EFCC reveals politicians hiding stolen wealth in cryptocurrency

DDM NEWS

Olukoyede

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The Economic and Financial Crimes Commission (EFCC) has been actively investigating and prosecuting cryptocurrency-related scams in Nigeria.

While there’s no specific information on politicians hiding stolen wealth in cryptocurrency, the EFCC has made significant progress in tackling crypto fraud.

The EFCC declared two individuals wanted in connection with a ₦1 billion cryptocurrency fraud linked to Crypto Bridge Exchange (CBEX).

The agency has also recovered a substantial amount of funds and arrested suspects involved in the scheme, valued at ₦1.3 trillion.

In December 2024, the EFCC arrested nearly 800 suspects, including 148 Chinese citizens and 40 Filipino citizens, in connection with cryptocurrency scams.

Some of these suspects have been prosecuted, with two Chinese nationals recently sentenced to one year in prison and fined ₦1 million for their involvement in a foreign crime syndicate.

A federal high court in Abuja granted an interim order to the EFCC to freeze four cryptocurrency wallets worth $37 million for alleged money laundering.

The EFCC has been working to trace and recover stolen assets, including cryptocurrencies.

However, converting digital assets back into cash poses challenges due to the complex nature of cryptocurrency mechanisms.

The EFCC is working with other regulatory bodies, such as the Securities and Exchange Commission (SEC), to prevent crypto scams and ensure compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) regulations.

Nigeria’s crypto ecosystem has come under scrutiny, with the EFCC and SEC pushing for tighter regulations to prevent crypto scams and protect investors.

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