Planet Money
The 'Crypto Wizard' vs. Nigeria
Feb 11, 2025
Tigran Gambaryan, a former IRS Special Agent dubbed the 'Crypto Wizard,' shares his gripping story of being detained for eight months in Nigeria. He recounts a chaotic meeting with government officials who accused Binance of economic misdeeds. Amidst the harsh realities of prison life, Tigran faced dire conditions and fought for survival, all while longing for contact with his family. His harrowing journey sheds light on the complex dynamics of cryptocurrency in unstable economies and the systemic flaws within Nigeria's legal system.
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Quick takeaways
- Tigran Gambaryan's eight-month ordeal in Nigerian custody underscores the severe tensions between cryptocurrency regulation and national economic control.
- The incident highlights how the rise of cryptocurrency as a financial lifeline for citizens can complicate governmental oversight and compliance.
Deep dives
Tigran Gamberian's Detention in Nigeria
Tigran Gamberian, a former IRS investigator and head of financial crime compliance at Binance, was detained by the Nigerian government during a business trip, where he aimed to strengthen local law enforcement's cryptocurrency understanding. Shortly after his arrival, Nigerian officials accused him of undermining the economy and demanded extensive control over Binance's operations. The situation escalated when Tigran and a colleague were effectively taken hostage, as they lacked the authority to comply with the demands of the Nigerian authorities. This marked the beginning of Tigran's eight-month ordeal in captivity, highlighting the harsh realities of crypto regulations in a country facing economic turmoil.
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