Nigerian court freezes about $38 million in cryptocurrencies to support protests
According to CoinDesk, a Nigerian court has frozen around $38 million of cryptocurrency that is alleged to have been used to support protests in the country. Nigerian authorities said they traced $50 million in cryptocurrency donations to protests against the rising cost of living. The Abuja Federal High Court, at the request of the Economic and Financial Crimes Commission (EFCC), ordered the freezing of four wallets. Reportedly, these wallets are associated with the organizers of the EndBadGovernance protest movement. Nigeria's National Security Adviser, Nuhu Ribadu, said the government has successfully frozen $38 million of it. Nigeria has recently cracked down on cryptocurrency trading, blaming it for exacerbating the devaluation of the country's currency, the naira.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
CEO Tether Shares Plans for Real-World Use Cases for BTC and USDT
Greece Seizes 273,000 USDT in Landmark Cryptocurrency Crackdown
Montenegro Clears Way for Do Kwon’s Extradition, Likely to the US
FTX Executives Salame and Ellison See Reduced Prison Sentences