American intelligence firm brings global expertise to Nigeria's fight against crypto fraud
Nigeria's Crypto Boom and the Rising Cybercrime Threat
According to the 2024 Global Crypto Adoption Index published by Chainalysis, Nigeria is a leader in cryptocurrency adoption, second only to India. Nigerians use these digital assets to facilitate transactions, make investments, and even provide remittances. As major blockchain platforms and local startups drive this movement, the nation's market presence grows; however, this expansion is not without risks.
The rapid and largely unchecked expansion of decentralized networks across Nigeria has increased its exposure to cybercrime, a threat for which the nation is less prepared. Cryptocurrency's structure provides hackers, scammers, and fraudsters with unique means of executing financial crimes, meaning victims can be anywhere, locally or abroad.
CNC Intelligence, a US-Israeli firm specializing in crypto asset tracing expertise, is supporting Nigeria's fight against crypto fraud. Through OCONUS Investigations Inc., the firm's Abuja-based subsidiary, CNC Intelligence is working to track stolen crypto assets while supporting law enforcement recovery initiatives.
Bringing Global Crypto Investigation Expertise to Nigeria
CNC Intelligence is unsatisfied with remote consultation and prefers to have boots on the ground in Abuja for real-time collaboration. By directly involving itself with enforcement agencies and victims, the firm can better advance investigations and improve coordination for these asset-tracking efforts.
CNC Intelligence applies blockchain analytics, cyber intelligence, and various legal strategies to support legal efforts to trace stolen assets and illicit financial flows. The firm specializes in the following:
Identification: CNC Intelligence detects suspicious or fraudulent crypto transactions across leading blockchains.
Tracking: The firm follows digital assets through wallets, exchanges, and obfuscation services.
Support: The firm assists clients and authorities by providing the intelligence necessary to support ongoing investigations.
CNC Intelligence is working with institutions like the Economic and Financial Crimes Commission (EFCC) and the Nigeria Police Force Cybercrime Section to enhance Nigeria's ability to respond to crypto fraud.
Training and Capacity Building for Law Enforcement
Going beyond investigation, CNC Intelligence has committed itself to supporting law enforcement and victims of crypto fraud through specialized training and knowledge-sharing. The firm conducts workshops for key enforcement units, ensuring officers can investigate complex digital crimes. This training prioritizes:
Analysis: To employ blockchain forensic tools and wallet analysis to assist investigations.
Knowledge: Understanding the unique vulnerabilities of decentralized finance (DeFi) systems and different types of scams.
Case studies: Providing practice with real-world investigations for specialized training.
As crypto fraud becomes increasingly sophisticated and widespread, law enforcement must remain informed about this evolving threat.
The Role of International Cooperation
CNC Intelligence recognizes the importance of collaboration across departments, jurisdictions, and borders. The firm's presence already demonstrates a dedication to international cooperation, and its investigations in Nigeria prioritize connection.
Whether bridging the divide between regulators, cybersecurity agencies, or law enforcement partners, improved coordination is key in combating digital crime.
A Secure Digital Future for Nigeria
As Nigeria's digital economy will likely expand further, CNC Intelligence provides the international expertise necessary to build public trust. As cryptocurrency solidifies its position in the global financial marketplace, global intelligence firms such as CNC Intelligence could become key players in the fight against financial cybercrime by supporting domestic institutions.
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