EFCC Raises Alarm Over $160bn Global Cryptocurrency Crime Losses
EFCC Raises Alarm Over $160bn Global Cryptocurrency Crime Losses The Economic and Financial Crimes Commission (EFCC) has raised concerns over the rapid rise in cryptocurrency-related crimes, revealing that more than $160 billion was lost globally in 2025 to illicit digital transactions. The warning was issued by EFCC Chairman Ola Olukoyede during the inauguration of the United Nations Office on Drugs and Crime (UNODC) Country Programme for Nigeria (2026–2030) in Abuja. Olukoyede warned that cryptocurrencies such as Bitcoin are increasingly being used by criminal networks to move funds across borders undetected. According to him, advances in technology have made digital assets attractive tools for money laundering, fraud, and other illicit financial flows. He stressed that the anonymity and decentralised nature of cryptocurrencies make them particularly vulnerable to abuse by organised crime groups.The EFCC boss identified weak regulatory frameworks and gaps in global financial systems as major enablers of cryptocurrency crime. He noted that inconsistencies in regulations across countries have created opportunities for criminals to exploit loopholes and avoid detection. Experts say these systemic gaps, combined with rapid digital innovation, have contributed to the growing scale and sophistication of cyber-enabled financial crimes worldwide. The commission warned that African countries, including Nigeria, are becoming increasing targets for crypto-related scams and fraud schemes. Authorities say the continent’s expanding digital economy, coupled with evolving financial systems, has made it a focal point for cybercriminal activities. The EFCC also highlighted the broader risks posed by cryptocurrency crimes, including:
- Growth of transnational organised crime
- Increase in illicit financial flows
- Threats to national and economic security
Olukoyede emphasised that tackling cryptocurrency crime requires:
- Coordinated international strategies
- Strengthening of regulatory and legal frameworks
- Adoption of intelligence-driven enforcement mechanisms
He noted that no single country or agency can effectively address the challenge alone, calling for greater collaboration among global institutions. The EFCC described the UNODC Country Programme (2026–2030) as a strategic platform to combat rising threats from
- Cybercrime
- Corruption
- Illicit financial transactions
The initiative aims to strengthen Nigeria’s criminal justice system, rule of law, and institutional capacity in addressing financial crimes.
With cryptocurrency adoption continuing to rise globally, analysts warn that without stronger oversight and enforcement, digital financial systems could remain vulnerable to abuse. The EFCC reiterated its commitment to working with international partners to protect financial systems and curb emerging cyber threats, stressing that urgent action is needed to prevent further losses.
