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EFCC Recovers $20 Million Worth of Cryptocurrency Loot

EFCC Recovers $20 Million Worth of Cryptocurrency Loot

EFCC Recovers $20 Million Worth of Cryptocurrency Loot

  • Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa has announced that the agency has recovered $20 million worth of cryptocurrency loot
  • Mr Bawa revealed that the crypto loot has been saved to the commission’s e-wallet
  • Mr Bawa also praised the CBN’s move to ban crypto assets in the country, saying that it limits avenue for illegal transactions

The Economic and Financial Crimes Commission (EFCC) has announced the recovery of $20 worth of cryptocurrency loot.

Crypto market

The chairman of the anti-graft agency Abdulrasheed Bawa announced this on Channels Television’s ‘Sunrise Daily.

The recovered cryptocurrencies comprise funds that were looted by fraudsters and they have been saved to the commission’s wallet.

Mr Bawa also supported the CBN’s decision to ban the exchange of cryptocurrency in Nigeria.

EFCC Cryptocurrency
Abdulrasheed Bawa

While speaking on Tuesday, claimed that the ban limits avenue for illegal transfer of money in the country.

Mr Bawa claimed that cybercriminal who have scammed their victims collect the proceeds through cryptocurrency.

In others news: Twitter CEO Jack Dorsey had announced that he believes that Nigerians will lead the Bitcoin market

While Nigeria has limited the use of cryptocurrencies, other countries have embraced including El Salvador.

Only last week, the Central American country signed the use of Bitcoin as a legal tender into law.

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