Nigerian law enforcement agencies have traced $50 million in cryptocurrencies, which they believe could potentially fund nationwide protests. According to local media, authorities have already seized $38 million from frozen crypto wallets. These funds were allegedly sent from a foreign source to incite protests against rising inflation in the country.
Nigeria has also targeted Binance, the world’s largest cryptocurrency exchange, accusing it of contributing to the weakening of the Nigerian currency, leading to the crackdown.
Court Orders Freezing of $38 Million in Crypto Wallets
A Nigerian court has ordered the freezing of approximately $38 million out of the $50 million traced by intelligence agencies. The country, already struggling with rising living costs, is concerned that protests during such a time could further destabilize the nation.
Following the orders of the Federal High Court in Abuja, authorities froze four crypto wallets connected to the organizers of the #EndBadGovernance protests. The Economic and Financial Crimes Commission (EFCC) requested the account freezes on August 13th.
In a public address, Nigerian President Bola Tinubu and National Security Adviser Nuhu Ribadu confirmed that they have blocked four crypto wallets containing $38 million. They also stated that they have successfully traced wallets containing approximately $50 million in cryptocurrencies. Of the four wallets, the first held $37 million, while the remaining three received a total of $1 million.
