An assessment of convicted cryptocurrency fraudsters

Kaina Habila Garba, Suleman Lazarus, Mark Button

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Abstract

We examine cryptocurrency fraud cases prosecuted by Nigeria's Economic and Financial Crimes Commission (EFCC). We considered the lens of the Space Transition Theory (STT) in exploring the dynamics of these digital crimes. Our data analysis reveals common types of fraud, including cryptocurrency investment schemes. The results show an exclusive male demographic (100%), with the majority under 30 years old and only a quarter possessing a degree, providing insights into the socio-demographic characteristics of cryptocurrency fraudsters. Additionally, while most fraudsters (55%) targeted victims in the United States, Bitcoin, leveraging blockchain technology, was the most commonly used method (46%) for cryptocurrency fraud. Our examination of the methods and mediums used for cryptocurrency fraud supports some aspects of STT, while others do not. We advocate for a multifaceted strategy that prioritises stringent regulation, implementation, and heightened scrutiny of digital currency ecosystems in Nigeria and beyond. This study contributes to the broader discourse on cybercrime prevention and enforcement by emphasising the novel methodological approach utilised.
Original languageEnglish
Number of pages17
JournalCurrent Issues in Criminal Justice
Early online date18 Sept 2024
DOIs
Publication statusEarly online - 18 Sept 2024

Keywords

  • Bitcoin
  • blockchain technology
  • cryptocurrency scams
  • Nigeria
  • online fraud
  • Western victims
  • Yahoo boys
  • convicted cases
  • West African scammers
  • Economic and Financial Crimes Commission (EFCC)

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