Government Strikes Over Cryptocurrency: $38 Million in Assets Frozen!

The Nigerian government has frozen $38 million of the $50 million in cryptocurrency allegedly sent to support protests.

Authorities in Nigeria have been tracking $50 million in cryptocurrency allegedly sent to support recent protests. The country’s highest court has ordered the freezing of about $38 million of the $50 million that was allegedly sent to support the protests.

The Federal High Court in Abuja has ordered the freezing of four crypto wallets allegedly belonging to organizers of the End Bad Governance protests. The decision was made by the Economic and Financial Crimes Commission (EFCC). The decision was reportedly made according to a copy published by Premium Times on Tuesday.

National Security Adviser Nuhu Ribadu told a State Council meeting convened by President Bola Tinubu that the government had managed to track $50 million sent as donations for the protests. Ribadu revealed that $38 million of these donations, which were found in four wallets, had been blocked. According to Peoples Gazette, the frozen crypto addresses reportedly showed zero balances and no transactions had been made. Ribadu and the EFCC did not immediately respond to CoinDesk’s requests for comment.

Nigerians have been protesting against the rising cost of living. The country’s currency, the naira, has been losing value against the dollar for more than a year, causing inflation to hit a 28-year high. Authorities claim that the naira’s woes are partly due to crypto trading.

Earlier this year, Central Bank of Nigeria Governor Olayemi Cardoso revealed that crypto exchange Binance had allowed $26 billion worth of funds to slip into the country last year, affecting tax revenues.