FG freezes $37m worth of cryptocurrency traced to suspected #Endbadgovernance protest organisers

 

FG freezes $37m worth of cryptocurrency traced to suspected #Endbadgovernance protest organisers


The federal government has frozen bitcoin valued at over $37 million that was kept in wallets that were allegedly owned by some of the protest organizers for #EndBadGovernance.


According to Premiumtimes, on August 9, Justice Emeka Nwite of the Federal High Court in Abuja issued an order that led to the freezing of the wallets.


The Economic and Financial Crimes Commission (EFCC) submitted an application, upon which the court based his decision. The Ex parte motion was filed on August 8 and the assets were identified by the EFCC as proceeds of money laundering and financing of terrorism in the court hearing the same day. 

 

During the hearing, which went like a discussion between the judge and O.S. Ujam, the EFCC's attorney, there was no objection to the application.

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“That an order of this honourable court is hereby made freezing the wallet addresses/accounts stated in the schedule below, which wallets are owned by individuals currently being investigated for offences of money laundering and terrorism financing, pending the conclusion of the investigation,” Mr Nwite ruled shortly after listening to the EFCC’s lawyer.

 

The majority of the assets are in the wallet with USDT37 million (USDT37,061,867,869.3) in cryptocurrency, which is exactly equivalent to the amount in US dollars.


There are USDT967, USDT90, and USDT443,512.37 in each of the other three wallets. Although the federal government connected the wallet owners to alleged protest organizers of #EndBadGovernance, the EFCC withheld the wallet owners' identities from its application. 

 

The assets "are owned by individuals currently being investigated for offences of money laundering and terrorism financing," according to an affidavit submitted in support of the request for a court order freezing the bitcoin wallets. Jimada Yusuf, an EFCC staffer, swore to the affidavit. 


Mr. Ujam, the attorney for the EFCC, sought the judge to order the wallets to be frozen "pending the conclusion of the investigation and prosecution" during the August 9 application hearing.


Since the hearing was ex parte, which is typically held without the opponents present, there were no opposition parties present in court to challenge the application.


On July 9, after hearing from the EFCC's attorney, Judge Mr. Nwite issued an order , “That the applicant’s application dated and filed on 8th day of August 2024 is granted as prayed,”

 

From August 1 to 10, anti-government demonstrations against the country's growing cost of living, the financial hardships that millions of Nigerians suffer, and general difficulties with governance took place throughout the nation. 

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