A Conviction for P2P Crypto Trader Involved in a Pig Butchering Scam
A Nigerian court has recently convicted and fined a peer-to-peer cryptocurrency trader for engaging in a fraudulent activity known as a “pig butchering scam.” The trader, Lawrence Success Karinate, was found guilty of a computer-related fraud offense by Justice Nicholas Oweibo of the Federal High Court. As a result, Karinate has been ordered to pay a fine of $257.90 or N200,000.
Offense Related to Cybercrimes
The Economic and Financial Crimes Commission (EFCC), the anti-corruption body that prosecuted the case, stated that the crime committed by Karinate falls under the category of cybercrimes. According to the EFCC, this offense is in violation of Section 22(2)(b) of the Cybercrimes (Prohibition etc.) Act, 2015.
Unveiling the Pig Butchering Scam
The EFCC provided details about how Karinate operated the pig butchering scam. According to their statement, Karinate posed as a female fashion influencer named “Jessie Randall” on social media platforms in order to defraud unsuspecting members of the public. This fraudulent activity took place sometime in 2023 and is punishable under Section 22(2)(b) of the Cybercrimes (Prohibition etc.) Act, 2015.
Karinate was arrested by EFCC operatives on May 26, 2023, in the Lekki area of Lagos State. During his arrest, they recovered a mobile phone that he had used for carrying out the scam. The EFCC revealed that Karinate confessed to making $2,000 from this fraudulent scheme.
Hot Take: Conviction Highlights the Need for Vigilance
This recent conviction of a P2P crypto trader involved in a pig butchering scam serves as a reminder of the importance of remaining vigilant and cautious while engaging in cryptocurrency transactions. It also highlights the necessity for authorities to crack down on cybercrimes and protect individuals from falling victim to fraudulent activities. As the crypto market continues to grow, it is crucial for users to exercise due diligence and be wary of potential scams or fraudulent schemes.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.