PANews reported on August 16 that according to CoinDesk, a Nigerian court froze about $38 million in cryptocurrencies, which were allegedly used to support protests in the country. Nigerian authorities said a total of $50 million in cryptocurrency donations were tracked to protest against rising living costs. The Federal High Court in Abuja ordered the freezing of four wallets at the request of the Economic and Financial Crimes Commission (EFCC).
The wallets were reportedly linked to organizers of the End Bad Governance protests. Nigeria’s National Security Advisor Nuhu Ribadu said the government had successfully frozen $38 million of the funds. Nigeria has cracked down on cryptocurrency trading in recent years, blaming it for exacerbating the depreciation of the country’s currency, the naira.
