Edo Court Sentences Man to Two Years Over $19,400 Bitcoin Fraud

Justice W.I. Aziegbemhin of the Edo State High Court in Benin City has sentenced Osamudiamen Philip Ikilo to two years’ imprisonment for a $19,400 Bitcoin fraud.

In a statement issued by the Economic and Financial Crimes Commission, Ikilo was arraigned on a one-count charge of stealing and subsequently found guilty. The case was prosecuted by the Benin Zonal Directorate of the anti-graft agency following a petition alleging that he fraudulently converted Bitcoin belonging to Cynthia Imade Alile.

The charge stated that the offence, committed in March 2024, involved the theft of Bitcoin valued at $19,400, contrary to the Criminal Law of Edo State.

Ikilo pleaded not guilty upon arraignment, prompting a full trial. During proceedings, prosecution counsel A.S. Bala-Ribah presented two witnesses and documentary evidence, while the defendant also testified and called an additional witness.

Delivering judgment, Justice Aziegbemhin found Ikilo guilty and handed down a two-year prison sentence without the option of a fine.

According to the EFCC, the convict had offered to help the victim convert 0.52092582 Bitcoin but failed to remit the proceeds, instead diverting the funds for personal use.

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