Freed Binance Exec Departs Nigeria as Country Teams With US on Crypto Task Force – Decrypt

Binance executive Tigran Gambariyan, who was held in a Nigerian prison for eight months, was released on Wednesday after Nigeria dropped charges against the US national. Gambarian's family has now confirmed that he has left Nigeria, and the two countries have set up a task force to combine resources to combat crypto-related crimes.

“We are so relieved that this day has finally come,” his wife, Yuki Gambarian, said in a statement. decryption. “The past eight months have been a living nightmare. We wish his release had not taken so long or his health had deteriorated so much, but now as a family we You can focus on healing.”

Yuki Gambalyan also thanked the US government and other supporters, saying, “The road ahead to Tigran's recovery will be difficult, but we have been given the time and space to focus on it.'' I am grateful for that,” he added. Our children can't wait to be reunited with their father. ”

Late Wednesday, the U.S. State Department announced that it has launched a Bilateral Liaison Group on Illicit Finance and Virtual Currency in collaboration with Nigeria in a joint effort to combat cybercrime and cryptocurrency-related financial fraud.

“The United States works with partners around the world to counter and respond to malicious cyber operations, cybercrime, and other digital harms while advancing cyberspace and digital technologies that promote economic prosperity.” said the official. announcement.

This announcement reaffirmed the United States' commitment to the Government of Nigeria to help the Department of Justice (DOJ) strengthen its cybercrime investigation and prosecution capabilities. Nigeria is a US ally, but Gambarian's detention has drawn fierce criticism, including from members of Congress.

Gambarian was arrested in February during negotiations with Nigerian authorities over restrictions on cryptocurrency trading. Nigeria dropped all charges against Gambarian, citing his poor health, including malaria and a herniated disc. However, Nigerian authorities said they would continue to press charges against Binance itself.

“We are extremely relieved and grateful that Tigran Gambariyan has finally been released after enduring nearly eight months of detention in Nigeria,” Binance CEO Richard Teng said in a statement. said in a statement. “Throughout this difficult time, Tigran has shown immense strength and we commend his resilience in the face of such severe adversity. We have sent countless thousands of people to support Tigran's release. Thank you very much to everyone who took the time to do so.”

Mr. Gambarian's detention drew heavy criticism from U.S. lawmakers, with Representatives French Hill and Chrissy Hoolahan visiting Mr. Gambarian in prison in June and expressing concern about his deteriorating condition. .

The U.S. State Department did not immediately respond to a request for comment from the country. decryption.

The launch of the bilateral liaison group comes amid a surge in crypto crimes globally. According to a recent FBI report, 87% of all investment fraud in 2023 involved cryptocurrencies, with total losses reaching $3.96 billion.

Crypto security company CertiK’s Q3 2024 report Despite the decline in the number of hacks, cryptocurrency thieves still managed to steal $750 million in the last quarter. Phishing and private key compromise dominated the list, with Ethereum emerging as the top target.

This surge in crypto-related crimes has regulators around the world on high alert, and Nigeria is no exception. Nigeria's crypto scene is booming, with the country's Securities and Exchange Commission (SEC) valuing the local industry at $400 million as of June 2024.

But that growth has led to increased regulatory enforcement. In the same month, the Nigerian SEC ordered Cryptocurrency exchanges and digital asset traders must reregister within 30 days or face enforcement action. In August, regulators issued the first licenses to crypto exchanges and other industry companies.