A Nigerian court has issued an order to freeze nearly $40 million in cryptocurrency funds, believed to be linked to nationwide protests against the government. This decision comes amidst growing unrest over the escalating cost of living in Nigeria, raising concerns about the government’s handling of civil dissent.
Anti-Graft Agency Freezes $38 Million
Local reports indicate that Nigeria’s Economic and Financial Crimes Commission (EFCC) has taken action against the frozen assets, claiming they are connected to “money laundering and terrorism financing.” However, the EFCC has yet to specify the individuals or organizations affected by this order.
Sources close to the matter suggest that the funds are associated with the organizers of the #EndBadGovernance protests, which occurred in early August. During this period, Nigerians protested against severe economic conditions, including high inflation, rising unemployment and widespread poverty.
Security forces were criticized for their heavy-handed response, with reports of over 20 protesters being killed. In response, authorities have arrested alleged protest organizers and individuals accused of committing crimes during the demonstrations.
Read more: 2024 Sees Decline in Bitcoin Miner-to-Exchange Transfers
Nigeria’s Ongoing Crypto Clampdown
This latest action against cryptocurrency follows previous efforts by the Nigerian government to restrict financial resources of anti-government groups. In 2020, during the #EndSARS protests against police brutality, the government had also secured court orders to freeze accounts linked to protest leaders, citing connections to terrorist financing.
Although the government asserts that the current freeze is part of legitimate investigations into illicit financial activities, critics argue that it is an attempt to suppress dissent and curtail the public’s right to peaceful assembly.
The government’s increasing scrutiny of digital assets highlights its discomfort with the use of cryptocurrencies to bypass traditional financial systems. Experts caution that such measures might erode public trust and drive more Nigerians toward decentralized methods of organization and fundraising.
Binance Executive’s Plight
In related news, Binance, the world’s largest cryptocurrency exchange by trading volume, is facing challenges in Nigeria. Tigran Gambaryan, a senior executive at Binance, is reportedly in critical condition in a Nigerian prison following his arrest earlier this year. Gambaryan, along with another executive, Nadeem Anjarwalla, is accused of laundering over $35 million.
The daily chart shows the total crypto market cap valuation
Amidst these developments, the broader cryptocurrency market is in a consolidation phase following a significant correction in early August. The total market capitalization stands at $2.005 trillion, while Bitcoin (BTC) is trading at $58,000, struggling to maintain levels above the key $60,000 mark.
Cre: bitcoinist
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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