Wallets With Over $50 Million in Inflows Traced in Yaa Fraud Probe; More Than 10,000 Yemeni Victims Estimated
Ahmad Ghazi, director of Yaa Platform, has announced that an investigation into a sprawling online fraud network traced digital wallets with inflows exceeding $50 million. Estimates he shared indicate that more than 10,000 Yemenis, alongside tens of thousands of people in Gulf countries, fell victim to the network in just three months.
Ghazi said the network had operated for years, running numerous fake task-based work and investment platforms. He described it as one of the largest online fraud networks Yaa has investigated.
After months of monitoring and tracing blockchain transactions, the platform’s team, supported by volunteers and specialists, had identified the network’s principal operators, Ghazi said. The investigation is now in its final stages.
From Paid Tasks to Escalating Deposits
The forthcoming report builds on an earlier Yaa investigation documenting how Yemenis were lured into platforms offering earnings for completing online tasks, before being asked to make increasingly large deposits.
Some participants were subsequently recruited to receive and transfer other people’s money through their personal accounts, in return for commissions or promises of recovering their losses.
This creates a further layer of exposure for those seeking an income: beyond losing their own savings, they can become intermediaries in moving funds for the people who recruited them. The prospect of recovering earlier payments can keep participants involved even after they encounter difficulties withdrawing their money.
Following the Money
In his announcement, Ghazi highlighted financial records examined during the earlier investigation, including amounts approaching 2.4 billion Yemeni rials displayed in payment-receipt images and approximately 357,000 USDT in inflows to one blockchain address.
Investigators also traced transfers to a second address with total inflows exceeding 50 million USDT, a dollar-linked digital token.
These figures describe different sets of records and transaction activity, rather than a combined measure of victims’ losses. The earlier report linked specific transfers to documented cases, while distinguishing them from the broader activity of the addresses examined.
The financial tracing forms a central part of Yaa’s work to move beyond individual accounts of losses and identify those responsible for operating the platforms. Ghazi’s announcement signals a new stage in that effort, with the forthcoming investigation expected to detail the findings behind the identification of the principal operators.
Ghazi also expressed interest in supporting a large-scale public awareness campaign in Yemen, helping people recognise fraud concealed behind offers of online employment, paid tasks and investment returns.
