A Nigerian court recently convicted and fined a peer-to-peer (P2P) crypto trader accused of running a pig butchering scam. According to the Economic and Financial Crimes Commission, the crypto trader’s activities were “contrary to and punishable under the Cybercrimes (Prohibition etc.) Act, 2015.”
Offense ‘Bordering on Cybercrimes’
A Nigerian court recently convicted a peer-to-peer cryptocurrency trader accused by authorities of committing a “computer related fraud.” In his ruling, Justice Nicholas Oweibo of the Federal High Court ruled that the accused Lawrence Success Karinate has to pay a fine equivalent to $257.90 or N200,000.
According to a statement issued by the anti-corruption body, the Economic and Financial Crimes Commission (EFCC), Karinate faced one charge “bordering on cybercrimes.” The EFCC, which prosecuted the case, said the crime is in contravention of Section 22(2)(b) of the Cybercrimes (Prohibition etc.) Act, 2015.
The P2P Trader’s Pig Butchering Scam
Detailing how the crypto trader ran what the EFCC calls a pig butchering scam, the anti-corruption body’s said:
“That you, Success Lawrence Karinate, sometime in 2023, within the jurisdiction of this Honourable Court, with intent to defraud, fraudulently held out yourself on social media platforms, as a female, bearing the name ‘Jessie Randall’, a fashion influencer, to unsuspecting members of the public, with intent to gain advantage for yourself and you thereby committed an offence, contrary to and punishable under Section 22(2)(b) of the Cybercrimes (Prohibition etc.) Act, 2015.”
Karinate, who pleaded guilty to the charge, was arrested by EFCC operatives in the Lekki area of Lagos State on May 26, 2023. At the time of his arrest, the operatives recovered a mobile phone which the crypto trader used to perpetrate the scam. According to the EFCC he admitted to gaining $2,000 from the scam.
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