- A self-proclaimed “crypto billionaire” has been arrested in Nigeria.
- Linus Williams faces fraud and terrorism charges.
As a seasoned crypto investor and someone who has closely followed the Nigerian cryptocurrency scene for years, I find the recent arrest of Linus Williams, the self-proclaimed “crypto billionaire,” both shocking and concerning.
As a crypto investor, I’ve been closely following the developments in the Nigerian crypto scene, and I’m thrilled to share that after extensive investigations, the Nigerian authorities have announced the arrest of an individual who has been claiming to be a cryptocurrency billionaire.
As a financial crime analyst, I’ve identified Linus Williams as a person of interest due to his involvement in several illicit activities concerning cryptocurrencies. Specifically, he has been linked to cases of fraudulent transactions, suspected terrorism financing, and non-compliance with legal requirements related to these digital assets.
Crypto billionaire faces terrorism charges
Reporting on the arrest, the force’s public relations officer, Muyiwa Adejobi, confirmed on X that,
The FCID (NPF-NCCC) is presently looking into allegations made against BLORD GROUP, BLORD REAL ESTATE LTD, BLORD JETPAYE LIMITED, and BILLPOINT TECHNOLOGY.
He affirmed,
“The accused is facing charges for various offenses, such as cryptocurrency scams, facilitating internet fraud, involvement in computer-based deceit, financing terrorism, and disregard for regulatory guidelines.”
Based on authoritative sources, Linus Williams is alleged to have used his business, Blord Group of Companies, to finance terrorist activities and engage in fraudulent practices.
Cryptocurrency crimes in Nigeria
As a crypto investor, I’ve noticed an alarming trend over the years. Nigeria, unfortunately, has gained a reputation for being a hotbed of cybercrime, with a significant portion of these illicit activities centered around cryptocurrencies.
According to Chainalysis’ findings, there was a significant increase in cryptocurrency-related criminal activities in Nigeria between the years 2018 and 2023. The total value of these crimes reached an astounding $39.6 billion in 2022, followed by $24.2 billion in 2023.
Hushpupi received a prison sentence of 11 years from the US District Court following his conviction for carrying out cyber fraud schemes, which encompassed school funding as well as business email scams.
Mr. Woodberry admitted guilt for wire fraud and relinquished the $8M in ill-gotten gains and lavish possessions that came from this offense.
With the rising use and fame of cryptocurrencies, fraudsters and criminals have seized the opportunity to misappropriate funds from unsuspecting individuals.
Poor regulations aiding crime?
Significantly, Williams, who refers to himself as a crypto billionaire, has enjoyed a lavish lifestyle without any publicly acknowledged sources of income.
According to the findings in the report, notable figures in Nigeria’s cryptocurrency sector failed to identify him as a trader or investor.
Multiple rumors allege that Linus was actively involved in cryptocurrency trading platforms where USDT (Tether) could be acquired. Additionally, it’s claimed that he purchased Bitcoin (BTC) using local currency.
In Nigeria, it’s against the law for such an activity to take place. Major cryptocurrency exchanges do not support trading crypto pairs with the Nigerian Naira.
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2024-07-17 17:12