EFCC, Court Freeze N548.6 Million Belonging to ByBit, KuCoin 9ja Crypto Users.

[CryptopreneurBrainboss]

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has secured an order from the Federal High Court to freeze N548.6 million in bank accounts belonging to suspected crypto users on platforms like ByBit, KuCoin, and others, over their alleged involvement in naira fluctuation activities.
The motion, dated September 3, 2024, which the court relied on to freeze the funds, casts a fresh spotlight on major foreign crypto platforms, ByBit and KuCoin, accusing them of aiding the devaluation of the Nigerian currency.

I been think say this wahala done stop since I wasn't hearing much concerning this matter anymore but yesterday, this news comes my feed and it got me worried because innocent people go also follow for this case. E no get how you go tell me say everybody that was involved is or was a crypto P2P trader. This one they also means say we self no safe again as we dey trade with this merchants them and as we dey advice make you no leave your crypto for exchange, e belike we go add no leave too much Naira for bank too oh because I no understand where this country they head to. Money no safe anywhere again, either you leave more of your funds in Bitcoin in a self constodial wallets and they sell to Naira anytime you need am because no where safe again.

[Amphenomenon]

Money no safe anywhere again, either you leave more of your funds in Bitcoin in a self constodial wallets and they sell to Naira anytime you need am because no where safe again.

I also see this news, e shock me sha, things dey sup for this space with our government, na this one be the best to hold more of our money in bitcoin for non custodian wallets and try dey hide the wallets in case person go fall victim, na only exchange account them fit see and so they nor go fit force person to send money wey they nor know if e really dey exist.

Make we dey watchful nor to fall victim, God help us from all these wicked governments.

[Charles-Tim]

I saw it on legal board on Bitcointalk and we discussed about it yesterday. It is good that you brought it up here also. But are there people among us leaving money in bank with how naira devaluation continues? The government tried to manipulate but they are illiterate to tackle the issue but lying to people about it.

[Marvelockg]

I don't know why up till now the government don't want to face the root cause of our currency devaluation problem but rather go after short term policies that only frustrate her citizens while the exchange rate remains as it is with no significant improvement. Will they freeze all the account that are associated with crypto or those that are responsible for the devaluation of the naira? What measures are they taken to ensure that Innocent ones don't get affected?

No where is even safe now. You leave money in an exchange the file for naira to be delisted and when you now leave your money in fiat, you're now at thier mercy with this kind of threat that will certainly affect the majority of people in the crypto space.

But are there people among us leaving money in bank with how naira devaluation continues? The government tried to manipulate but they are illiterate to tackle the issue but lying to people about it.

sometimes because of the exchange rate that's favourable now, some people just take advantage of it and convert some of thier holding to fiat and keep it till they decide to use it for a particular project. Should they now be made frustrated on where to keep thier money? They don't want to provide job for the masses but still want to deny the youths the means of making money that has reduced crime in the country.

[Samlucky O]

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has secured an order from the Federal High Court to freeze N548.6 million in bank accounts belonging to suspected crypto users on platforms like ByBit, KuCoin, and others, over their alleged involvement in naira fluctuation activities.
The motion, dated September 3, 2024, which the court relied on to freeze the funds, casts a fresh spotlight on major foreign crypto platforms, ByBit and KuCoin, accusing them of aiding the devaluation of the Nigerian currency.

I been think say this wahala done stop since I wasn't hearing much concerning this matter anymore but yesterday, this news comes my feed and it got me worried because innocent people go also follow for this case. E no get how you go tell me say everybody that was involved is or was a crypto P2P trader. This one they also means say we self no safe again as we dey trade with this merchants them and as we dey advice make you no leave your crypto for exchange, e belike we go add no leave too much Naira for bank too oh because I no understand where this country they head to. Money no safe anywhere again, either you leave more of your funds in Bitcoin in a self constodial wallets and they sell to Naira anytime you need am because no where safe again.

Me self I see the news yesterday I been dey even think of creating thread about am yesterday but before I come here dem don creat one. This thing Na wettin we don discuss pass. Government even said dem go add tax Abi na transaction fee for any transaction person do for kucoin, we come dey wait make them implement am make kucoin begin P2P but as this case show up like this E dey obvious say this people no get good intentions for us. The best way na to avoid keeping fund for CeX like this as you talk before then go freez person hard earn money.

[Cryptomultiplier]

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has secured an order from the Federal High Court to freeze N548.6 million in bank accounts belonging to suspected crypto users on platforms like ByBit, KuCoin, and others, over their alleged involvement in naira fluctuation activities.
The motion, dated September 3, 2024, which the court relied on to freeze the funds, casts a fresh spotlight on major foreign crypto platforms, ByBit and KuCoin, accusing them of aiding the devaluation of the Nigerian currency.

I been think say this wahala done stop since I wasn't hearing much concerning this matter anymore but yesterday, this news comes my feed and it got me worried because innocent people go also follow for this case. E no get how you go tell me say everybody that was involved is or was a crypto P2P trader. This one they also means say we self no safe again as we dey trade with this merchants them and as we dey advice make you no leave your crypto for exchange, e belike we go add no leave too much Naira for bank too oh because I no understand where this country they head to. Money no safe anywhere again, either you leave more of your funds in Bitcoin in a self constodial wallets and they sell to Naira anytime you need am because no where safe again.

It has really been a while I heard anything concerning the crypto and exchanges saga ongoing in this country. Though it is no longer safe holding funds for long, I think reinvestment or diversifying a cryptocurrency portfolio into physical assets like gold or land would help keep one safe from any new policies the government enacts to make crypto users have a hard time.
Also, keeping or saving up cryptocurrency in non custodian wallets is a sure way to ensure ones crypto holdings remain intact and useable wherever one finds himself at any moment.

[Richbased]

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has secured an order from the Federal High Court to freeze N548.6 million in bank accounts belonging to suspected crypto users on platforms like ByBit, KuCoin, and others, over their alleged involvement in naira fluctuation activities.
The motion, dated September 3, 2024, which the court relied on to freeze the funds, casts a fresh spotlight on major foreign crypto platforms, ByBit and KuCoin, accusing them of aiding the devaluation of the Nigerian currency.

I been think say this wahala done stop since I wasn't hearing much concerning this matter anymore but yesterday, this news comes my feed and it got me worried because innocent people go also follow for this case. E no get how you go tell me say everybody that was involved is or was a crypto P2P trader. This one they also means say we self no safe again as we dey trade with this merchants them and as we dey advice make you no leave your crypto for exchange, e belike we go add no leave too much Naira for bank too oh because I no understand where this country they head to. Money no safe anywhere again, either you leave more of your funds in Bitcoin in a self constodial wallets and they sell to Naira anytime you need am because no where safe again.

No be small wahala and fear wey dis our government wan put for people body o and I pity people wey dey affected for this kind unfortunate decision of the government, like 548.6 million naira no be come chop na wetin come be all dis ones again na, wen we dey hope say the government wan even reach consensus wit all these crypto exchanges including the ones wey dem bin ban before but yet as e be like dis now the fight against crypto exchanges still continues.

Any how e be sha na to leave our assets for Bitcoin be dat o because e go bad say dis people come go froze person account unnecessarily wey be say we know how the country be unto say wen something like dis happens na only by the grace of God wey the government go fit unfroze dose accounts again. If no be say hunger and the cost of living dey high like dis wey e be say on how in be people must need money to take solve immediate family matters like feeding and all dat if not na to just bone face leave crypto assets like Bitcoins for self custody wallets dey accumulate am there small small before you know sef person don get better stash for yin portfolio be dat o. Well na God go help us for dis country like dis because dis matter don pass be careful o.

[Oshio-man]

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has secured an order from the Federal High Court to freeze N548.6 million in bank accounts belonging to suspected crypto users on platforms like ByBit, KuCoin, and others, over their alleged involvement in naira fluctuation activities.
The motion, dated September 3, 2024, which the court relied on to freeze the funds, casts a fresh spotlight on major foreign crypto platforms, ByBit and KuCoin, accusing them of aiding the devaluation of the Nigerian currency.

I been think say this wahala done stop since I wasn't hearing much concerning this matter anymore but yesterday, this news comes my feed and it got me worried because innocent people go also follow for this case. E no get how you go tell me say everybody that was involved is or was a crypto P2P trader.

Even me too, I think say na only binance government say dey don't want in d country but it was a surprise to me to hear dis information from here now about Bybit and Kucoin, well, we need to b very careful in d exchange market because I think say na there EFCC for take all those accounts number to take permission from d high Court to freeze their account as a crypto users, dis is Nigeria, I don't think all of dem are crypto users because d government will use dis opportunity to involve their enemy or opposition party members to claim dat dey are among d people dat is fighting d progress of dis country, those who are still using Bybit and Kucoin exchange, we need to learn lesson from dis incident, so dat dey will not use us shine.

Money no safe anywhere again, either you leave more of your funds in Bitcoin in a self constodial wallets and they sell to Naira anytime you need am because no where safe again.

I agree wit u on dis, say our money no longer save in d bank in d country because for EFCC to freeze people account without hear from dem, show say we should b very careful with d huge amount of money  we dey leave for bank, I don't think say I go dey leave big money for bank again than to continue to use dem to buy bitcoin and leave dem in my electrum wallet.

[HajiBagi]

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has secured an order from the Federal High Court to freeze N548.6 million in bank accounts belonging to suspected crypto users on platforms like ByBit, KuCoin, and others, over their alleged involvement in naira fluctuation activities.
The motion, dated September 3, 2024, which the court relied on to freeze the funds, casts a fresh spotlight on major foreign crypto platforms, ByBit and KuCoin, accusing them of aiding the devaluation of the Nigerian currency.

I been think say this wahala done stop since I wasn't hearing much concerning this matter anymore but yesterday, this news comes my feed and it got me worried because innocent people go also follow for this case. E no get how you go tell me say everybody that was involved is or was a crypto P2P trader. This one they also means say we self no safe again as we dey trade with this merchants them and as we dey advice make you no leave your crypto for exchange, e belike we go add no leave too much Naira for bank too oh because I no understand where this country they head to. Money no safe anywhere again, either you leave more of your funds in Bitcoin in a self constodial wallets and they sell to Naira anytime you need am because no where safe again.

If you take look at all this matter all na just greediness because if you take look at why the government dey do this kind thing you no go see any good reason, I don even forget about all this thing's wey be dey happen since past months now and I see this news now I come dey think say our country will never change and all this thing no pass greedy because I don't know waiting cryptocurrency or p2p dey cause for naija, some times they will say dollar wey rise and even if dollar come down the price of the things go still dey high.

Nigeria problem no pass fuel, because if we look at it very well we will know that since the time wey price of fuel go up na E all Nigeria things dey high every day and instead the government to solve that problem them come dey put eyes for crypto money wey nothing concern them with it, okay as them they freeze people money waiting them wan use am do, the person no steal, no be kidnap or anything bad and they freeze the account, even the banks make them no worry because after them start to dey lose customers now their mind go dey and their eyes go open, them go know maybe na from government them they see money chop or from the customers.

[Odogwu-Blockchain]

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has secured an order from the Federal High Court to freeze N548.6 million in bank accounts belonging to suspected crypto users on platforms like ByBit, KuCoin, and others, over their alleged involvement in naira fluctuation activities.
The motion, dated September 3, 2024, which the court relied on to freeze the funds, casts a fresh spotlight on major foreign crypto platforms, ByBit and KuCoin, accusing them of aiding the devaluation of the Nigerian currency.

I been think say this wahala done stop since I wasn't hearing much concerning this matter anymore but yesterday, this news comes my feed and it got me worried because innocent people go also follow for this case. E no get how you go tell me say everybody that was involved is or was a crypto P2P trader. This one they also means say we self no safe again as we dey trade with this merchants them and as we dey advice make you no leave your crypto for exchange, e belike we go add no leave too much Naira for bank too oh because I no understand where this country they head to. Money no safe anywhere again, either you leave more of your funds in Bitcoin in a self constodial wallets and they sell to Naira anytime you need am because no where safe again.

This one wey our government don dey behave like this, how them wan make we enjoy this crypto innovations na, this thing naw go make them reason to stop p2p service on these platforms as them don do on Okex and Binance. The moment the government don reason to do this kind thing then you know say them go do another gbege towards crypto again, this kind news no go end as I take see am.

Nigeria problem no pass fuel, because if we look at it very well we will know that since the time wey price of fuel go up na E all Nigeria things dey high every day and instead the government to solve that problem them come dey put eyes for crypto money wey nothing concern them with it, okay as them they freeze people money waiting them wan use am do, the person no steal, no be kidnap or anything bad and they freeze the account, even the banks make them no worry because after them start to dey lose customers now their mind go dey and their eyes go open, them go know maybe na from government them they see money chop or from the customers.

Yes, na true you talk here, na fuel dey cause everything for Nigeria, once price of fuel rise, everything don rise. E go con dey make the market makers dey increase the price of their goods.

[Miles2006]

I’m just seeing this news, for a certain reason they might even do worse compared to what they did to Binance. Decisions like this has been taken for long but what I don’t understand is the constant oppression and difficult situation they keep creating against crypto enthusiast. Some will say they don’t know the major problem or what? and it seems they’re mute concerning the development of the country although the EFCC work hand to hand with the federal government so I’m not surprised if they act strict. Just few weeks ago, Nigerians protested against inflation, inadequate infrastructure, naria devaluation, Price hike on everything yet Non of this caught their attention rather it seems they see the crypto field as one factor causing all this meanwhile the only reason people choose bitcoin is because it’s beneficial. Why are the government ruining the means of Exchange? At this point op advice is valid our safety is more important.
I came across this topic still on Exchange issue and it turns out the US demands Nigeria to release Binance executive as he face health challenges, una feel say the binance matter still worse and relating it with this current situation Nigeria government no wan carry ear hear crypto. https://cryptobriefing.com/binance-employee-release-nigeria/   

[Agbe]

I think, I also saw something like that Pulse news on cryptocurrency in TG. And I didn't pay attention to am and just waka passed. Op weti you talk na di truth be that. We no dey safe because of the transaction we dey do with those guys on the exchange. And also if anyone wants to keep money for bank, make him no keep am for the account wey him connect to the exchange but to another account and make di money no plenty. And only sell when we need funds to solve some problems. Nice advice.

[Agbamoni]

Like ah done they fear now to keep my funds for any exchange. To they honest immediately i hear this news i first go withdraw all my funds wey i keep for centralized exchange directly to my wallet. E be like as we they complain everyday the government they ha[ppy say we dey suffer we they into cryptocurrency. Omor ah no lie ah just tire for this country. Because nothing go fit change. As i they like this if i get anything wey go help this country ah no go fit kil my self to share am o cos everybody just they do anyhow for this country.

[sokani]

I been think say this wahala done stop since I wasn't hearing much concerning this matter anymore but yesterday, this news comes my feed and it got me worried because innocent people go also follow for this case. E no get how you go tell me say everybody that was involved is or was a crypto P2P trader. This one they also means say we self no safe again as we dey trade with this merchants them and as we dey advice make you no leave your crypto for exchange, e belike we go add no leave too much Naira for bank too oh because I no understand where this country they head to. Money no safe anywhere again, either you leave more of your funds in Bitcoin in a self constodial wallets and they sell to Naira anytime you need am because no where safe again.

Our government no try at all. Just as you talk I know say innocent persons go follow dey among the affected bank accounts. I pray make any of us no suffer this kind ugly fate because I just dey imagine wetin e go be like without access to your bank account and funds. That means even if you want trade your crypto to naira, you go either use physical trade or a close friend or relatives bank account. On a serious note, the inconveniences go dey too much, make all of us just dey careful.

[Sonia_123]

The tin be say ,dis government na wa, Dem no want other people to chop, how is crypto the problem of this problem we are facing in our country? , na crypto dey make fuel dey increase again,why can't this government focus on the real problem of this country and solve it rather than pointing accusing fingers on the innocent,if they have nothing to offer,they should leave the seat for those that can govern the country well,they are only chasing shadows,it is now clear to me that what we are facing in the country right now is a deliberate act from the ruling party because they said it is their turn to embezzle , any way there is God.

[Josefjix]

I been think say this wahala done stop since I wasn't hearing much concerning this matter anymore but yesterday, this news comes my feed and it got me worried because innocent people go also follow for this case. E no get how you go tell me say everybody that was involved is or was a crypto P2P trader. This one they also means say we self no safe again as we dey trade with this merchants them and as we dey advice make you no leave your crypto for exchange, e belike we go add no leave too much Naira for bank too oh because I no understand where this country they head to. Money no safe anywhere again, either you leave more of your funds in Bitcoin in a self constodial wallets and they sell to Naira anytime you need am because no where safe again.

They were always going to come for crypto exchanges; we all knew their temporary use of our foreign reserves to back up the Naira against the dollar was not going to last long; first it was Binance, and now that Binance has delisted Naira and stopped Naira p2p, the Naira has further depreciated; they're taking the wrong approach and chasing the wrong problem.

 If they succeeded in delisting the Naira on all platforms, it would not benefit the Naira and would continue to depreciate until the appropriate economic strategy is implemented.

[Adbitco]

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has secured an order from the Federal High Court to freeze N548.6 million in bank accounts belonging to suspected crypto users on platforms like ByBit, KuCoin, and others, over their alleged involvement in naira fluctuation activities.
The motion, dated September 3, 2024, which the court relied on to freeze the funds, casts a fresh spotlight on major foreign crypto platforms, ByBit and KuCoin, accusing them of aiding the devaluation of the Nigerian currency.

I been think say this wahala done stop since I wasn't hearing much concerning this matter anymore but yesterday, this news comes my feed and it got me worried because innocent people go also follow for this case. E no get how you go tell me say everybody that was involved is or was a crypto P2P trader. This one they also means say we self no safe again as we dey trade with this merchants them and as we dey advice make you no leave your crypto for exchange, e belike we go add no leave too much Naira for bank too oh because I no understand where this country they head to. Money no safe anywhere again, either you leave more of your funds in Bitcoin in a self constodial wallets and they sell to Naira anytime you need am because no where safe again.

Actually when I came across this topic on my notifications my heart flew I was thinking that bybit has automatically ceased operation before I had to open it to read its full content.
Things are really getting worse and Inflation are eating everyone up especially since the dollar is no longer increasing and price of things increasing exceedingly above the previous even when dollars was around 1.9k to 2k at least it was manageable than now, but yet it is not increasing but the government still putting eyes in our little ways we are aiming a living.

Of course no place is safe that is why we must not leave our coin inside exchange otherwise if they also decides to restrict Nigerians then our funds are gone. So best is to pull out our funds out of exchange to safe our life and funds we don't know whom to be affected or where to be affected.

[nelson4lov]

This country no balance walai — Them don dey start another operation to oppress anybody indulging in crypto after them never provide clarity on crypto legality in the country. The sheer fact say politicians dey indulge in crypto but only civilian accounts are frozen is bad. I saw this news yesterday and my initial thought be say them freeze these accounts during that time or maybe them freeze am as part of the stolen funds wey hackers been use p2p offload some months ago but it looks like it's none of those cases.

I don always keep am in mind say most of those p2p agents are actually government agents in disguise.

[Felicity_Tide]

I can't believe I am seeing this now. I am as shock as you are(@Op). But I thought a user on this forum created a thread on this board about the federal government giving license to two exchanges in the country. Or did I read the thread in my dream or what?. N548.6Million is a massive amount that came about from the hard work of some individuals that choose not to indulge in crimes even in this current tempting administration. Since I joined the crypto space, I still don't know how the activities of merchant/p2p traders affect the Nigeria currency (naira). These Agencies (EFCC and others) are failing to go after the real culprit that are devaluating the Nigeria naira. Instead, they go after the hardworking, and seize their own personal source of income away from them. I really don't know what these government and agencies wants from crypto users, but I think they are still very much not in support of what we do.
What a shame.

[Y3shot]

People need to be careful because this government are just beating the bish looking for who to blame. We need to be very careful with the people will do trade with in exchange,  this affected people it could be that they were caught because of payment description,  using cryptocurrency terms while making good payments that was why their account was being freeze. Something like this happened some month ago when the government were shutting down exchanges and those who normally use payments descriptions were victims that couldn't have access to their accounts.