- A joint probe by Ghana, the UK, Europol, and private partners led to the seizure of $15.1 million in crypto assets.
- Blockchain analysis traced 119.4 BTC, 93 ETH, and 2.85 million USDT linked to an alleged laundering network.
- Authorities are preparing victim restitution after liquidating recovered assets and securing funds in Ghana.
A crypto-linked investment scheme that attracted thousands of users in Ghana has led to the recovery of roughly $15.1 million in assets. According to Chainalysis, Ghana’s Economic and Organized Crime Office (EOCO), the UK National Crime Agency (NCA), Europol, and private-sector partners traced and seized funds tied to a Chinese-Malaysian organized crime group that allegedly laundered proceeds through cryptocurrency.
Investigation Began With Exchange Alert
The case started when OKX compliance teams detected suspicious activity connected to an apparent investment scheme. According to OKX, the exchange reported the activity directly to Europol.
From there, Europol passed the information to the UK NCA. Investigators then traced operational links, including mule accounts and a physical office, back to Ghana.
As the investigation advanced, the NCA’s International Liaison Officer in Accra shared intelligence with EOCO. That cooperation launched a multi-agency operation involving financial analysis and blockchain tracking.
Meanwhile, EOCO moved quickly to prevent funds from leaving identified accounts. According to EOCO Executive Director Raymond Archer, Ghana’s administrative freeze powers played a key role during the early stages of the case.
Blockchain Analysis Mapped The Network
After freezing accounts, investigators turned to blockchain analysis to identify the full scope of the operation. According to Chainalysis, EOCO and the NCA used Chainalysis Reactor to connect multiple wallets and transactions linked to the scheme.
The analysis revealed what appeared to be separate accounts were part of one coordinated network. Investigators identified proceeds totaling 119.4 BTC, 93 ETH, and 2.85 million USDT.
Notably, the assets had moved through nearly 20 cryptocurrencies and tokens. Investigators also found that a significant portion had previously been held in DOGE before consolidation.
According to Matthew Perfect of the UK National Economic Crime Centre, analysts in Ghana and the UK reviewed the same blockchain data simultaneously, accelerating the investigation.
Assets Prepared For Victim Restitution
Following the seizure, authorities worked with ComplyCrypto and custodian Zodia Custody to liquidate the recovered assets. The proceeds, totaling approximately $15.1 million, were transferred into a dedicated exhibit account in Ghana.
EOCO is now screening victims and preparing a restitution process. According to Chainalysis, some victims are British citizens, meaning part of the recovered funds will ultimately return to the United Kingdom.
The case was recently highlighted during the UNODC Global Fraud Summit by James Lee of Chainalysis, Raymond Archer of EOCO, and Matthew Perfect of the UK NECC.
