A Nigerian court has convicted and fined a peer-to-peer (P2P) cryptocurrency trader who was accused of operating a pig butchering scam. The trader, Lawrence Success Karinate, was found guilty of computer-related fraud, and the court ruled that he must pay a fine equivalent to $257.90 or N200,000.
The Economic and Financial Crimes Commission (EFCC) prosecuted the case, and the offense was said to be in violation of Section 22(2)(b) of the Cybercrimes (Prohibition etc.) Act, 2015.
The EFCC detailed that Karinate, in 2023, fraudulently presented himself on social media as a female fashion influencer named ‘Jessie Randall’ with the intent to defraud unsuspecting members of the public. This activity was aimed at gaining an advantage for himself and was considered an offense under the Cybercrimes Act.
Nigerian Crypto Trader Convicted and Fined for Pig Butchering Scam
Karinate, who pleaded guilty to the charge, was arrested by EFCC operatives in Lagos State in May 2023. At the time of his arrest, a mobile phone that he used for the scam was recovered, and he admitted to gaining $2,000 from the fraudulent activity.
This case serves as a reminder of the importance of using caution and due diligence when engaging in cryptocurrency transactions, especially in the P2P space, to avoid falling victim to scams and fraudulent activities.