Cryptocurrency

Bitcoin is a Danger to the World- EFCC

Bitcoin is a Danger to the World- EFCC

  • The Chairman of the Economic and Financial Crimes Commission (EFCC) Abdulrasheed Bawa has slammed Bitcoin and other cryptocurrencies
  • The anti-graft agency boss claimed that these digital assets are dangerous for the world economy
  • He stated that virtual currencies are being used by criminals to perpetrate various forms of crime

The Chairman of the Economic and Financial Crimes Commission (EFCC) Abdulrasheed Bawa spoke on Monday at the 38th Cambridge International Symposium on Economic Crime, themed, ‘Economic Crime-Who pays and who should pay?’

Bitcoin

The anti-graft agency’s boss seized the opportunity to warn everyone about cryptocurrencies.

According to him, Bitcoin and other cryptocurrencies poss huge risks to the world.

The EFCC boss also claimed that many criminals have chosen crypto as their preferred means of exchange.

He also alleged that criminals play an important role in the crypto market.

According to Bawa, criminals mostly receive ransom money through major cryptocurrencies bitcoin and ethereum.

“The developments in new technologies and the growth of cryptocurrencies portray a far greater danger to the world economy than ever before with many criminals playing significant roles in crypto-currency markets.”

“Criminals now elect to transact or receive illegal monies (such as ransom money) for cyber-attacks in cryptocurrencies with Bitcoins and Ethereum as the most commonly used mediums for these exchanges.”

Read also: El Salvador Finally Implements Bitcoin Legal Tender Bill

Meanwhile, Bitcoin had a turbulent day as the flagship cryptocurrency lost more than $10,000 from its value yesterday.

The entire crypto market was affected as other coins dropped, causing the market cap of crypto to fall to $2 trillion.

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