Nigerian ‘crypto billionaire’ arrested over fraud and funding terrorism charges

• A self-proclaimed “crypto billionaire” has been arrested in Nigeria.
• Linus Williams faces fraud and terrorism charges.

After long investigations, Nigerian police have confirmed the arrest of a self-proclaimed crypto billionaire.

The individual, Linus Williams, has been on the police radar for various cryptocurrency-related crimes such as fraud, terrorism financing, and failure to comply with legal standards.

Crypto billionaire faces terrorism charges

Reporting on the arrest, the force’s public relations officer, Muyiwa Adejobi

“The FCID (NPF-NCCC) is currently investigating complaints lodged against BLORD GROUP, BLORD REAL ESTATE LTD, BLORD JETPAYE LIMITED, and BILLPOINT TECHNOLOGY.”

He affirmed,

“These offenses include allegations bothering on cryptocurrency fraud, aiding internet fraud, computer-related fraud, terrorism funding, and non-compliance with regulatory frameworks.”

According to official reports, Linus Williams committed crimes of funding terrorism and fraud through his company, Blord Group of Companies.

Cryptocurrency crimes in Nigeria

Over the years, Nigeria has become the hub of cyber crimes, especially those involving crypto to commit fraud and other illegal activities.

As reported by Chainalysis, the period between 2018 and 2023 saw a spike in cryptocurrency crimes in Nigeria, with crimes worth $24.2b in 2023 and $39.6b in 2022.

Source: Chainalysis

For instance, Hushpupi was imprisoned for 11 years by the U.S. District Court after being found guilty of cyber fraud involving school financing, business email, and other schemes.

Additionally, Mr. Woodberry took a guilty plea to wire fraud and chose to forgo $8M in proceeds of wire fraud and other luxury commodities.

Therefore, with increased adoption and crypto popularity, criminals have used digital assets to steal and defraud innocent victims.

Poor regulations aiding crime?

Notably, Williams, the self-proclaimed crypto billionaire, has lived a rich lifestyle without recognized business activities.

Per the report, key players in the cryptocurrency industry in Nigeria did not recognize him as a trader or investor.

Equally, various rumors claim that Linus widely participated in cryptocurrency exchange platforms that would allow the purchase of Tether [USDT]. Also, he would purchase Bitcoin [BTC] using local currency.

Such activity is illegal in Nigeria, with major exchange platforms not allowing crypto pairs to have the naira.