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Wunmi Aloba, the widow of the late singer, Ilerioluwa Aloba, popularly known as Mohbad, has alleged that her father-in-law, Joseph Aloba, has taken the side of Naira Marley, one of the friends of her late husband accused of bullying him prior to his death.
Wunmi made this claim when she appeared as a guest on the With Chude show during the week.
She said, “I knew he reacted to an injection and the fact that at the end of the autopsy, it came out inconclusive just because of the one mistake my father-in-law made, which was burying him. This is one thing I don’t want to accept. Liam will grow up and see all of these things one day and he will ask me questions, and the story will not be interesting if, at the end of the day, there was no justice for his father.
“The fact that he was bullied by his oppressors, and up till this moment, nothing has been done. Liam will see the bullying that happened to his father, which was what brought the world out for justice. Even though the police promised they would bring them to justice, nothing has been done up till this moment.
“You know you don’t have to kill somebody with a sword before you kill him. They cannot deny the fact that they made life unbearable for my husband. A lot of people everywhere might be supporting them in bashing me so that I wouldn’t talk about the bullying but the few clips online cannot be erased and Liam will grow up to see all of those things.”
“And his father, (Joseph Aloba) has been on Naira Marley’s side. He has been speaking for them and trying to save them for reasons best known to him, so who am I? The ‘justice for Mohbad’ my father-in-law is asking for is not the same justice the public is asking for.
She also voiced fears that her son might be traumatised when he grows up and learns about all that happened to his father.
“I pray Liam doesn’t grow up traumatised from seeing what happened to his father. Imaging witnessing a group of people beating his father that way, it is traumatizing. Even me, whenever I think about those things, they break me but at this point, I’m fighting for my life and that of my child.”
Referring to the alleged bully, she said, “One thing I will tell him is that even if the whole world does not believe what I have been saying, you know deep down that you maltreated my husband. It has got to a point when I will speak up and not die in silence.”
Former Military Head of State, Ibrahim Badamosi Babangida, IBB, has admitted that he feared that the presumed winner of June 12 presidential election, late chief MKO Abiola, might not be an effective president.
IBB said that the military was factionalised into rival groups between those opposed to the transition to civil rule and those who thought the military should keep its word and hand over to a democratically elected government.
In his just launched book, ‘A Journey in Service’, the former military Head of State recounted how tensions in the country were compounded by conspiracy theories meant to justify the annulment.
He said: “Tensions in the country were compounded by baseless conspiracy theories meant to justify the annulment. One such theory was that Abiola had pencilled down a list of top military officers to be dismissed upon assuming office as president.
“Another conspiracy theory was that the government had let the June 12 elections go ahead in the knowledge, based on security reports, that Tofa would
win. However, once Abiola won, the government sought a way to
frustrate his mandate.
“These were spurious theories circulated by those opposed to an Abiola presidency. Some persons indeed expressed their reservations about an Abiola presidency before the elections. There were times
when, deep down inside me, even I feared that Abiola might not be an effective president.
“However, having allowed the process to go ahead in which Abiola appeared to have emerged victorious in an
election deemed the freest and fairest in our country’s history, I was committed to ensuring that the results should stand. To do otherwise would amount to a subversion of the will of the Nigerian people.”
The Nigerian National Petroleum Company Limited has failed to remit N13.763 trillion in revenue to the Federation account.
This is according to a document obtained from the Federal Accounts Allocation Committee after its January 2025 meeting on Wednesday.
The unremitted revenue covers a period between 2012 and 2024, indicating concerns between NNPCL’s revenue from crude sales and what is remitted to the Federation account.
Accordingly, the document showed that out of N27.28 trillion payable from sales of domestic crude within the period, only N13.524 trillion was deposited into the Federation account, leaving N13.763 trillion unremitted.
The development follows a recent accusation by the Auditor-General of the Federation, which claimed that NNPCL diverted a total sum of N2.68 trillion and $9.77 trillion in the last four years.
Similarly, the Nigeria Extractive Industry Transparency Initiative also accused the NNPCL of failing to remit N3.6 trillion in taxes to the government.
The Public Accounts Committee had initiated an investigation into the outstanding debts worth $1.6 billion in royalties owed to the Federation Account by NNPCL and oil companies.
The Naira has continued its appreciation streak against the dollar at the parallel foreign exchange market.
This comes as the Naira strengthened to N1,500 against the dollar in the black market on Thursday from N1,505 exchanged on Wednesday.
A Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan, told DAILY POST that “dollars are sold at a minimum rate of N1,500 per dollar on Thursday from N1,505 the previous day.”.
This showed that the Naira gained N5 against the dollar compared to N1505 traded on Wednesday.
DAILY POST reports that the Naira has maintained sustained appreciation at the parallel FX market.
Meanwhile, at the official market, the Naira stood at N1,509.03 per dollar as of Wednesday from N1,507.2 traded on Tuesday this week, according to the Central Bank of Nigeria’s official data.
The rate across FX markets showed that the discrepancy or difference has been eroded, resulting in FX rate convergence.
Nigeria benchmarked its N54.9 trillion 2025 annual budget yet to be signed by President Bola Ahmed Tinubu at N1500 per dollar mark.
This is also as the CBN Monetary Policy Committee agreed to pause interest hikes in Nigeria.
Omowunmi Aloba, widow of late Nigerian music star Mohbad, has revealed how she met the late singer.
The mother of one disclosed that she met Mohbad 12 years ago when they were both teenagers on social media app 2Go.
She stated they began their relationship as friends before progressing to lovers.
Speaking in a recent interview with TVC, Omowunmi said, “I met him when I was 13 on 2Go. That was 12 years ago. I used to be a rapper and he sang, too, so we started as friends. We were very young then. He was 15. He proposed relationship to me and I accepted. We later got married and had a child together.”
Mohbad died on 12 September 2023, and less than 24 hours after his tragic passing, his father, Joseph Aloba, buried him in Ikorodu, Lagos State.
His body was exhumed on 21 September for an autopsy due to controversies surrounding his death.
The results of the autopsy are still pending but the father of the deceased, Joseph Aloba, has previously stated that the body of the singer would only be reburied when the autopsy results are released and a DNA test is conducted on his grandson, Liam, to ascertain his true paternity.
Controversial Nigerian actor, Yul Edochie has accused any woman kicking against DNA test for her children of hiding something.
The actor made the assertion in a post on his Instagram page on Friday.
While advising men not to fall for any justifications provided by such a woman, Edochie noted that a clear conscience has nothing to be scared of.
“Any woman who refuses to do a DNA test on her child when it is demanded, is hiding something. Don’t fall for any excuse she gives to you. She is hiding something. A clear conscience fears nothing.”
This is coming months after the ex-husband of Judy Austin, who is Yul Edochie’s second wife, accused her of going out with the actor while still married to his.
Reacting to her former husband, Obasi, Judy denied the allegation, stating that he met Yul after her separation from her first marriage.
•Says, Persons of Interest attempting to use neighbouring countries to access Nigeria
•Says: ‘Nigeria, not a safe haven for criminals’
The Federal government has announced plans to cancel its Visa-on-Arrival policy, saying “it is not working”. Accordingly, government is set to introduce landing and exit cards which prospective visitors would pre-fill before coming into the country.
Minister of Interior, Dr Olubunmi Tunji-Ojo spoke on Friday during the closing ceremony of the week long capacity building training on Advance Passenger Information / Passenger Name Record API/PNR Data in National Security and Law Enforcement held at the headquarters of the Nigeria Immigration Service NIS in Abuja.
According to him, some persons of interest have been trying to evade the new systems out in place across Nigeria’s five international airports. He said intelligence has revealed that such persons now travel to neighbouring countries in order to access Nigeria through its vast land borders.
Consequently, he said the ministry will work with relevant partners to deploy the API/PNR system across its land borders, noting that Nigeria cannot be a destination for criminals.
At the event, Comptroller General Immigration Service CGIS, Kemi Nandap said the programme originated from discussions held with the United Nations Organization on Counter Terrorism in Bangkok, Thailand last year. Nandap said the immigration service has a crop of well-trained and patriotic personnel who are ready to give their best to the country.
Objective profiling
The Interior minister said the API/PNR is not optional, recalling that system was not on place when he was made minister. He said; “What the API, PNR gives us is objectivity in decision making, objective profiling, not subjective profiling. What we had was subjective. The visa system, that is one of the core, because I always tell people the visa is not just an approval of entry, it is a migration management device. It is a security device to manage migration into your country. So the way it is at the moment is very subjective. We are not really too objective and that is why we are automating the whole process end-to-end. And the e-visa solution, we are working hard to be able to meet the first of March or peradventure if we are unable, the 1st of April, we will hit it live.
“We automate the system. People apply online and we will do what we need to do. That solution will be integrated with the Interpol system, the criminal records system, so that we can be able to take decisions. We do not want foreign attachés approving and issuing visas. It is not going to be that any more, we want to be able to screen people more. This cannot be a destination for wanted criminals in the world. Nigeria is not a safe haven for any criminal and it will never be.
“Another thing we are trying to do even for our expatriates is to see how we can integrate all these our immigration solutions. What we are doing is to harmonize all these solutions in our data centre, harmonize the database and be able to let the solutions speak to one another rather than having solutions in silos. “We want to have integrated solutions. So what we are looking at is that for any decision that borders on immigration into Nigeria, it will be impossible for approvals to be given without the clearance of interpol, criminal records system and all background checking agencies in real time. Security is not a sector where you can afford to be 99.9% correct.
“People must fill the landing card which will be integrated with the visa solution, integrated with the passport solution, then to all background checking systems across the world before you come. So we will be able to share this data with other agencies and across the world. This is to sanitize the process. A scenario where it is difficult for NIS,on the tip of a finger, to tell me the number of foreigners who are into Nigeria is unacceptable. A scenario where somebody comes into Nigeria, disappears, and becomes untraceable is unacceptable. A scenario where there is abuse of immigration policies and processes is unacceptable. A scenario where somebody needs to come to Nigeria, stay for six months, waiting to regularize the residency in Nigeria is unacceptable. It is not done anywhere in the world. So we are going to bring these massive reforms and these reforms start between March 1 and April 1. Why we are trying to do these is to be able to safeguard our people, is for us to be responsible in the comity of Nations, and for us to be able to contribute our fair quota to international peace”, he added.
FG approves relocation of 29 custodial centres
Meanwhile, the Federal Government has approved the relocation of 29 out of Nigeria’s 256 Custodial Centres due to rapid urbanization. Minister of Interior, Dr Olubunmi Tunji-Ojo disclosed this on Friday in ABUJA when he commissioned 39 mini green maria for conveyance of inmates to and from courts, and five bullet resistant guard booths at the headquarters of the Nigeria Correctional Service NCoS in Abuja. The minister also explained the idea behind the establishment of a paramilitary academy, saying paramilitary jobs are not poverty alleviation schemes but lifelong careers that young Nigerians should aspire to get.
[Vanguard]
The Labour Party (LP) in Osun has announced its withdrawal from Saturday’s LG election in the state.
According to NAN, Adebayo Bello, chairman of LP in Osun, announced the party’s withdrawal in Osogbo, the state capital, on Friday.
Bello said the party’s decision to withdraw from the election was due to a lack of preparedness of the State Independent Electoral Commission (OSSIEC) to conduct a peaceful poll.
The Osun LP leader added that the election should be postponed for one or two months to enable OSSIEC to prepare adequately.
On his part, Oyebode Babalola, a chairmanship candidate on the platform of LP, said there are “some traces that the election might be disrupted tomorrow,” adding that participating will “put the lives of our people in jeopardy”.
“Although we are ready for the election, but we are not going to participate due to security concerns,” Babalola added.
Adewale Adebayo, the Allied Peoples Movement (APM) chairman, also said his party will not participate in the election.
Adebayo added that when he attempted to officially deliver the party’s withdrawal letter to the OSSIEC office on Thursday, no commission official was present.
“We want to confirm that we are not participating in the illegal local government election, slated for Saturday,” he said.
“We are very disappointed that all OSSIEC staff, including its chairman, have absconded from their headquarters since Wednesday.”
The Osun LG elections are scheduled for Saturday across 30 LGAs and 323 wards in the state.
The All Progressives Congress (APC) has also withdrawn from the elections, citing that participating in the poll would contradict an appeal court’s ruling.
Also, the Nigeria Police Force (NPF) has called for the suspension of the LG election in the state over a high likelihood of violence and security threats.
[TheCAble]
The cryptocurrency market experienced mixed movements on February 21, with Bitcoin (BTC) crossing the $98,000 threshold while Ethereum (ETH) and Solana (SOL) posted modest gains.
The total global crypto market capitalization stood at $3.23 trillion, marking a nearly 1% rise from the previous day.
Meanwhile, total market volume surged by 8% to $90.13 billion, indicating heightened trading activity across digital assets.
Despite the overall uptrend, XRP faced downward pressure, losing nearly 2% in the past 24 hours. The latest data highlights increased volatility in altcoins as Bitcoin’s dominance climbed to 60.31%, reflecting investor preference for the leading cryptocurrency amid fluctuating market sentiment.
Bitcoin’s price climbed over 1% in the last 24 hours, trading at $98,388. The flagship cryptocurrency recorded an intraday low of $96,805.78 and a high of $98,767.19. The steady uptrend continues to fuel speculation about Bitcoin’s potential to breach the psychologically significant $100,000 mark.
Bitcoin dominance
Data shows that Bitcoin’s dominance in the crypto market increased by 0.23%, reaching 60.31%, suggesting that investors are seeking refuge in Bitcoin amid growing uncertainty in the altcoin sector. If the momentum persists, BTC could soon test new highs, attracting further institutional interest.
- Ethereum’s price saw a marginal rise of 0.2%, settling at $2,748, with a 24-hour range fluctuating between $2,708.22 and $2,770.03. Ethereum’s dominance slipped to 10.25%, indicating weaker investor enthusiasm compared to Bitcoin.
- Key resistance remains at $2,800, and a breakout above this level could drive further upward movement.
- Solana (SOL) experienced a modest 0.5% increase, currently trading at $174.55. The coin’s intraday low stood at $170.99, while its high reached $176.59.
Broader market sentiment continues to influence SOL’s price action, with traders closely watching for signs of a breakout or consolidation.
What you should know
XRP’s price fell by over 2% in the past 24 hours, slipping to $2.65. The token reached an intraday low of $2.64 and a high of $2.74.
- Despite the decline, expectations for an XRP exchange-traded fund (ETF) gained traction as Grayscale’s application entered the US Securities and Exchange Commission’s (SEC) review process.
- The possibility of an XRP ETF approval could significantly impact the token’s price trajectory, potentially reversing its recent losses. However, with regulatory uncertainty still looming, XRP remains susceptible to market fluctuations.
- Among meme cryptocurrencies, Dogecoin (DOGE) declined by 1.5% to $0.253, while Shiba Inu (SHIB) fell by 0.5% to $0.00001552. Meanwhile, Pepe Coin (PEPE) gained over 1% to $0.000009722, and FLOKI recorded a 3% increase, trading at $0.00009888.
With volatility persisting across the broader crypto market, investors are closely monitoring price movements and regulatory developments that could shape future trends.
[Nairametrics]
The Federal High Court in Lagos has ordered the final forfeiture of $4.7 million, N830 million, and multiple properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
Delivering judgment on Friday, Justice Yellim Bogoro granted the forfeiture request filed by the Economic and Financial Crimes Commission (EFCC), represented by counsel Bilkisu Buhari-Bala. This ruling followed the court’s earlier dismissal of an application seeking to halt the judgment.
The funds, now forfeited to the federal government, were held in First Bank, Titan Bank, and Zenith Bank accounts managed by individuals and entities including Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, Tatler Services Limited, Rosajul Global Resources Ltd, and TIL Communication Nigeria Ltd.
Properties affected by the interim forfeiture include 94 units of an 11-floor building under construction at 2 Otunba Elegushi 2nd Avenue, Ikoyi, Lagos; AM Plaza, an 11-floor office space on Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos; Imore Industrial Park 1 on Esa Street, Imoore Land, Amuwo Odofin LGA, Lagos; Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro, Owolomi Village, Ibeju-Lekki LGA, Lagos; and two properties purchased from Chevron Nigeria, located in Lakes Estate, Lekki, Lagos.
Additional properties include a plot at Lekki Foreshore Estate Scheme, Foreshore Estate, Eti-Osa, LGA; an estate at 100 Cottonwood Coppel Texas Drive, Coppel, Texas, owned by Lipam Investment Services; land at 1 Bunmi Owulude Street, Lekki Phase 1, Lagos; and a property at 8 Bayo Kuku Road, Ikoyi, Lagos.
Justice Bogoro held that all these properties and funds are proceeds of unlawful activities which are bound to be forfeited to the Federal Government of Nigeria.
The judge held: “I find that the activities of the respondents here were unlawful. Why should they have a problem of dollars immediately Godwin Emefiele left CBN as a governor of the Bank and salary could not be made?
“I hold that they are not legitimate business activities.
“I hold that Anita Omoile is a close crony of the former CBN governor Godwin Emefiele who has been given undue influence to unlawfully sway dollars from CBN.
“Consequently, I find that all the monies and properties in the schedule are finally forfeited to the Federal Government of Nigeria.”
The EFCC through its counsel Rotimi Oyedepo SAN had cited Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the Nigerian Constitution in its application, seeking an interim forfeiture on the grounds that the funds and properties were suspected to be proceeds of unlawful activities.
Justice Bogoro, finding merit in the EFCC’s application, ordered the interim forfeiture and mandated the publication of the order in a national newspaper.
Following the failure of the defendants or anyone else to prove that the funds legitimately belonged to them, the judge then made the interim order permanent.
Today’s order is another testament to the EFCC’s commendable assets recovery and anti-corruption efforts under its Executive Chairman Mr Ola Olukoyede.
[TheNation]
More...
…says over 200 bills for amendments to 1999 Constitution were received.
The Chairman of the House of Representatives Committee on Constitution Review, Hon Benjamin Kalu, has said that none of the proposals received for the creation of 31 new states met the constitutional requirements.
This is also as the deputy speaker also revealed that the parliament has received over 200 bills seeking the alterations of the 1999 Constitution of Nigeria (as emended).
Kalu made the revelation Friday at the commencement of a 2-day retreat for members of the constitution review committee of the House holding at Ikot Ekpene, Akwa Ibom State.
The Deputy Speaker, who is also the Chairman of the Committee, said that the bills reflect the collective commitment to refining governance in Nigeria, with some of them progressing to the second reading stage and others remaining at the first reading at the moment.
The committee’s objectives for the retreat included reviewing bills, incorporating input from consultants, familiarising members with bill contents, prioritising bills based on national interest, and preparing for zonal public hearings and a joint/harmonisation meeting with the Senate.
The bills, already categorised into thematic areas, are aimed at addressing a wide range of issues, including federal structure and power devolution, local government autonomy, public revenue, fiscal federation, revenue allocation, and electoral reforms.
Kalu said: “Distinguished colleagues, currently we have 151 House bills before us. But I’m sure these numbers are the last count before the recent additions. My office has been told that there are about 250 constitutional amendment bills that will pass through the House for this committee.
“This bill reflects our collective commitment to refining governance in Nigeria. While some have progressed to the second reading stage, others remain at the first reading stage. But it is our intention that by the time we are done with our conversation during this retreat, we progress those bills at the first reading stage for them to be given expedited hearing.
“The compilation process has revealed instances of duplication—whether by sponsors or overlapping subject matters.
“This necessitates meticulous harmonisation to streamline efforts and eliminate redundancy. To aid our analysis, bills have been categorised into thematic areas, and our consultants have conducted thorough reviews, offering insights to guide prioritisation.
“The thematic areas include: Federal Structure and Power Devolution, Local Government/Local Government Autonomy, Public Revenue, Fiscal Federation, Revenue Allocation, Nigerian Police and Nigerian Security Architecture, Comprehensive Judicial Reforms, Electoral Reforms, Gender Issues, Human Rights, and State Creation”.
Kalu also said that the committee has received 31 requests for state creation.
He, however, said that none of the applications met the constitutional requirements, prompting an extension of the submission deadline to March 5, 2025, to enable the applicants to fulfil the relevant provisions.
“Although we received 31 requests for state creation, none of the requests met the requirements. Thus, we have since extended the submission to the 5th of March 2025”, Kalu said.
The Deputy Speaker also announced that a situation room will be opened to collate and address other concerns of Nigerians in the course of the constitution amendment process, urging the lawmakers to ensure that the people are carried along.
He said: “Unlike before, let me announce that we will partner with PLAC to open a situation room. A situation room that will be there to take and monitor the operations of the various other engagements. Questions you cannot address, the Secretariat will move those questions to the situation room where some of us will be having access to address all concerns. This situation room will also ensure that we publish all the engagements.
“Today’s retreat offers an opportunity to engage deeply with these bills and prepare for stakeholder consultations nationwide. As legislators, we must ensure the voices of Nigerians are reflected in our constitutional reforms. As we deliberate, I urge you to approach this task with diligence, objectivity, and patriotism. The success of this review process hinges on our collective dedication to national progress.”
Kalu added that the committee will soon embark on zonal public hearings within the 6 geopolitical zones of the country.
[Vanguard]
Chinese startup DeepSeek will make its models' code publicly available, it said on Friday, doubling down on its commitment to open-source artificial intelligence.
The company said in a post on social media platform X that it will open source 5 code repositories next week, describing the move as "small but sincere progress" that it will share "with full transparency."
"These humble building blocks in our online service have been documented, deployed and battle-tested in production." the post said.
The company's commitment to open-source has distinguished it from most AI firms in China, which like their U.S. rivals lean towards closed-sourced models. DeepSeek's low-key founder Liang Wenfeng said in a rare interview with a Chinese media outlet last July that the firm did not prioritize commercializing its AI models and that there was soft power to be gained from open source.
"Having others follow your innovation gives a great sense of accomplishment," Liang said in July.
"In fact, open source is more of a cultural behavior than a commercial one, and contributing to it earns us respect" he added.
The newly released open source code will provide infrastructure to support the AI models that DeepSeek has already publicly shared, building on top of those existing open source model frameworks.
The announcement came after DeepSeek on Tuesday released a new algorithm called Native Sparse Attention (NSA), designed to make long-context training and inference more efficient.
DeepSeek's user base exploded since last month. In China, it is the most popular chatbot service with 22.2 million daily active users as of January 11, surpassing Douban's 16.95 million users, according to Aicpb.com, a Chinese website that tracks AI products.
[Reuters]
Crypto scams likely hit a new record in 2024, driven by ‘pig butchering’ and AI, says Chainalysis
Admin
KEY POINTS
- A report by Chainalysis released Thursday estimated that cryptocurrency scams amounted to $9.9 billion in 2024, with that figure likely to be revised higher.
- Revenue from “pig butchering,” a type of romance and investment scam, grew nearly 40% year over year.
- Scammers are using generative AI technology to facilitate crypto scams, which often entails scammers using the tech to impersonate others or generate realistic content.
Crypto fraud revenue is estimated to have hit record levels last year amid a surge in so-called romance scams as cybercriminals leverage artificial intelligence and become more organized, blockchain research firm Chainalysis warns.
In a report released Thursday, the firm said that crypto wallets linked to scams received $9.9 billion in cryptocurrency in 2024, according to its initial estimates. It predicts 2024′s figure to grow to a record of $12.4 billion as Chainalysis identifies more scam wallets.
Chainalysis added that its yearly estimates of scam activity have risen by an average of 24% between annual reporting periods since 2020.
According to its 2024 report, a leading reason for the uptick in scam revenue was an increase in the prevalence of romance scams, commonly known as “pig butchering.”
Pig butchering is a type of investing or romance scam in which a fraudster builds relationships with victims via social media or dating apps, intending to con them out of money through a sham investment opportunity.
The name “pig butchering” comes from the idea that scammers must first “fatten up” the victims with flattery and fabricated bonds before “butchering,” or stealing their money.
More victims sent to slaughter
In 2024, pig butchering revenue grew nearly 40% year over year, with the number of deposits to pig butchering scams growing nearly 210% over the same period, according to Chainalysis.
The firm said that those differing growth rates indicated an expansion of the victim pool, prioritizing more victims in exchange for smaller payments.
While pig butchering scams predominantly originate from large scam compounds in Southeast Asia, there are signs that such scam centers have begun to become more geographically dispersed, the report stated.
Last December, Nigeria’s anti-graft agency announced the arrest of 792 people in a raid on a building, where the suspects were believed to be running romance scams that targeted people mostly from Europe and the Americas, according to Reuters.
Romance scams often rely on human trafficking victims to carry out fraud. An investigation by ProPublica in 2022 outlined how Chinese criminal syndicates were trafficking victims to centers in Cambodia, Laos and Myanmar, forcing them to perform cyberfraud under threat of violence.
While those scam compounds are often known for running pig butchering scams, they also act as havens for other types of frauds that can be carried out via the internet, according to Eric Heintz, a global analyst at International Justice Mission, who is cited in the Chainalysis report.
“It’s not uncommon to have multiple criminal groups operating within the same compound focusing on different scams,” he added.
Scam ecosystem ‘professionalizes’
The dynamic of multiple criminal groups operating within a compound has also materialized online through the creation of illicit crypto marketplaces and networks, according to Chainalysis.
Primarily, this trend has been driven by Huione Guarantee, an online forum and peer-to-peer marketplace Chainalysis says operates as a “one-stop-shop” for illicit actors looking to buy and sell scam technology, infrastructure and resources.
The Chinese-language platform is connected to Huione Group, a Cambodian conglomerate that offers legitimate services such as overseas remittances, insurance and, in the past, even luxury tourism offerings.
According to Chainalysis, Huione Guarantee’s activity on blockchains indicates that it’s heavily used to support the pig butchering industry and for illicit crypto-based trading of scam technology products and services.
One of the main services hosted on the platform is money laundering, which scammers use to conceal their illicit activity, according to Chainalysis data.
Meanwhile, some of the illicit products found on the site include targeted data lists, web hosting services, social media accounts and AI software. In 2024, Huione scam technology vendors received at least $375.9 million in cryptocurrency.
Since 2021, Huione Guarantee and vendors advertising through its platforms have processed $70 billion in crypto transactions.
“In short, Huione Guarantee has driven and enabled a scam ecosystem that is massive, growing, and interconnected,” the firm said in its report.
Huione Guarantee did not respond to a CNBC inquiry.
In a disclaimer on its website, the platform says it does not participate in or understand its customers’ specific businesses and is only responsible for guaranteeing payments between buyers and sellers, according to a CNBC translation of the Chinese-language statement.
Artificial intelligence facilitates scams
In 2024, some of the most successful vendors on the Huione platform were AI service providers, who saw revenue grow by 1,900% year over year, as per Chainalysis data.
This growth indicates an explosion in the use of generative AI technology to facilitate crypto scams, which often entails scammers using the tech to impersonate others or generate realistic content that fool victims into making phony investments.
Chainalysis’s report said there are dozens of software vendors hosted on Huione Guarantee that sell this type of scam AI software.
According to Elad Fouks, head of fraud products at Chainalysis and co-founder of fraud-detection app Alterya, who is quoted in the report, generative AI can be used to amplify and scale up crypto fraud and crimes.
“GenAI enables the generation of realistic fake content, including websites and listings, to power investment scams, purchase scams, and more, making these attacks more convincing and harder to detect,” Fouks said.
Some Huione vendors are even advertising “face-changing services” for $200 worth of cryptocurrency.
Since OpenAI’s ChatGPT launched in 2022 and saw its popularity grow, there have been a growing number of cases of large firms losing millions to deepfake scams. Such scams use generative AI to create synthetic and fake identities and voices that allow fraudsters to impersonate real people and bypass identity verification controls
Chainalysis says that the potential of AI technology to scale crypto scams exponentially further adds to the challenges associated with combating those crimes.
Tackling crypto scams at scale will require sustained efforts from government agencies, regulators and organizations, the firm said.
[CNBC]
Pi Network has been accused of being a scam by Bybit CEO Ben Zhou, bringing up a police notice from 2023 that calls it a ‘scam that preys on the elderly.’
In a recent post, Bybit co-founder and CEO Ben Zhou responded to a claim made by an unofficial Pi 
PI-39.31%Pi Network technical team account that claims the crypto exchange was “rejected by Pi” to list on its exchange. The Pi Network is a project that enables users to mine cryptocurrency through a mobile app.
“Bybit had made no listing request to PI and the claim that PI refused Bybit listing or Bybit did not pass some sort of KYB of PI is completely nonsense,” said Zhou in his post.
Zhou retaliated by bringing up a Chinese police report that was published in 2023, warning citizens about a virtual currency scam that targets the elderly through a “get rich overnight” scheme perpetrated by actors claiming to be affiliated with the Pi Network.
“Many criminals use “π Coin” to claim that they can mine for free by simply downloading an app on their mobile phones. They also give lectures to the elderly, expand the victim group by claiming that they can “recommend rebates” by developing downlines, resell user personal information, and defraud the elderly of their pensions,” wrote the Wuxi Public Security Bureau in a translated notice.
The report state that scammers would use free rewards and gifts to lure in victims who wish to gain small profits by downloading the app and promising them a small amount of Pi tokens as gift.
“They expand the victim group by rewarding people for recruiting more people, resell users’ personal information, and defraud victims of their money,” added the police bureau.
Zhou used the article as the basis for his claims, reaffirming his crypto exchange would not be listing Pi Network in the foreseeable future, unlike other major exchanges like OKX and Bitget. Even Binance has started to test the waters by holding a community vote on whether the exchange should list the Pi Network.
In an interview with crypto.news, Pi Network co-founders Dr Nicolas Kokkalis and Chengdiao Fan elaborated on Pi Network’s model and mining mechanism shortly after the launch of the project’s mainnet.
They explained that their goal is to ensure Pi remains stable by providing a fair and wide token distribution whilst facilitating real-world uses. To ensure safety on the network, they implement actions like security circles, utility-based Pi apps, running nodes and other precautions.
Additionally, Pi users, known as Pioneers, are required to undergo an identity verification process before they are able to obtain Pi .
Pi Network warns users of potential scams and bad actors
In an X post shared a few days ahead of its mainnet launch, the Pi Network warned users of the emergence of “potential bad actors and activities, scams, and individuals impersonating others” that claim to be affiliated with the project.
“Neither Pi Network, nor anyone affiliated with Pi Network, has any affiliation whatsoever with any parties organizing or engaging in such illegal or harmful activities to our users or the community,” wrote the Pi Network in its post.
The account explained that any activities that require users to pay a fee as well as actors that make “misleading promises of monetary rewards or future profits, or MLM [Multi-Level Marketing]” are not authorized by Pi Network. The protocol also urges its followers to check their official site for information on how to protect their Pi accounts and wallets.
At the time of writing, the Pi token has plummeted more than 50% in the past 24 hours. PI is currently trading hands at $0.65. The token has maintained a trading volume of $1.2 billion in the past day.
[Crypto News]