TechFlow news, August 16 — According to CoinDesk, Nigerian authorities have frozen $38 million in cryptocurrency allegedly used to support protests against inflation in the country. The Federal High Court in Abuja froze four wallets linked to the EndBadGovernance protest movement at the request of the Economic and Financial Crimes Commission (EFCC). National Security Adviser Nuhu Ribadu stated that the government traced $50 million in cryptocurrency donations and successfully froze $38 million of it.
Nigeria's currency, the naira, continues to depreciate against the U.S. dollar, pushing inflation to a 28-year high of 33.2%. Authorities believe crypto transactions have worsened the crisis. Earlier this year, Nigeria’s central bank governor said Binance enabled $26 billion in outflows from the country last year, affecting tax revenues.
