Nigeria anti-graft  agency, EFCC has recovered $20M in Cryptocurrency

The anti-graft agency in Nigeria, the Economic and Financial Crimes Commission (EFCC) has reportedly recovered 20 million dollars ($20m) in cryptocurrency. 

The agency’s chairman, Abdulrasheed Bawa said on Tuesday, 15th June, 2021 thst the agency has recovered the money from internet fraudsters and has been saved in the commission’s e-wallet. 

The chairman’s position on cryptocurrency is in support of the Central Bank wherein the latter opined that cryptocurrency is used for laundering proceeds of crimes and other illicit activities. 

See also: Tudor Jones says he wants to have 5% of his wealth each in Gold, Bitcoin, Cash & Commodities

According to the chairman, “As it is today, there is nowhere in the world where cryptocurrency is not being regulated. The EFCC is looking at an avenue in which people are laundering and receiving proceeds of crime and that is our worry”

“We have seen time and time again where cybercriminals are using this avenue to get their proceeds of crime. Before it used to be through money transfer agencies like Money Gram and of cause Western Union. Now they have gone E. They will defraud somebody. They will get gift cards, exchange them on the dark web, and they will use the proceeds to buy crypto, and they can get it to their e-wallet, and then, of course, they can sell and get their money”

Read also: AFEN to Launch NFT Marketplace Testnet

Bawa went further saying:

“As it is today, we have about 20 million dollars worth of cryptocurrency as of last statistics that I have because we also created our own e-wallet to recover cryptocurrency, you know it has never happened before but we created it we are now recovering these proceeds of crime from that means as well.”

“So, we are in support of what the CBN has done because it has limited the ways in which some of these criminals can exchange their crypto and get naira for it.”

The type of cryptocurrency recovered wasn’t revealed by the commission.

What do you think of this story? Share your thoughts below.