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Binance and Coinbase helped UK-led investigators arrest 28 suspects in Ghana and Nigeria, in what the US Department of Justice called the first joint operation of its kind targeting West African crypto scam networks. Authorities flagged more than $11 million in crypto as eligible for freezing, but have not said how much was actually seized or returned to victims.
The most prominent financial figure from the West Africa scam sweep is the more than $11 million in cryptocurrency funds identified by private-sector partners as potentially eligible for freezing.
However, the amount represents funds flagged for possible intervention, not money confirmed to have been recovered from suspected criminals.
The operation also resulted in cryptocurrency seizures, but authorities did not disclose the total value of the assets seized or identify the cryptocurrencies involved.
Consequently, the available figures do not establish how much cryptocurrency was ultimately frozen, seized or returned to victims.
The West Africa scam sweep therefore produced a measurable intelligence outcome, with more than $11 million identified for possible freezing, but its overall financial impact remains unclear.
The distinction also matters for victims hoping to recover their money. Although blockchain investigations can help trace transactions, locating assets does not guarantee that victims will receive restitution.
Coinbase said it helped investigators trace illicit funds, support asset freezes and develop intelligence during the operation.
The exchange also identified more than 65 active scam victims and prevented more than $415,000 in potential losses, according to the report.
These figures illustrate a separate aspect of the operation: identifying people who may still be vulnerable to fraud and intervening before additional money is lost.
Binance participated alongside blockchain analytics companies Chainalysis, Elliptic and TRM Labs. These firms provide tools and investigative support that can help authorities follow cryptocurrency transactions, identify suspicious wallet activity and uncover connections between addresses associated with suspected criminal operations.
TRM Labs reported that it exposed a large-scale peer-to-peer money-laundering network during the operation.
Peer-to-peer transactions allow individuals to exchange assets directly, sometimes through intermediaries or platforms that connect buyers and sellers. While these transactions have legitimate uses, investigators may examine them when they appear to facilitate the movement or concealment of proceeds from suspected criminal activity.
The West Africa scam sweep highlights how cooperation between exchanges, analytics firms and law enforcement can bring together information that individual organisations might not possess independently.
Cryptocurrency exchanges may hold information about accounts and transactions, while blockchain analytics firms can identify patterns across public blockchain networks. Law enforcement agencies can use these findings alongside other evidence to identify suspects and pursue legal action.
The West Africa scam sweep extended beyond cryptocurrency transactions, with social media activity and human trafficking also emerging as significant parts of the operation.
Meta, the parent company of Facebook and Instagram, removed more than 3.7 million accounts, pages and groups associated with the crackdown. According to the report, most appeared to target people in the United States and the United Kingdom through impersonation.
The removals suggest that social media platforms were an important component of the alleged scam networks’ activities. Fraudsters can use online accounts to impersonate legitimate businesses, build relationships with potential victims and promote fraudulent investment opportunities.
Removing suspicious accounts can disrupt these activities, although the available information does not establish how many of the removed accounts were directly connected to the cryptocurrency schemes under investigation.
The operation also uncovered a human trafficking dimension. The NCA reported that authorities identified 117 trafficking victims in Ghana who were awaiting repatriation to Nigeria.
Their identification indicates that the investigation addressed concerns beyond financial crime, although the report does not provide further details about the circumstances of their trafficking or their connection to particular suspects.
The findings underline the potential overlap between online fraud operations and other forms of organised crime. Investigators may need to examine financial transactions, online communications, recruitment activities and the movement of people to understand how suspected networks operate.
Further disclosures about the seized assets, confirmed freezes and any subsequent court proceedings would help clarify the crackdown’s results.
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