E-Financial
ZachXBT, Crypto Investigator Lists Nigeria, Others as Worst Jurisdictions for Scam Victims
ZachXBT, scam survivor turned Blockchain investigator, has named Nigeria, India, Canada, UK and Russia, as the hardest places to help crypto scam victims.
ZachXBT cited stagnant legal systems and unprosecuted cyberfraud, pointing to cases like Canada’s “Crypto King” scandal as examples of systemic failure.
While his real identity remains a secret, ZachXBT’s reputation as crypto’s top sleuth is well-established.
In a Tuesday post on Telegram investigations channel, ZachXBT wrote the counties in order of where he faced the most problems, saying: “Ranking the bottom 5 jurisdictions for crypto-related victims from my own experience: Nigeria, India, Canada, UK, Russia. If you contact me from them I will likely have to decline formallyassisting due to stagnant legal cases.”
ZachXBT later doubled down on the issue on social platform X, adding that “UK & Canada currently are where cases go to die.”
Crypto fraud numbers in the UK, Canada balloon
According to data from the UK banking industry cited by news publication The Guardian, investment scam losses have surged by 55% in a year within the jurisdiction.
Total funds stolen by fraudsters in the first half of this year reached £629 million, up 3% from the same period last year.
Of that, £97.7 million was lost to investment scams alone, averaging over £500,000 every day.
The UK’s Financial Conduct Authority and several banks are warning investors of an explosion in crypto investment fraud perpetrated through cloned websites and celebrity endorsement scams.
Despite the awareness, coupled with investigations tracking down the criminals, victims cannot get justice due to a “bureaucratic gridlock.”
In Canada, the Anti-Fraud Centre reports that Canadians lost $224,201,739 to cryptocurrency investment scams in 2024, with $103,172,872 already lost this year alone.
ZachXBT mentioned the country’s handling of the “Crypto King” scandal as an example of how dysfunctional justice systems are in Canada.
When a follower asked about the case, citing the perpetrator’s arrest, the blockchain security sleuth replied:
“You are leaving out the part where those victims took action into their own hands because the legal system failed them. Canada debatably has the highest concentration of cyberfraud in North America, if not the world, which they very rarely prosecute.”
Aiden Pleterski, the self-styled “Crypto King,” was kidnapped and beaten by his victims after they lost millions in his investment scheme.
At the time of his kidnapping, Pleterski was several months into bankruptcy proceedings initiated by investors seeking to recover more than $40 million, Cryptopolitan reported.
According to court documents shared by news outlet CBC, only $3 million has been recovered so far for about 160 investors, and Pleterski had spent more than $16 million on personal luxuries.
Trials for two of the men accused in the kidnapping, Akil Heywood and Alfredo Paladino, were set to begin last month, but proceedings were postponed following another defendant’s guilty plea. A third man, Rakeem Henry, is scheduled to stand trial in January.
Many users also shared personal experiences with ZachXBT of being unable to retrieve funds frozen by banks or regulatory agencies.
“I wish people knew how bad it is in India. Bank accounts getting frozen or deleted, money trails completely frozen, the money in my bank, the money I sent to a friend, the money I deposited into my stockbroker’s app, all frozen and so hard to get back,” complained one follower.
ZachXBT turns down invitation for ‘investigators group’
In admiration of his security work, Web3 company Cicada approached Zach publicly on X through a statement-turned invitation, where it claimed “the industry doesn’t have more on-chain investigators with his level of expertise and integrity.”
“It would be amazing if you could start an exclusive bootcamp to train future, well-equipped on-chain investigators. The space would benefit well,” the company wrote.
ZachXBT, however, declined the idea, stating he was not “interested in sharing his edge.”
“If I ever launched a product, it would be targeted to well-capitalized teams and not free for the general public. You can simply try to learn from my posts. If you offer a free service or product, people start having more unreasonable expectations over time. I learned the hard way,” the security analyst surmised.
Debt Management Office (DMO) said the federal government spent N3.14 trillion on servicing its domestic debt in the first quarter of 2026.
The office disclosed the data in its latest domestic debt service report for Q1 2026.
The figure comprises N2.97 trillion in interest payments and N169.68 billion in principal repayments.
The agency said in January, the government spent N741.82 billion on domestic debt service, while the figure rose to N967.67 billion in February.
Debt service increased further to N1.43 trillion in March, bringing the total for the quarter to N3.14 trillion.
The March figure was 47.7 percent higher than the N967.67 billion recorded in February and 92.7 percent above the N741.82 billion spent in January.
Also, the debt office said interest payments accounted for about 94.6 percent of total domestic debt service during the quarter.
The DMO said treasury bills accounted for the largest share of interest payments at N1 trillion, while interest on federal government bonds stood at N1.96 trillion.
The agency said the government also paid N4.24 billion in interest on FGN savings bonds during the period.
The DMO said the principal component of the debt service comprised N169.68 billion in repayments on local-denominated promissory notes.
Overall, the government’s domestic debt service rose sharply through the quarter, with March accounting for almost half of the N3.14 trillion spent between January and March.
Nigeria’s public debt increased by 0.01 percent to N159.35 trillion in the Q1 of 2026.
Interswitch Group, an integrated digital payments and commerce company, together with global banking software provider, Temenos have reassured the Central Bank of Nigeria (CBN) of their commitment to advancing the modernisation of Nigeria’s financial services sector.
Interswitch and Temenos had earlier in June announced a strategic partnership across Africa which would see Interswitch leverage Temenos solutions – across core banking, digital banking, payments, wealth management and financial crime mitigation – to provide cloud-hosted and on-premises managed services to banks and financial institutions across Africa.
This will enable institutions to progressively transform their banking platform and evolve to more customer-centric business models. The service will initially support key African markets including Nigeria, Ghana, Côte d’Ivoire, Kenya and others.
The recent regulatory visit to CBN headquarters in Abuja, was led by the Founder and Group Chief Executive Officer of Interswitch, Mitchell Elegbe, and Managing Director for the Middle East and Africa (MEA) at Temenos, Santhosh Rao, as part of the ongoing efforts by both organisations to deepen collaboration with Central Banks across the African region on the future of digital banking infrastructure across Nigeria and key African markets.
Discussions centred on the strategic partnership between Interswitch and Temenos, and how it will enable Nigerian financial institutions to progressively modernise their core banking platforms and transition to more customer-centric business models.
The two organisations also explored opportunities to work with the CBN in charting new frontiers in Central Bank Digital Currency (CBDC) innovation, leveraging resilient financial networks and decentralised application platforms to support the issuance and management of CBDCs.
Commenting on the visit, Elegbesaid: “Our partnership as Interswitch with Temenos and our continued engagement with the Central Bank of Nigeria reflect a shared commitment to building banking infrastructure that is resilient, inclusive, and ready for the next phase of Africa’s financial evolution.
We are proud to be at the table as these conversations shape the future of digital banking technology and innovation across key Africa markets…”
The Bank of Industry, through BOI Financing SPV Plc, has opened subscriptions for its inaugural Series 1 Fixed Rate Bond worth up to N250bn under its $1bn multi-currency instruments programme, seeking to raise long-term capital to finance businesses across Nigeria’s priority sectors.
The offer, which opened on 5 August and closes on 11 August, is being arranged by Chapel Hill Denham as the lead issuing house. The five-year bond is priced within a yield range of 17.35 per cent to 17.50 per cent and will be listed on the FMDQ Securities Exchange.
According to the offer document, proceeds from the issuance will be deployed to finance eligible businesses and projects across sectors, including agriculture and food processing, healthcare, engineering and technology, renewable energy, petrochemicals, oil and gas, creative industries and solid minerals, in line with BOI’s development finance mandate.
The lender said the financing is expected to improve access to medium and long-term funding for Nigerian enterprises, expand productive capacity, create and preserve jobs, deepen local value addition, support import substitution, boost exports and strengthen domestic value chains.
BOI, Nigeria’s foremost development finance institution, said it has provided funding to more than one million businesses across the country and disbursed over N1.27tn between 2023 and 2025. The institution operates across 34 states and the Federal Capital Territory and is jointly owned by the Ministry of Finance Incorporated and the Central Bank of Nigeria.
The bank also highlighted its financial performance, reporting a 36 per cent compound annual growth rate in gross earnings between 2021 and 2025.
Interest income rose 64 per cent to N884bn in 2025 from N538bn in the previous year, while its capital adequacy ratio stood at 39 per cent, nearly four times the regulatory minimum of 10 per cent. Its non-performing loan ratio was 1.7 per cent, below the CBN’s prudential limit of five per cent.
The bond has been assigned AAA ratings by Agusto & Co. and Intelligence Africa, reflecting the issuer’s strong capitalization, profitability, liquidity and ownership structure.
The issuance is open to institutional and qualified investors with a minimum subscription of N5m and additional investments in multiples of N1m. Interest will be paid semi-annually at a fixed rate, while principal repayment will begin in the third year through equal semi-annual amortised instalments until maturity in 2031.
The bond is also exempt from tax, making it an attractive investment option for investors seeking stable returns amid expectations of declining interest rates.
Fake Agency: ICPC Indicts NITDA, Others over Inadequate Due Diligence
Tax Reform Built on Taxing Prosperity, Not Poverty– Adedeji
UNESCO Taps Oguamanam,Nigerian Scholar to Advisory Body on Science, Tech Ethics
MTN Alerts Subscribers over Fake 25GB Anniversary MTN Data Giveaway
X Replaces Revenue Sharing wit New Creator Rewards Programme
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
Fact-Check: Elon Musk’s “Tesla Pi Phone” is Internet Rumor
NBC Tasks Broadcasting Stations over 2028 DSO Global Deadline
NBC Scraps Annual Digital Access Fee on DSO
Glo Sponsored African Voices to Feature Netflix’s “The Polygamist” Stars
General News2 days agoGuinness Rewards Consumers with ₦17 Million in First Week of ‘Open for More’ Promo Draw
News3 days agoGlovo Pioneers AI Quick-Commerce
News2 days agoWorld Bank Debars United Aviation Services, Owner over Fraudulent Activities
E-Business2 days agoNITDA Introduces Cloud Certification Boost Data Localisation Compliance
Telecom2 days agoNCC, Enugu Sign Deal to Operate Digital Industrial Park, Learning Centre
E-Financial2 days agoBOI Opens N250Bn Bond Offer to Fund Businesses
News2 days agoEnugu State Approves Land for ITF’s Digital Fabrication Centre
General News2 days agoMeta Hit With $567m US Court Order Over Alleged Harm to Children