FG freezes $37m in cryptocurrency linked to suspected #EndBadGovernance protest organizers.
The Federal Government has frozen over $37 million worth of cryptocurrency assets believed to be linked to the organizers of the recent #EndBadGovernance protests. This action was taken following an order issued by Justice Emeka Nwite of the Federal High Court in Abuja on August 9, 2024.
The Economic and Financial Crimes Commission (EFCC) filed an ex parte application on August 8, alleging that the assets in these cryptocurrency wallets were proceeds of money laundering and terrorism financing. The court order was granted without any opposition, as the hearing was conducted without the presence of the affected parties.
The largest wallet contained approximately $37 million in USDT cryptocurrency, while three other wallets held smaller amounts ranging from $90 to $443,512. Although the identities of the wallet owners were not disclosed in the court application, the Federal Government linked them to the suspected organizers of the #EndBadGovernance protests.
The affidavit supporting the EFCC’s application stated that the assets belonged to individuals under investigation for money laundering and terrorism financing. The court’s decision to freeze the assets was made to allow for the continuation and conclusion of these investigations.
The #EndBadGovernance protests, which took place across various parts of Nigeria from August 1 to 10, 2024, were driven by widespread discontent over rising living costs, economic hardships, and broader governance issues in the country. The government’s decision to freeze these assets has raised concerns about the implications for civil liberties and the financial rights of those involved in the protests.