Nigerian authorities freeze $38 million in cryptocurrency linked to supporting protest activities

ChainCatcher news, according to CoinDesk, Nigerian authorities have frozen $38 million in cryptocurrency, allegedly used to support protests against inflation in the country.

National Security Adviser Nuhu Ribadu stated that the government tracked $50 million in cryptocurrency donations and successfully froze $38 million of it. Nigerians have been protesting against rising prices, as the country's currency, the naira, has been continuously depreciating against the dollar for over a year, leading to an inflation rate of 33.2%, the highest in 28 years. Authorities claim that the naira's plight is partly caused by cryptocurrency trading.