Police Arrest 20 Individuals in Namibia for Running a Crypto Scam
In Namibia, 20 people, including 11 Chinese nationals, have been arrested for their involvement in a cryptocurrency scheme known as “pig butchering.” The accused face charges ranging from human trafficking and fraud to money laundering and tax evasion. More than 200 victims, both individuals and corporations, have been identified so far.
Recruitment of Young Namibians
The scammers recruited over 80 young Namibians, promising them a monthly salary of $160 (N3,000 in local currency). The foreign nationals controlled the electronic wallet used in the scam and provided accommodation for the recruits. The young Namibians worked exclusively at night to convince US clients that they were operating from the USA.
Operating the Scam
The scammers would convince victims to invest in their scheme before abruptly cutting off communication. They would then withdraw the cryptocurrency at Bitcoin Kiosks. As a result of the arrests, authorities seized 163 computers, 350 mobile phones, six vehicles, 12 firearms, ammunition, and nearly $19,500 in cash.
Fate of Young Namibians
The young Namibians who were used by the scammers may either be charged or testify against them. Deputy Inspector General Elias Mutota stated that they will be held accountable for their involvement in the scheme.
Hot Take: Combating Crypto Scams is Crucial to Protecting Investors
Scams like the “pig butchering” cryptocurrency scheme highlight the importance of law enforcement agencies cracking down on fraudulent activities in the crypto space. It is essential to protect investors from falling victim to such scams and ensure that those responsible are held accountable. Governments and regulatory bodies must work together to implement stringent measures to prevent and deter these illegal activities. By doing so, they can create a safer and more secure environment for cryptocurrency users and investors.
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