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<ul class="wp-block-list news-points"><li>The Nigerian court ordered the freeze of N548.6M belonging to suspected crypto users of Bybit and KuCoin.</li><li>The EFCC obtained the court order against crypto users allegedly involved in Naira’s fluctuations.</li><li>The users exchanged Naira for USDT at prices detrimental to Nigeria’s financial interests.</li></ul>A Nigerian court has ordered the <a href="https://nairametrics.com/2024/09/11/court-freezes-n548-6-million-belonging-to-bybit-kucoin-nigerian-crypto-users-over-naira-fluctuation-allegations/" rel="noopener noreferrer nofollow">freezing of N548.6 million</a> ($716,000) belonging to suspected crypto users on platforms like Bybit and KuCoin. The order, secured by Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), alleges these individuals were involved in manipulating the value of the Nigerian Naira.<h2 class="wp-block-heading" id="h-crypto-platforms-accused-of-facilitating-naira-s-decline">Crypto Platforms Accused of Facilitating Naira’s Decline</h2>In a court filing dated September 3rd, the EFCC accused certain crypto firms, including Bybit and KuCoin, of aiding the devaluation of the Naira. The platforms allegedly encouraged activities such as “price discovery, confirmation, and market manipulation”, leading to market distortion and the Naira’s decline against other currencies.EFCC investigator Okoro Philip stated in his affidavit that the Naira experienced a significant drop in value on April 18, 2024, under…The post <a href="https://coinedition.com/nigeria-freezes-716k-in-crypto-blames-platforms-for-naira-devaluation/" rel="noopener noreferrer nofollow">Nigeria Freezes $716K in Crypto, Blames Platforms for Naira Devaluation</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Nigeria Freezes $716K in Crypto, Blames Platforms for Naira Devaluation

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