Namibian Police Bust Cryptocurrency Scheme Targeting U.S. Citizens

In a recent incident, the Namibian police seized and arrested 20 people who were allegedly behind a bogus cryptocurrency operation that targeted Americans in particular. The complex plan, often referred to as the “pig butchering” scam, involves a number of different operations that have given rise to accusations of tax evasion, fraud, human trafficking, and money laundering.

Young Namibians Lured In

The central component of this complex scam was the hiring of more than 80 young Namibians, who were given the promise of a monthly wage of $160 in local currency, or around N3,000. 11 Chinese nationals are among the suspected masterminds of this operation, who were in charge of every aspect of the business from hiring to carrying it out.

Deputy Inspector General of the Namibian police, Elias Mutota, shed light on the operation, stating, “The suspected foreign nationals equally controlled the electronic wallet. They also provided the students with accommodation, paid them in cash, and transported them to and from the call center, where they worked exclusively at night from 17:00 PM until the next morning at 6:00 AM. This night operation aimed to convince the USA clients that they were indeed in the USA, given the hours of transactions.”

Before abruptly cutting off all connection, the offenders would engage their victims and get them to invest a particular amount. They would then use two Bitcoin ATMs to withdraw the illegally obtained bitcoin. Due to the operation’s extreme daring and intricacy, law enforcement was able to identify more than 200 victims, including both people and businesses.

Following the arrests, considerable assets were recovered, including 12 guns, 163 laptops, 350 mobile phones, six automobiles, and over $19,500 in cash. Deputy Inspector General Mutota stated that the young Namibians who unintentionally took part in the fraud will either be charged or would testify against the suspected con artists.

This example serves as a reminder of the value of being vigilant and knowledgeable in the quickly developing world of cryptocurrencies, where con artists continue to develop intricate schemes to trick unwary people and institutions.