After the US, Germany and the UK, Another Country Seizes Large Amounts of Cryptocurrency

A court in Nigeria has frozen nearly $38 million worth of cryptocurrency, with authorities alleging the funds were intended to support protests against rising living costs in Africa’s most populous country.

The Federal High Court in Abuja has ordered the freezing of four wallets allegedly belonging to organisers of the EndBadGovernance protests. The decision was taken following the request of the Economic and Financial Crimes Commission (EFCC), Premium Times reported, citing the court order.

National Security Adviser Nuhu Ribadu revealed in a meeting hosted by President Bola Tinubu that the government has traced $50 million in crypto wallets linked to donations for the protests. According to Punch, they have managed to freeze $38 million in four of these wallets.

However, Peoples Gazette reported that the crypto address in question showed a zero balance and had never been used. Both Ribadu and the EFCC have yet to respond to requests for comment.

The developments come amid widespread protests against the high cost of living in Nigeria. The country’s currency, the naira, has been losing value against the dollar for more than a year, contributing to inflation rates reaching a 28-year high of 33.2%. Authorities have pointed to crypto trading as a factor fueling the naira’s woes.

Earlier this year, Central Bank of Nigeria Governor Olayemi Cardoso alleged that Binance, a major crypto exchange, facilitated the untraceable transfer of $26 billion out of the country last year, affecting tax revenues.

*This is not investment advice.