In recent years, crimes and crypto have grown inexorably entwined. Crypto crimes rise as its popularity and use cases grow, therefore putting at risk traders and companies alike.
TrendMicro claims that even while the value of crypto transactions received by illegal addresses has reduced to an estimated $24.2 billion, this figure will still develop as more dubious addresses come to light.
Crypto crimes have become so pervasive that the United States has even been pushed to create a task force to combat them and work with other agencies when necessary. And that’s exactly what the US did when it announced its partnership with Nigeria in its efforts to promote digital technologies while responding to the threats of cybercrimes and digital harms.
US Partners With Nigeria To Combat Crypto-Related Crimes
In a press release shared by the US Embassy and Consulate in Nigeria, the US government has formed a Bilateral liaison group. The group aims to address the growing problems related to crypto-related crimes. The US also sees this new group as a testament to the two countries’ partnership.
As part of their new partnership, both countries will collaborate and share information that can help law enforcement track and prosecute criminals. Specifically, the group will focus on criminals involved in crypto-related crimes and identify new strategies along the way.
Partnership To Improve Nigeria’s Campaign Against Crypto Crimes
Experts say that US support will benefit Nigeria’s campaign against crypto crimes. The press release says that the US’ continuing support capacitates the Nigerian government in investigating and pursuing criminals. This latest partnership was announced just a few hours after the Nigerian government released Tigran Gambryam, a Binance executive.
The US Department of Justice’s support complements Nigeria’s colorful crypto industry. Although the government has a clear anti-crypto stance, its local crypto industry continues to grow. Recent data from Chainalysis suggests that the country ranks second to India in crypto adoption. Also, another industry data says that Nigeria has embraced stablecoins.
US Continues To Help As Crypto Crime RisesThe US’s partnership with Nigerian authorities highlights its growing role in the crypto industry. Crypto-related crimes are also growing in the US, continuing to target individuals, businesses, and even the state. According to an FBI report, nearly 90% of reported investment fraud in 2023 is linked to crypto, which translates to $.396 billion in losses.
Even more concerning is the fact that crypto crime has victimized US government. A recent analysis claims that more than $20 million worth of tokens were taken from a hacked US government crypto wallet last Friday. Fascinatingly, hackers returned $19.3 million of the money.
Featured image from iStock.com/designer491, chart from TradingView