Bitcoin Fraud: Yahoo Boy Arraigned For N4.5m Crypto Scam

• A 30-year-old businessman, Okiemute Kosin was charged to court for an $11,062 (N4.5 million) bitcoin fraud

• The defendant stood before the Ikeja Magistrates’ Court on a three-count charge of conspiracy, obtaining money under pretense, and theft

• Kosin pled not guilty to the charges and he was granted bail for a charge of N250,000 with two sureties

A Nigerian businessman, Okiemute Kosin has been charged with $11,062 in a bitcoin fraud on the pretext of offering bitcoin trading services.

The defendant, who resides in Lago states was arraigned before Magistrate, Mrs. O. A. Odubajo at a Magistrates’ Court in Ikeja on Friday.

The suspected yahoo boy was charged on three counts for conspiracy, obtaining money under pretense, and stealing.

The prosecutor Sgt. Olasunkanmi Adejumola alleged that the defendant and others who remain on the run committed the offenses on Nov. 13.

He claimed that Kosin obtained the money from one Mr. Sunday Egbayalo through dubious means by proposing a bitcoin trade investment.

“The defendant presented a business proposal of online bitcoin trade to the complainant and persuaded him to invest.
“After the defendant collected the money from the complainant, he blocked his account and refused to pick up his calls.”

Read also: Nigeria Minister Calls For Bitcoin Regulation

The defendant pleaded not guilty to the bitcoin fraud and was granted bail on the submission of N250,000 with two sureties.

Magistrate, Mrs. O. A. Odubajo adjourned the case to Jan. 12, 2022.

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