NEWS
EFCC Raises Alarm Over $160bn Global Crypto Crime Losses
The Economic and Financial Crimes Commission has raised concerns over the growing threat of cryptocurrency-related crimes, revealing that over $160 billion was lost globally in 2025 due to illicit digital transactions.
EFCC Chairman, Ola Olukoyede, disclosed this during the inauguration of the United Nations Office on Drugs and Crime (UNODC) Country Programme for Nigeria (2026–2030) in Abuja.
He warned that digital currencies such as Bitcoin are increasingly being exploited by criminal networks to move funds across borders with little detection, highlighting the evolving nature of financial crimes.
Olukoyede attributed the rise in crypto-related crimes to advancements in technology, weak regulatory frameworks, and gaps in global financial systems, which have created opportunities for cyber-enabled fraud.
The EFCC boss called for stronger institutional frameworks, improved regulation, and intelligence-driven strategies to combat the growing menace, stressing the need for coordinated national and international responses.
EFCC Raises Alarm Over $160bn Global Crypto Crime Losses
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