ChainCatcher reported that Decrypt reported that despite a court order to freeze cryptocurrency wallets related to EndBadGovernance protesters in Nigeria, these wallets are still active and conducting transactions.
As local news outlet Premium Times recently reported, the wallets, which contain more than $37 million, were ordered frozen by Judge Emeka Nwite on July 9. However, an investigation by Techpoint Africa found discrepancies between court documents and blockchain data, suggesting that the wallets may not have been fully restricted.
The investigation found that one wallet listed in court records as holding $967 later showed a balance of $172. Another wallet was alleged to hold $443,512 but showed a balance of $233,574. This wallet is associated with the cryptocurrency exchange KuCoin, which continues to process transactions, including a recent transfer of $50,000 to an unidentified wallet.
The End Bad Governance protests are a series of nationwide demonstrations sparked by Nigeria’s economic crisis. Protesters rallied against the rising cost of living, record inflation and rising food prices, which many blame on President Bola Tinubu’s economic reforms.