More than 50 Nigerians have been trained by the USin the fight against crypto crime

The US authorities have trained more than 50 Nigerian investigators and prosecutors in the fight against the organized crime enabled by cryptocurrencies

This was contained in a tweet posted Thursday via the United States Department of Justice’s verified Twitter account.

The training, which was held virtually, focused on improving Nigerian researchers’ ability to research cryptocurrencies.

The webinar was a collaboration with the US Federal Bureau of Investigation. Embassy in Kenya Addis Ababa, the US Embassy in Nigeria and the US government on policies and programs to combat narcotics and international crime.

“@ TheJusticeDept’s #OPDAT @StateINL funded the ICHIPs in @USEmbassyAddis and @USinNigeria and @FBI and @US_AU offered a cryptocurrency fundamentals webinar to more than 50 researchers and prosecutors in Nigeria to demonstrateNigerians’ ability to study cryptocurrencies improve. “The tweet reads.



Cryptocurrencies
Cryptocurrencies are digital or virtual currencies such as Bitcoin and Ethereum and others that can be used to buy goods and services.

They are also marketed for a profit.

Because they are unregulated and do not require physical bank vaults, they provide criminals with a relatively safe haven from which to launder the proceeds of corruption, fraud, drug trafficking, and other heinous crimes.

There are also security concerns among many sophisticated scammers who can hack into digital vaults to steal from their owners.


A study by Whitestream, an Israel-based blockchain analytics firm, viewed Nigeria’s trading hub as a “focus” for crypto fraud from Africa.

Research has shown that many scammers create a lavish life personality that is drawn from the wealth created through cryptocurrency investments to attract unsuspecting victims.


The Central Bank of Nigeria (CBN) banned commercial banks and other financial institutions from trading cryptocurrencies for fear of risk to investments and the wider economy.

crypto

In support of the essence of the ban, CBN’s acting communications director, Osita Nwanisobi, stated in a February statement that the cryptocurrency transaction was not adequately regulated and was prone to financial crime in the country.


The central bank said its decision was based on “the significant risks associated with cryptocurrency transactions: risks of investment loss, money laundering, terrorist financing, illicit cash flows and criminal activity.”