ChainCatcher reported that according to CoinDesk, Nigerian authorities have frozen $38 million in cryptocurrencies, which were allegedly used to support protests against inflation in the country.

National Security Advisor Nuhu Ribadu said the government tracked $50 million in cryptocurrency donations and successfully froze $38 million of them. Nigerians have been protesting rising prices, and the country's currency, the naira, has continued to fall against the dollar for more than a year, causing inflation to reach a 28-year high of 33.2%. The authorities claim that the naira's plight is partly caused by cryptocurrency transactions.