In recent years, crimes and cryptocurrency are inexorably intertwined. Crypto crimes are on the rise as its popularity and use increase, putting both traders and businesses at risk.
TrendMicro claims that even though the value of crypto transactions received through illegal addresses has dropped to an estimated $24.2 billion, this figure will still evolve as more questionable addresses come to light.
Cryptocrimes have become so pervasive that they have even prompted the United States to create a task force to combat them and collaborate with other agencies as necessary. And that’s exactly what the US did when it announced this partnership with Nigeria in its efforts to promote digital technologies while responding to the threats of cybercrime and digital harm.
Image: The Cyber Express
US partners with Nigeria to combat crypto-related crimes
In a press release shared by the U.S. Embassy and Consulate in Nigeria, the U.S. government has formed a bilateral liaison group. The group aims to tackle the growing problems associated with crypto-related crimes. The US also sees this new group as a testament to the partnership between the two countries.
As part of their new partnership, both countries will work together and share information that can help law enforcement track down and prosecute criminals. The group will specifically target criminals involved in crypto-related crimes and identify new strategies along the way.
BTCUSD trading at $67,120 on the daily chart: TradingView.com
Partnership to Enhance Nigeria’s Campaign Against Crypto Crimes
Experts say US support will benefit Nigeria’s campaign against crypto crimes. The press release said continued US support will enable the Nigerian government to investigate and prosecute criminals. This latest partnership was announced just a few hours after the Nigerian government released Tigran Gambryam, a Binance executive.
Source: Chainalysis
The support from the US Department of Justice complements Nigeria’s colorful crypto industry. Although the government has a clear anti-crypto stance, the local crypto industry continues to grow. Recently data from Chainalysis suggests that the country is second only to USA in crypto adoption. Other sector data also shows that Nigeria has embraced stablecoins.
The US continues to help as crypto crime increases
The US partnership with Nigerian authorities highlights the growing role of the US in the crypto industry. Crypto-related crimes are also growing in the US and continue to target individuals, companies and even the state. According to one FBI reportNearly 90% of reported investment fraud in 2023 is related to cryptocurrencies, translating into losses of $0.396 billion.
Even more worrying is the fact that crypto crime has hit the US government. A recent analysis claims that more than $20 million worth of tokens were removed from a hacked US government crypto wallet last Friday. Fascinatingly, hackers returned $19.3 million of the money.
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