Larrys Peter implored the court to convict Ikaa according to the charges leveled against him. On the flip side, the defense counsel, Abel Adaji, prayed to the court to temper justice with mercy.
However, Justice Nwite convicted and sentenced Ikaa to five years imprisonment. The sentencing included a fine option of 5 million naira. Also, the court confiscated some valuable properties belonging to Ikaa. Some of these properties include an iPhone 13 and a Toyota Avalon car, 2013. In a statement, the EFCC revealed that it retrieved $11,000 from Ikaa. The commission went on to vow that it would return the funds to victims of the convict.
Global Effort Against the Use of Crypto For Fraud
The recent conviction of Emmanuel Ikaa highlighted the organized effort of international and local agencies toward stopping the use of cryptocurrency for fraud. It is worth mentioning that the fight against the use of virtual assets for fraud isn’t limited to law enforcement agencies alone. Firms within the crypto space have also joined the fight against the illicit use of cryptocurrency.
Recall that in November 2023, Tether joined forces with OKX and the United States Department of Justice to intercept 225 million USDT used for crypto fraud. According to a Binbits report, the stablecoin issuer intercepted funds belonging to an international human trafficking group in Southeast Asia. In the report, the CEO of Tether, Paolo Ardoino vowed that Tether will not relent in its battle against the illegal use of cryptocurrency.
Similarly, in August, Binance partnered with Taiwan’s New Taipei District Prosecutors Office to kick against the illicit use of cryptocurrency. As part of the collaboration, the crypto exchange organized a seminar to educate at least 70 minors to fight crypto crimes.Â