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Nigeria Freezes $38M in Crypto, Including $37M USDT Linked to MEXC and KuCoin

Aug 16, 2024, 12:25 PM

Nigerian authorities have frozen $38 million in cryptocurrency, which they allege was used to support protests against the rising cost of living in the country. The funds were traced from a total of $50 million in cryptocurrency transactions, including $37 million in USDT connected to MEXC and KuCoin hot wallets. The government claims that these protests are linked to crypto trading, which they blame for negatively impacting the national currency, the naira.