The United States Secret Service has taken over the Binance account of 32-year-old male of Nigerian descent, Olamide Shanu, after tracing his account to a $2.5 million wire fraud, money laundering and sextortion scheme

The allegations mounted against Mr Shanu and the manner the fraud scheme was perpetrated mirrored the operation of internet fraudsters in Nigeria known as Yahoo boys.

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Scouting social media platforms such as Instagram and Snapchat for male teenagers and unsuspecting adults to defraud, Mr Shanu posed as a female to obtain the explicit images and videos of his victims after forming a deceptive intimate relationship with them.

He then threatened to send the nudes to their friends should they refuse to send the requested sum and more sexual videos.”