Ghana's Economic and Organised Crime Office (EOCO), in coordination with the UK National Crime Agency (NCA), Europol, and private-sector partners, has seized and liquidated approximately $15.1 million in crypto assets linked to a cross-border investment scam. The case marks one of Ghana's largest international crypto asset recovery operations.
OKX Compliance Triggered Cross-Border Investigation
The probe began when OKX compliance teams flagged suspicious activity tied to an apparent investment scheme. OKX reported the activity directly to Europol, which passed the intelligence to the UK NCA. Investigators traced operational links—including mule accounts and a physical office—back to Ghana.
The NCA's International Liaison Officer in Accra shared findings with EOCO, launching a multi-agency effort combining financial analysis and blockchain forensics. EOCO Executive Director Raymond Archer noted that Ghana's administrative freeze powers were critical in the early stages of the case.
Blockchain Analysis Unveiled Unified Money-Laundering Network
After freezing accounts, investigators used Chainalysis Reactor to connect multiple wallets and transactions. What initially appeared as separate accounts turned out to be parts of a coordinated network tied to a Chinese-Malaysian organized crime group. Proceeds identified included 119.4 BTC, 93 ETH, and 2.85 million USDT.
Notably, the assets had moved through nearly 20 different cryptocurrencies and tokens, with a significant portion previously held in DOGE before consolidation. Analysts in Ghana and the UK reviewed the same blockchain data simultaneously, accelerating the investigation, according to Matthew Perfect of the UK National Economic Crime Centre.
Asset Liquidation and Victim Restitution Underway
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 restitution. Some victims are British citizens, meaning part of the recovered funds will eventually return to the UK.
The case was highlighted at the UNODC Global Fraud Summit by Chainalysis's James Lee, EOCO's Raymond Archer, and the UK NECC's Matthew Perfect.