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EOCO Smashes Sophisticated Crypto Scam, Seizes Over $15m in Digital Assets- Ayine
The Economic and Organised Crime Office (EOCO) has uncovered and dismantled a highly sophisticated cryptocurrency fraud operation that targeted both Ghanaian and foreign victims, leading to the recovery of more than US$15 million in digital assets.
The breakthrough was disclosed by the Attorney-General and Minister for Justice, Dr Dominic Ayine, while addressing the public during the government’s Accountability Series on Thursday, December 18, 2025.
According to Dr Ayine, EOCO’s investigations revealed a carefully coordinated scheme involving fraudulent cryptocurrency wallets hosted on OKX, an offshore digital asset exchange based in the Seychelles. Following a formal request from Ghanaian authorities, OKX conducted internal investigations which independently confirmed EOCO’s findings, establishing that the wallets in question were actively used for fraudulent transactions.
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The Attorney-General explained that forensic analysis of transaction data uncovered a striking pattern: more than 1,000 crypto transactions were traced to a single computer IP address at one physical location, indicating that the operation was likely run by one individual rather than a distributed network.
Further investigations, including Know Your Customer (KYC) verification records obtained from the exchange, identified the wallet owner as a Chinese national who was residing and working in Ghana under a valid resident permit.
Dr Ayine revealed that the suspect was employed by a company that allegedly served as the operational front for the scam, which defrauded several Ghanaian and British citizens through deceptive crypto investment activities.
Acting on the intelligence gathered, EOCO moved quickly to shut down the company, seize its operations, and halt any further financial losses to victims.
“In the course of the investigation, the company used to defraud Ghanaians was shut down, and its operations were seized,” Dr Ayine stated.
A major milestone in the case came on November 19, 2025, when ZODIAC, a digital asset compliance and recovery firm, successfully converted the seized cryptocurrency holdings into cash.
“ZODIAC successfully converted the cryptocurrency assets of the criminal enterprise and transferred the amount of USD 15,191,730 to the EOCO exhibit account,” the Attorney-General disclosed.
The recovery marks one of the largest crypto-related asset seizures in Ghana’s history, underscoring EOCO’s growing capacity to tackle complex cross-border financial crimes involving emerging technologies.
Dr Ayine described the operation as a clear signal of the government’s resolve to confront cyber-enabled fraud and protect both local and international victims.
The case also highlights the increasing cooperation between Ghanaian law enforcement agencies, international crypto exchanges, and digital asset compliance firms in tracking illicit financial flows in the rapidly evolving cryptocurrency space.
Investigations are ongoing, and authorities are expected to pursue further legal action against those implicated, as Ghana intensifies its crackdown on organised economic and cybercrime.
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