Police in Ghana and Nigeria have arrested 28 people in a first-of-its-kind joint sweep on crypto scam networks, with Binance and Coinbase helping to flag $11 million in funds for a possible freeze. The networks targeted investors in the US, UK and other countries through fake crypto investment schemes.
• 28 people were arrested in Ghana and Nigeria; 19 arrests in Sasaabi near Accra came with 303 seized devices.
• Binance, Coinbase, Chainalysis, Elliptic and TRM Labs helped trace funds; partners flagged over $11 million that could be frozen.
• Meta removed more than 3.7 million scam accounts, pages and groups, and investigators got leads on 30+ suspected scam centers.
The US Department of Justice described the crackdown as the first joint operation of its kind focused on West Africa, and the UK's National Crime Agency hosted the effort that brought police and tech firms together. Coinbase says it traced dirty funds, supported asset freezes and shared intelligence with investigators — it found more than 65 active scam victims and stopped over $415,000 in likely losses. TRM Labs says it exposed a large peer-to-peer laundering network during the operation.
What does it mean for traders?
The human cost behind the raids is heavy. Officials also found 117 trafficking victims in Ghana who are waiting to be sent back to Nigeria, a reminder that many scam centers run on forced labor as well as stolen money. The $11 million figure covers funds flagged for a possible freeze, not money already recovered, and partners also reported crypto seizures without giving a value.
For everyday traders, the sweep shows how the scam fight is changing. Exchanges and analytics firms now sit inside police operations from the start, tracing coins in real time instead of reacting after victims complain. Meta's removal of 3.7 million accounts in one sweep also shows how much of the fraud begins on social media, with fake profiles pushing "guaranteed profit" schemes at American and British users.
The risk is far from gone — investigators now hold leads on more than 30 suspected scam centers, and Q3 crypto hacks already cost investors about $1.18 billion. Traders should treat any offer of guaranteed returns as a red flag, check that a platform is properly licensed, and never move money because a stranger on social media says to. Big sweeps help, but the next fake scheme is usually already online.
— Crypto News Daily News Desk
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: CoinDesk
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