"EFCC now freezing suspicious funds in 72hrs, targets crypto wallets– Olukoyede"

[CryptSafe]

My country people, e don reach time wey we need to dey extra careful and vigilant. As e be now, the EFCC don upgrade their fight enter Crypto wallet's sake of say most of the Crypto transactions dey suspicious while dem dey fight against terrorism via Crypto sponsorship and conduits, dem say public office holders too don begin use crypto to launder public fund's wet sometimes e dey difficult for them to take action and for this act, dem come form one department wey dem call Fraud Risk Assessment and Control Department (FRAC) wey go dey monitor suspicious financial movements and act within 72 hours.

With dis new development,  Na call to Crypto trading for p2p platforms and participants make una dey very careful with p2p trades these days, check well the vendors you dey only trade with, no loose guard Sey na old vendor o. If your body no sweet you to trade with any vendor move to the next one, no stress yourself because e get why your body do you like that. As it stands now EFCC don begin monitor wallets transaction and another thing Na all these local crypto exchange, make una try dey avoid dem sometimes o because e get why.

Source

[#BTC]

My brother this one na real better update be this wey you carry enter house oh, na God go bless you my brother.

But this kind thing challenges dey oh, because our Naija people mostly our people for this forum them they trade on a steady basis.

E get one question wey I wan ask be say how person wan take dey careful finish. Because you no fit no a particular vendor or a buyer or seller wey dis government dey trace already , make person no go carry out transactions come go enter gbese. God abeg oh.

[promise444c5]

There have always been a need to be extra- careful when you’re dealing with P2P trades btw..it’s not a thing of now. Government increasing surveillance in crypto space was bound to happen anyway , it’s just a mater of time and it seems they are getting more serious at it .

Keep details of every P2P transactions you made incase you decide to go off CEX sometimes.. it will surely help incase there’s a need for it .  There’s no need to panic so far you’re not doing something bad, although you might be required to proof the source of your funds in some cases and how you end up dealing with a target **if you’re not a target.

Things could hit different with Nigeria system though..

Sh*t happens, just be prepared for it.

[Merit.s]

EFCC and government know who them dey find no be we wey them no care about. Na now government dey wake up to know say them need to run Intel on their own government officials wey dey siphon money with crypto. E don dey happen since, no be today.

Wetin I won talk be say no need to panic just dey careful with your p2p transactions and no collect or pay money to third party account. Only pay to the real aza wey the merchant drop for e ad.

[Charles-Tim]

I do not really like the topic title because suspicious supposed to be included. Not all crypto wallets are targeted.

I means like this:
"EFCC now freezing suspicious funds in 72hrs, targets suspicious crypto wallets– Olukoyede"

This is the reason I post it:

The EFCC chairman cited an example of funds moved from a local government account to a company and then into cryptocurrency wallets, saying such trends informed the need for proactive action.

He noted that public officials were now stealing funds and moving them into crypto wallets within 24 hours, often through young people, making recovery difficult.

Let me quote this:

“Why must we be waiting for money to be stolen? When we see money moving suspiciously, we move in and freeze. Pending 72 hours, we ask: where is this money going?” he said.

People should know he is only referring to the government money (and maybe huge amount of money). If your money is stolen, do not expect them to do anything.

This is not new at all, Olayemi Cardoso (CBN governor) talked about it years ago. It is good that EFCC also talked about it now.

[Btcdeybodi]

I do not really like the topic title because suspicious supposed to be included. Not all crypto wallets are targeted.

I means like this:
"EFCC now freezing suspicious funds in 72hrs, targets suspicious crypto wallets– Olukoyede"

This is the reason I post it:

The EFCC chairman cited an example of funds moved from a local government account to a company and then into cryptocurrency wallets, saying such trends informed the need for proactive action.

He noted that public officials were now stealing funds and moving them into crypto wallets within 24 hours, often through young people, making recovery difficult.

Let me quote this:

“Why must we be waiting for money to be stolen? When we see money moving suspiciously, we move in and freeze. Pending 72 hours, we ask: where is this money going?” he said.

People should know he is only referring to the government money (and maybe huge amount of money). If your money is stolen, do not expect them to do anything.

This is not new at all, Olayemi Cardoso (CBN governor) talked about it years ago. It is good that EFCC also talked about it now.

Thanks for giving more clarity to OP post. Truly, the EFCC is only interested in goverment funds that are being moved into crypto wallets which is a good one because most government officials use those medium to steal goverment money. And for local government, it is possible that corrupt local government chairman can move the LG funds to a crypto wallet. It's even better for the EFCC to focus on the accounts of goverment officials instead of harassing boys in the streets.

In fact, anyone that has huge crypto assets is supposed to be careful on how they move funds because this will not be targeted at only goverment accounts but individual accounts with huge crypto transactions will also be monitored. I just hope that the EFCC will not start harassing young Nigerians who do legit crypto transactions on exchanges.

[Hatchy]

In fact, anyone that has huge crypto assets is supposed to be careful on how they move funds because this will not be targeted at only goverment accounts but individual accounts with huge crypto transactions will also be monitored. I just hope that the EFCC will not start harassing young Nigerians who do legit crypto transactions on exchanges.

The news shouldn't really be shocking or surprising to anyone. I wouldn't be surprised if some government officials are now using cryptocurrency to steal government funds because they will always find new ways to carry out their activities.I remember writing about something similar in the past, where I discussed how government officials could use crypto to hide or move money from their illegal activities. The EFCC is not completely different from the government either. That's why I don't usually get too impressed when they make a move or announce a new effort to fight corruption. Most of the time, it becomes a headline for a while, and sooner or later, we stop hearing about it.

[Dr.Bitcoin_Strange]

The importance of being extremely careful when dealing with p2p transaction can not be overemphasize, it will prevent one from being link to all this kind of problems that might not even be the person's intentions but because of one mistake, your money will just be frozen in your account meanwhile you don't know about anything. Personally, I use just one exchange for p2p transaction and since I have been using the exchange a long time, I already have multiple labeled users that I always like to sell to or buy from because they have been on that exchange for years and have completed thousands of transaction, those are the kind of people I trade me and I make it obvious in my rules that I don't want them paying me with a business account. Some of these precautions can prevent you from receiving stollen money.

[Ndabagi01]

Local exchanges dey always dry easier for the government to investigate and trace transactions through but we no suppose worry much as we no follow launder money for the country. But even at that, the way the system just get as e be now, e go dey hard wey be say them catch you and you dey innocent and you fit clean yourself out without being punished.

P2P merchants too dey use launder money to send money come your account if you wan trade with them, and if them do anything like that, them come wan trace you and ask for the reason wey make you receive such funds in the first place. Make we dey more careful with p2p trades and more diligent in our findings always about who to trade with. To save yourself from all this stress sef, them dey always get merchants for Bybit p2p wey them dey write ‘institution’ for and dey verified with Bybitz. If you you be Bybit user, you no suppose get issue with p2p trades when you chose this users.

[programmer3666]

All that fight against terrorism for crypto na wash abeg, them know who them dey target, people wey never fight physical corruption finish na crypto them go fit handle!!.. This EFCC boss na like every other one wey come before him time, them go start like say they go fight the true corrupt people for the nation, but give them 3 to 4 months after them don settle fir office, them go begin  show their true color. I sure say na one person wey them dey target, probably one big politician wey hide money inside crypto, as election dey come, them go use all tool fight their opponents and the innocent us wey dey do our normal P2P fit come fall victim. God gonsurely judge everybody..

[Qhunman]

Thank you for the update I will be more careful with how I handle my crypto transactions however I think that the government is not serious,is this now that they are receiving such updates that government officials are laundering public funds through cryptocurrency. Because this has been happening for a long time now so I am surprised that this is now that the EFCC are getting serious about it. I think that the area where the EFCC and the government should be more concerned about is the area of terrorism,they have been rumours flying around that sponsors of terrorism are using cryptocurrency to finance terrorists maybe because they don't want government to track or freeze their fund. So if the EFCC and the government are really serious that they after suspicious funds then they should start with those that have been sending money to terrorist in cryptocurrency because they know them.

[ArabBTC]

This is a call to everyone to be more careful with all their crypto dealings, EFCC are just looking for every available avenue to cashout, hence everyone should mind who they share their personal information with especially informations involving crypto, EFCC works based on information, if they don’t have any information about you and your crypto transactions it will be difficult for them to trace you and your wallet. Secondly everyone should be more careful while trading P2P, ensure to be careful with all your transactions this period so your account won’t be frozen by this notorious EfCC agency.

[Odusko]

Let me tell you this for free, EFCC don't have any business with people doing they legit transactions in crypto, and the role of the EFCC is to combat financial fraud, so they search light is majorly on government officials, and fraud Stars like those Yahoo boys, and not ordinary p2p traders, but you are right on the aspect of always verifying the vendor you are dealing with so that you can make sure they are not transferring money from third party account into your account of the p2p payment, because they can hack someone account and make transactions from it and make you to become the suspect since the money is sent into your own account.

[Chinesebaby]

With dis new development,  Na call to Crypto trading for p2p platforms and participants make una dey very careful with p2p trades these days, check well the vendors you dey only trade with, no loose guard Sey na old vendor o. If your body no sweet you to trade with any vendor move to the next one, no stress yourself because e get why your body do you like that. As it stands now EFCC don begin monitor wallets transaction and another thing Na all these local crypto exchange, make una try dey avoid dem sometimes o because e get why.

Source

And na why eh dey good to always trade with vendors wey don run many p2p trade on the platform which you intend to trade on, because ehh go dey very rare say this EFCC people wey wan disguised as traders go get plenty trading volume. And secondly, for those wey dey always trade in millions, it's just best you get a trusted p2p trader wey you dey always run your trade with, because na people wey dey trade in millions go be this people primary targets on this case. But that doesn't mean people should also lose-guide, and should always confirm the names on the account used in sending you money, in other to avoid cases of fraud.

[Mayor of ogba]

People that are trading on P2P aren't the target of the EFCC rather the politicians that want to embezzle public funds through crypto are the target of EFCC. However, I'm not against your advise for people to be careful when executing a trade on P2P because there are scammers and bad actors who are using P2P to clean their bad money so there's a need for everyone to be vigilant on P2P in order to avoid this people and also avoid problem that may arise in the future.

[Africolo]

My country people, e don reach time wey we need to dey extra careful and vigilant. As e be now, the EFCC don upgrade their fight enter Crypto wallet's sake of say most of the Crypto transactions dey suspicious while dem dey fight against terrorism via Crypto sponsorship and conduits, dem say public office holders too don begin use crypto to launder public fund's wet sometimes e dey difficult for them to take action and for this act, dem come form one department wey dem call Fraud Risk Assessment and Control Department (FRAC) wey go dey monitor suspicious financial movements and act within 72 hours.

With dis new development,  Na call to Crypto trading for p2p platforms and participants make una dey very careful with p2p trades these days, check well the vendors you dey only trade with, no loose guard Sey na old vendor o. If your body no sweet you to trade with any vendor move to the next one, no stress yourself because e get why your body do you like that. As it stands now EFCC don begin monitor wallets transaction and another thing Na all these local crypto exchange, make una try dey avoid dem sometimes o because e get why.

Source

It's very important to be careful while trading crypto currency but I don't think it's the crypto wallet of everyone that the government is fighting against or targeting, I feel there are specific set of people that they are after and those are the people that transfer government funds into crypto currency and embezzle those money, though we all need to be vigilant and be on our toes not to fall victim to any of the targets by the EFCC.

Some of this EFCC guys will disguise as traders and you won't know and fall victim so one needs to look out for the worse because we can't predict their next move. Our government is very funny at times instead of them to concentrate on terrorism that has made the citizens to be in perpetual fear they are going to track crypto trading, the EFCCC are just looking for means to cash out from victims nothing more.