U.S. Secret Service Seizes $700,000 Linked to Nigerian Cyber Fraud Network
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The United States Secret Service has moved to forfeit nearly $700,000 in cryptocurrency allegedly tied to Nigerian cybercriminals accused of operating large-scale business email compromise schemes targeting companies and individuals across the United States.
According to court filings submitted at the U.S. District Court for the Eastern District of Texas, investigators traced and seized over $516,000 from three cryptocurrency wallets believed to have received proceeds from fraudulent transactions. Authorities said the funds were uncovered during an ongoing investigation into cyber fraud activities that began in August 2024.
Investigators disclosed that the suspects allegedly impersonated trusted business associates and legal representatives through fraudulent emails designed to deceive victims into transferring money into fake bank accounts. The stolen funds were reportedly moved through several domestic accounts before being converted into cryptocurrency, mainly Tether (USDT), in an attempt to conceal their origin.
A Secret Service agent involved in the investigation explained in an affidavit that victims were manipulated into believing they were carrying out legitimate financial transactions. Once the money entered the fraudulent accounts, the funds were rapidly layered through multiple channels and crypto exchanges.
One of the major incidents highlighted in the filings involved a Texas-based company that reportedly lost close to $600,000 after cybercriminals altered an attorney’s email domain during a business transaction. The fraudulent message instructed the company to redirect payment to a different bank account controlled by the suspects.
Authorities said subpoenas issued during the probe uncovered several cryptocurrency exchange accounts allegedly opened using fake identities and forged driver’s licences. Some accounts reportedly shared identical photographs and suspicious documentation, leading investigators to conclude that the identities were part of a coordinated fraud network.
The investigation also uncovered another victim who reportedly lost nearly $3 million while attempting to distribute inheritance funds as a family executor. Officials said more than $1.3 million from the transaction was allegedly funnelled through the same laundering network before being converted into cryptocurrency.
Using blockchain tracing technology, investigators identified multiple digital wallets believed to contain proceeds linked to the scams. The Secret Service subsequently contacted the cryptocurrency platform Tether, which froze the wallets pending further investigation.
Court records further revealed that one of the accounts under scrutiny was allegedly created in Nigeria in 2025 under the name “Big Majic.” Investigators also said individuals claiming ownership of some of the frozen wallets failed to fully cooperate with authorities after initial contact.
In a separate but related action, U.S. authorities also confiscated an additional $181,000 reportedly connected to another Nigerian cyber fraud suspect who remains at large as investigations continue.
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