Regulation: Nigerian Police Detain “Crypto Billionaire,” BLord, on Charges of Financing Terrorism, Cryptofraud, and Violation of Regulations
According to reports, the Nigeria Police Force has detained BLord, a.k.a. Linus Williams, a crypto billionaire, on suspicion of terrorism and cryptocurrency fraud.
According to ACP Muyiwa Adejobi, the Force Public Relations Officer, Bord was taken into custody in Abuja on July 16, 2024. Officials are looking into accusations made against:
- Blord Group
- Blord Real Estate Ltd
- Blord Jetpaye Limited, and
- Billpoint Technology
which belong to the suspect’s businesses.
The officer claimed that Williams had committed offences such as financing terrorism, aiding and abetting internet fraud, computer-related fraud, cryptocurrency fraud, and regulatory framework non-compliance. Adejobi responded to reporters by saying, “Yeah, we have him with us.” Complaints against Blord Group, Blord Real Estate Ltd., Blord Jetpaye Limited, and Billpoint Technology are presently being looked into by the FCID (NPF-NCCC).
“These offences include claims of sponsoring terrorism, computer-related fraud, online fraud assistance, cryptocurrency fraud, and regulatory framework non-compliance. We’ll conduct our investigations with due diligence. Nigeria’s internet needs to be safe and secure at all times. We’re determined to make that happen.
A top officer of the Nigerian Securities Exchange Commission (SEC) recently disclosed that the secrecy surrounding cryptocurrency transactions is drawing a lot of young Nigerians to the platform.
33.4% of Nigerians use or own cryptocurrencies, according to the SEC, which recently instituted a new screening procedure for cryptocurrency companies doing business within its borders. The local cryptocurrency industry is estimated to be worth over $400 million.
The SEC official stated that in order for investors to make informed investment decisions, the agency would keep educating them about the hazards connected to digital assets.
“The absence of a thorough regulatory framework has led to ambiguity, which may discourage innovators and investors alike. Hacking and fraud are two examples of cybersecurity dangers that present serious hazards. He clarified that a sizable section of the populace is not financially literate, which leaves them open to fraud and hazardous investments.
