ChainCatcher reported that according to Bitcoin.com, the Nigerian Economic and Financial Crimes Commission (EFCC) has obtained court approval to freeze more than $330,000 (S$548.6 million) of suspicious funds deposited in the bank accounts of cryptocurrency users. The agency believes that these bank accounts have led to the continued depreciation of its currency.

The affected bank accounts are owned by cryptocurrency users who trade on global platforms such as KuCoin. The EFCC believes that these frozen funds are suspected of being used for malicious cryptocurrency transactions to manipulate prices.