ChainCatcher news, according to CryptoSlate, the Nigerian digital asset trading platform CBEX has been exposed as a Ponzi scheme, causing significant financial losses for many investors. Although local media initially reported losses as high as 1.3 trillion naira (approximately 800 million USD), analysis indicates that the address is actually a Binance hot wallet, and the real loss amount may be closer to 12 million USD.CBEX claims to be the "China Beijing Equity Exchange," but it has no connection to the officially named institution in China. The platform, under the guise of AI quantitative strategies, promises to double returns in 30 days, attracting a large number of investors and requiring them to recruit others for commissions, essentially operating as a typical Ponzi structure. The project was even promoted in Nigerian national media as a "poverty alleviation program," further misleading users.By April 2025, CBEX suddenly froze accounts, preventing users from withdrawing funds, which sparked public outrage. Some investors besieged its offices in Ibadan and Lagos, and many victims shared their loss experiences on social media.Independent analyst Specter pointed out that CBEX is linked to other similar scams, LWEX and PCEX, suspected of sharing website architecture and funding flow patterns. The related wallets are also connected to the Southeast Asian payment system Huione Pay, which has been listed by Elliptic as one of the main hubs for money laundering and telecom fraud, involving over 24 billion USD in suspicious transactions.

ChainCatcher news, according to News.bitcoin, the U.S. Department of Justice (DOJ) announced on April 9 that a Nigerian man has been charged in Massachusetts with orchestrating a complex romance scam that defrauded victims of over $2.5 million, funneling the funds into cryptocurrency accounts he secretly managed.According to prosecutors, the man created false online identities from 2016 to 2019, establishing fake romantic relationships with victims across the United States. He currently faces a maximum sentence of 40 years in prison.

ChainCatcher news, the Nigerian court has postponed the hearing of the tax evasion case against Binance until April 30, to allow the tax authorities to respond to the legal motions filed by Binance. The Federal Inland Revenue Service of Nigeria accuses Binance of failing to pay corporate income tax and penalties for 2022 and 2023, totaling over $79 billion in claims. Binance questions the legality of the court's delivery of legal documents via email, stating that its headquarters is in the Cayman Islands and it has no physical presence in Nigeria.

ChainCatcher news, according to DL News, Binance has banned users with Nigerian IP addresses from participating in its airdrop activities. Nigerian cryptocurrency users have reported that they are unable to access Binance's Web3 task platform, which previously allowed users to earn free cryptocurrency by completing simple social tasks, due to the ongoing dispute between the government and Binance.Binance has over 380,000 active users in Nigeria. This is the latest restriction following last year's ban on Nigerian users from accessing the peer-to-peer trading platform and the removal of the digital version of the Nigerian Naira. These restrictions stem from a legal dispute between Binance and the Nigerian government, which accuses Binance of causing the depreciation of the Naira.

ChainCatcher news, according to unverified reports from Beincrypto, the LIBRA team has also been in talks with Nigerian officials about issuing another unstable meme coin. As of now, there is no evidence to suggest that Nigerian President Bola Tinubu has a direct connection to LIBRA.LIBRA's market maker CEO Hayden Davis claims he has received numerous offers to assist in more "rug pull" scams.

ChainCatcher news, Binance's financial crime compliance officer Tigran Gambaryan recently reiterated that a rogue Nigerian lawmaker demanded a $150 million bribe in exchange for dropping the lawsuit against Binance. The relevant lawmaker wanted the funds to be transferred directly to their cryptocurrency wallet, using "fake cameras and media" to make the meeting with visiting Binance executives appear legitimate.In May 2024, reports emerged that Binance CEO Richard Teng accused members of the Nigerian House of Representatives Financial Crimes Committee (HCFC) of soliciting a $150 million bribe. At that time, Nigeria's Minister of Information Mohammed Idris denied the allegations, stating that it was a strategy by the company to "hurry to cover up the serious criminal charges it faces."However, Gambaryan insisted that this attempt was indeed conducted with the involvement of Nigeria's Department of State Services (DSS). He also stated, "The Nigerian government has publicly claimed that there is $26 billion in mysterious funds (through Binance) flowing out of Nigeria, which is completely nonsense. This information was provided at their request; it is merely the cumulative trading data of Nigerians on the platform. This money did not flow out of Nigeria—people are just buying and selling cryptocurrency. For example, if you trade $100 a hundred times, that amounts to $10,000 in trading volume, but in reality, you only used $100. Similarly, this is just another example of their lies to cover up a false investigation."Just after Gambaryan shared these explosive details, Nigeria's Minister of Information Idris issued a statement denying them. However, the statement acknowledged the bribery allegations, but Idris pointed out that it was the Nigerian government that initiated the investigation, "even though no one has formally filed a lawsuit." His statement also revealed that the Nigerian government rejected a U.S. proposal to pay $5 million in exchange for Gambaryan's release.

ChainCatcher news, according to the "2025 Cryptocurrency Industry Status Report" published by Sumsub, the verification fraud rate in Nigeria's cryptocurrency sector reaches 8.3%, the highest in the world.The report indicates that document forgery is the most common type of fraud, accounting for 31%, followed by phishing (20%) and money laundering (15%). Account takeover and forced verification account for 14% and 12%, respectively.In terms of user verification, fraud cases account for 2.2% of verification attempts on global cryptocurrency platforms. The report is based on survey data from over 300 companies worldwide, as well as user verification data analysis from 2023 to 2024.

ChainCatcher news, according to CryptoDnes, the Economic and Financial Crimes Commission (EFCC) of Nigeria has dismantled a cryptocurrency scam gang, arresting 53 individuals suspected of cyber crimes, including identity theft and fraud.Currently, authorities have recovered approximately $200,000 in assets, but investigations indicate that deposits related to the operation could be as high as $3 million.

ChainCatcher news, according to Cointelegraph, the Nigerian Securities and Exchange Commission has updated its crypto regulations, adding requirements for virtual asset service providers (VASP) and social media influencers regarding crypto-related marketing promotions.In the revised digital asset rules, the regulator stated that VASPs promoting their crypto products in collaboration with third-party service providers must "obtain prior approval from the commission." The rules also require VASPs to ensure that third-party providers comply with the marketing rules set by the SEC. These rules apply to any VASP providing services to residents of the country and are set to take effect on June 30, 2025.

ChainCatcher news, Consensys has released the latest Web3 survey conducted in collaboration with YouGov. The survey further confirms the high penetration of cryptocurrency in emerging markets, with Nigeria standing out, followed closely by South Africa. The five jurisdictions most likely to invest in cryptocurrency in the next 12 months are Nigeria (93%), South Africa (77%), the Philippines (59%), India (58%), and Indonesia (54%). The least likely to purchase are Europeans, Canadians, and Japanese. UK respondents scored the lowest (15%), while the US was at 41%, situated between Brazil (43%) and Argentina (39%).As for the main factors hindering investment, they include volatility, scams, and the lack of basic knowledge to enter the market. A considerable number of people do not understand the purpose of blockchain or find it too complex, thus believing that this investment is only suitable for those who are tech-savvy. Additionally, 47% of respondents stated that the current banking system works well but still has room for improvement. However, 18% believe a complete overhaul is necessary, while 19% think the status quo is sufficient.

ChainCatcher message, Google Trends shows that the recent searches for the keyword "Buy Bitcoin" mainly come from Nigeria, followed by Cameroon and Ghana.

ChainCatcher message, according to a statement released by the White House on Tuesday, U.S. President Joe Biden spoke with Nigerian President Bola Tinubu on Tuesday, thanking him for the release of American citizen and Binance executive Tigran Gambaryan. The press release stated that Biden "expressed gratitude for President Tinubu's leadership in ensuring Gambaryan's release" during the call, and particularly appreciated the cooperation in law enforcement, including through the recently announced bilateral task force on illegal finance and cryptocurrency, collaboration on new technologies and innovations, and shared interests in reforming international organizations to reflect African voices.Earlier reports indicated that on the day Tigran Gambaryan was released, the U.S. State Department announced the establishment of a new bilateral task force between the U.S. and Nigeria, focusing on cryptocurrency and illegal finance.

ChainCatcher News, the U.S. State Department has announced the establishment of a Bilateral Liaison Group on Illicit Finance and Cryptocurrencies in partnership with Nigeria, to jointly combat cybercrime and financial misconduct related to cryptocurrencies.The official announcement stated: "The United States collaborates with global partners to promote cyberspace and digital technologies, foster economic prosperity, while combating and addressing malicious cyber activities, cybercrime, and other digital harms."The announcement reaffirmed the U.S. commitment to assisting the Nigerian government in strengthening its capacity to investigate and prosecute cybercrime, as stated by the Department of Justice (DOJ).

ChainCatcher news, Binance CEO Richard Teng posted on the X platform: "We are deeply relieved and grateful that Tigran Gambaryan has finally been released after being detained in Nigeria for nearly eight months. During this difficult time, Tigran has shown tremendous strength, and we commend his resilience in such severe adversity. We are very thankful to everyone who has dedicated countless hours to support Tigran's release. Tigran's health and well-being remain our top priority, and we are glad that he can now receive the urgent medical care and rest he needs with his family. Binance remains committed to working with global regulators to ensure compliance and transparency in the ever-evolving digital asset space. We look forward to putting this incident behind us and continuing our efforts to create a brighter future for the global blockchain industry. Nigeria has a young, tech-savvy population with a strong interest in digital finance, fully capable of leveraging blockchain technology to address economic and social challenges. We look forward to playing a constructive role in this endeavor."Previous news from yesterday, according to DL News, Nigerian prosecutors withdrew criminal charges against Binance executive Tigran Gambaryan on Wednesday; Tigran Gambaryan has been detained in the African country since February.

ChainCatcher news, citing Bloomberg via Tree News, reports that the Nigerian government has dropped charges against Binance executive Tigran Gambaryan.

ChainCatcher news, according to Cointelegraph, a group of 18 state attorneys general is urging President Biden to help ensure the release of Binance executive Tigran Gambaryan, who has been detained in Nigeria since February 2024.The attorneys general have requested that Biden designate Gambaryan as a hostage under the Robert Levinson Hostage Recovery and Hostage Taking Accountability Act. In a joint letter sent on October 18, the organization expressed concern over Gambaryan's deteriorating health and the illegal nature of his detention.Attorney General Formella wrote in the letter: "His continued detention without cause not only violates his rights but poses a serious threat to his health and well-being... We have a responsibility to advocate for the rights of American citizens abroad, and we urge the federal government to apply the necessary diplomatic pressure to ensure his release."

ChainCatcher news, according to DL News, Binance's compliance officer Tigran Gambaryan was unable to appear in court due to serious illness, delaying the trial in Nigeria for several months. Tigran Gambaryan's lawyer Mark Mordi requested a recess to check on his client's health condition. The judge agreed and postponed the trial until October 25.It is reported that Binance's financial crime compliance officer Tigran Gambaryan has been detained in Nigeria since February, and the Nigerian court last week rejected Tigran Gambaryan's bail request due to illness. U.S. lawmakers have claimed he is being unjustly detained. His lawyer has repeatedly stated that his health condition is poor and that he requires surgery.

ChainCatcher news, according to Cryptonews, a court in Nigeria has denied the bail request of Binance executive Tigran Gambaryan due to health reasons, which has sparked strong opposition from Binance.A Binance spokesperson stated in a statement: "We are deeply disappointed by the court's decision to deny Tigran's bail, especially considering his deteriorating health condition. He has been unlawfully detained for over 220 days. Tigran did not go to Nigeria as a decision-maker, and there is no reason to continue to detain him. We are committed to working with the Nigerian government to resolve this issue, but Tigran must be allowed to go home."Binance has consistently emphasized that Gambaryan does not have substantial decision-making power at the exchange, and his prolonged detention has raised humanitarian concerns. As Gambaryan's health worsens and the detention continues, calls for his release are growing louder. Binance, along with several international advocates, continues its fight for his freedom.ChainCatcher previously reported that, according to Bloomberg, a court in Nigeria denied the bail application of Binance executive Tigran Gambaryan on health grounds, as the executive is on trial for alleged money laundering and currency manipulation, while instructing the prison to send him to the hospital for treatment.