A recent study by the University of Surrey, in partnership with Nigeria’s Economic and Financial Crimes Commission (EFCC), reveals that cryptocurrency fraud in Nigeria is overwhelmingly carried out by young men, with males accounting for all convicted offenders and nearly two-thirds of them under 30. Over half (55%) of these cases target victims in the United States, illustrating a troubling cross-border crime trend.

The analysis highlights a growing wave of young, tech-savvy criminals leveraging digital currencies to execute sophisticated fraud schemes, making enforcement a major challenge. 

Dr. Suleman Lazarus, co-author and cybercrime specialist at the University of Surrey, pointed out the urgent need for global collaboration to address the issue, noting, “Our findings expose a surge in cryptocurrency fraud, led by a generation of male offenders using online platforms and digital currencies to conduct high-stakes crimes with global reach.”

The study involved a comprehensive review of case files, which revealed that platforms such as Facebook (27%), Gmail (22%), and Instagram (14%) are frequently used to contact and deceive victims. Notably, Bitcoin is the cryptocurrency of choice for nearly half (46%) of these schemes, complicating efforts to trace and recover stolen funds due to its inherent anonymity.

Financial gains from these scams vary widely, from as little as $1,000 to as high as $475,000 in cash, with some fraudsters accumulating up to 1,200 Bitcoin—worth an estimated $81.96 million. Contrary to the assumption that technical sophistication requires advanced education, only about 25% of the convicted fraudsters held a degree.

Dr. Lazarus emphasizes that the popularity of digital currencies calls for heightened awareness among law enforcement, policymakers, and the public to combat this evolving financial threat.