A Federal High Court in Abuja has ordered the EFCC to freeze four cryptocurrency wallets worth $37 million, suspected to be linked to money laundering and terrorism financing. The order highlights Nigeria's crackdown on financial crimes involving digital currencies, as investigations into the wallet owners continue.
A Federal High Court in Abuja has issued an interim order directing the Economic and Financial Crimes Commission (EFCC) to freeze four cryptocurrency wallets valued at $37 million, over allegations of money laundering. The order, granted by Justice Emeka Nwite on August 8, 2024, comes after the EFCC presented an ex-parte motion seeking to seize the assets pending further investigation.
The frozen assets include a significant portion of USDT 37 million, alongside smaller amounts in other cryptocurrencies. The EFCC claims these funds are connected to money laundering and terrorism financing activities.
The court's decision follows a previous order in April, which authorized the EFCC to freeze over 1,000 bank accounts tied to similar allegations. The identities of the wallet owners remain undisclosed as investigations continue.
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