Morocco Cracks Down on Crypto Crime: 5 Arrested in Phishing Scam

Moroccan authorities arrested five people suspected of running a cryptocurrency phishing scam.

Email Phishing Scam

Moroccan authorities have arrested and detained five individuals suspected of involvement in a cryptocurrency fraud operation. Police also recovered an unspecified amount of money allegedly linked to the scheme, as well as mobile devices used in the crimes.

According to a report by Hespress, the unnamed suspects, ranging in age from 24 to 48, face accusations of sending phishing emails to foreign citizens. These emails were part of an elaborate phishing scam designed to drain funds from victims’ crypto wallets. The stolen funds were then allegedly converted for personal use.

Moroccan authorities apprehended the suspects after receiving a complaint through international law enforcement cooperation channels.

The arrest of the five come just days after the Moroccan central bank governor, Abdellatif Jouahri, shared new details about ongoing efforts to establish a regulatory framework for cryptocurrencies. As reported by Bitcoin.com News, Bank Al-Maghrib, the country’s central bank, has drafted a law to regulate crypto assets. Jouahri said the draft, which has the World Bank’s backing, is currently undergoing the adoption process.

Before considering regulations for cryptocurrency usage, Moroccan authorities prohibited and warned against using or trading cryptocurrencies. Despite this, Moroccan residents continued to engage with cryptocurrencies, with a 2022 Chainalysis report naming the country among the top five countries with the highest year-over-year cryptocurrency transaction volumes.

Despite the increased adoption, Morocco has continued to target cryptocurrency users. In May 2023, a French cryptocurrency trader was jailed for allegedly using bitcoin to purchase a Ferrari.

The Hespress report revealed that the five suspects are being detained as part of an ongoing investigation overseen by the public prosecutor’s office. The report added that the probe aims to identify all individuals involved in the criminal network.

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