Ghana’s EOCO and the UK NCA used Chainalysis Reactor to trace and seize $15.1M from a crypto investment fraud targeting thousands.
Ghana’s Economic and Organized Crime Office (EOCO) and the UK’s National Crime Agency (NCA) have recovered $15.1 million stolen through a crypto-based investment fraud.
The scheme, run by a Chinese-Malaysian organized crime group, targeted thousands of victims in Ghana and the UK.
Investigators used Chainalysis Reactor to trace and freeze the funds. This marks one of the first major crypto fraud recoveries in West Africa.
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How a Fake E-Commerce Platform Drained Millions
The fraud operated through an e-commerce platform that promised high-yield returns.
Victims signed up to run virtual shops, earn points through trading, and collect referral rewards. Behind the polished interface, criminals were quietly laundering stolen funds through cryptocurrency.
Chainalysis shared details about the case following its presentation at the UNODC Global Fraud Summit.
The case began at OKX, a global crypto exchange.
Compliance teams flagged suspicious activity linked to an apparent investment scheme and reported it to Europol. Europol passed it to the UK NCA, whose analysts traced key operational nodes back to Ghana.
A physical office fronting the fraud and mule accounts receiving victim funds were identified in Accra.
🇬🇭 @EOCOghana and the 🇬🇧 @NCA_uk used Chainalysis Reactor to trace, freeze, and seize $15.1M linked to a major investment fraud — one of the first crypto fraud recoveries in West Africa.
Funds are now being returned to victims thanks to collaboration with law enforcement… pic.twitter.com/j9551nPbuX
— Chainalysis (@chainalysis) June 16, 2026
Chainalysis Reactor Mapped the Full Fraud Network
Once the NCA’s International Liaison Officer referred the case to EOCO, investigators used Chainalysis Reactor to cluster related blockchain addresses. What appeared as separate wallets turned out to be parts of one coordinated operation.
In total, investigators identified 119.4 BTC, 93 ETH, and 2.85 million USDT across nearly 20 coins and tokens. Much of those funds had at some point passed through DOGE before being consolidated.
Matthew Perfect, Senior Manager at the UK’s National Economic Crime Centre, noted that both EOCO and NCA analysts were reviewing the same blockchain data simultaneously. That shared visibility allowed investigators in two countries to link UK victims to the Ghanaian fraud faster.
EOCO also used Ghana’s administrative freeze powers to lock exchange accounts within 14 days, without a prior court order. A formal court order followed, securing the freeze while the investigation advanced.
$15.1M Seized and Restitution Now Underway
Following the seizure, ComplyCrypto and Zodia Custody handled the asset liquidation.
Approximately $15.1 million transferred into a dedicated exhibit account in Ghana. EOCO is now screening victims and building a restitution process. Some affected individuals are British citizens, so part of the recovered funds will move to the UK.
EOCO Executive Director Raymond Archer credited Chainalysis tools for helping investigators nail down the cluster of addresses tied to scam accounts.
Chainalysis said the case signals a broader shift in how crypto fraud enforcement works globally. According to the firm, blockchain analysis tools, legal agility, and public-private collaboration each played a distinct role in converting fraud losses into real victim compensation.
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