US Seizes $7.5M in Crypto from Nigerian, Russian Fraud Ring Linked to Binance Accounts
The U.S. government is moving to confiscate more than $7.5 million in cryptocurrency linked to a massive international fraud scheme run by scammers in Nigeria and Russia. According to a civil forfeiture complaint filed in Seattle, the scheme defrauded Americans of over $97 million between June 2022 and July 2024.
The scammers lured victims into sending funds to fake escrow companies under the guise of investing in the oil and gas sector—allegedly for storage tank reservations in Rotterdam or Houston. Once the funds were sent, victims were cut off, and the money was quickly funnelled through multiple crypto wallets.
Following a Homeland Security investigation, eight Binance-linked crypto accounts—operating under the name Nest Services Limited—were seized in December 2024. These accounts collectively held 440,597.8 USDT, 19 BTC, 39 ETH, 156 TRX, 84 million LUNC, 5.5 YFI, 129,601 POL, and 288,883 ADA.
Investigators say at least 81 bank accounts and 19 crypto exchange accounts were used to launder the stolen funds. These were opened under various fake businesses, including Sea Forest International, Apex Oil and Gas Trading, Terminal Energy International Escrow Service, and others.
Court filings noted that KYC details and IP addresses tied to the wallets were traced to users in Nigeria and Russia. None of the accounts were linked to legitimate oil and gas companies.
The U.S. Department of Justice is now seeking a final forfeiture order from the District Court for the Western District of Washington.
