Moroccan police has seized devices and funds that were involved in a crypto scam. According to local media reports, five people have been taken into custody by Moroccan authorities in relation to an alleged cryptocurrency fraud scheme.
The arrest comes against the backdrop of Cryptocurrencies getting traction in the nation alongside the government legalizing digital assets.
What Was The Modus Operandi?
The suspects, who range in age from 24 to 48, were taken into custody in Salé earlier in the week preceding December 7th, in response to a complaint that was received through channels of international law enforcement cooperation.
The report states that the alleged suspects were participating in a phishing scheme that sent malicious emails to foreign nationals.
The purpose of the emails was to obtain the victims’ cryptocurrency-containing digital wallet details, which were subsequently transferred to their personal bank accounts and exchanged for cash.
The scam was carried out using various devices, which the police has seized now.
Morocco Brings New Crypto Regulation
Today’s scam reports come after just recently Abdellatif Jouahri, the governor of Morocco’s central bank, announced that the country is in the process of adopting a draft cryptocurrency law.
Morocco has prohibited cryptocurrencies since 2017, but people still use them covertly to get around the laws.
The central bank, Bank Al Maghrib, “has prepared a draft law regulating crypto assets, which is currently in the adoption process,” Jouahri said at a global gathering in Rabat.
Also read: Morocco Drafts Law To Legalize Cryptocurrency Amidst Exploration Of CBDC
Morocco Crypto Sector Likely To Rise
Morocco’s cryptocurrency market is anticipated to grow significantly given the country’s upcoming laws. Due to growing interest from the tech-savvy youth of Morocco, the country’s cryptocurrency market is expanding quickly.
Researches suggest that the revenue will likely reach US$115.4 million by 2024 in the nation.
By 2025, this revenue is expected to have grown at a 4.59% annual rate (CAGR 2024-2025), totaling US$110.1 million. In 2024, the Moroccan cryptocurrency market is expected to generate an average revenue per user of US$66.0.
By 2025, it is anticipated that the user penetration rate, which is 4.58% in 2024, will rise to 4.55%.
Crypto Scams Rise Globally
Crypto scams have seen a rise across the globe. Unfortunately, this trend has cost many people millions of dollars, making authorities take actions to stop it.
Globally, illicit money flow has increased as a result of the illicit cryptocurrency trade. Despite the combined effort of nations to keep a close eye on these activities, frauds, illegal activity, and cryptocurrency scams, the number of scams and hacks has been increasing.