Central Bank of Nigeria freezes accounts of Nigerian Crypto investors

The Central Bank of Nigeria has freezed the accounts of Nigerian Crypto investors following Flutterwave hack.Information Guide Nigeria

According to news.todayq.com, Nigerian crypto investors are expressing concerns after the Central Bank of Nigeria (CBN) flagged their bank accounts in connection with the recent Flutterwave hack.

The freezed accounts are suspected to have links to the $6.3 million hack, which is believed to have flowed into the Nigerian crypto market through various over-the-counter (OTC) platforms.

Recall that Flutterwave reported the case to the Deputy Commissioner of Police in Yaba, Lagos, alleging that almost $6.5 million had been illegally transferred from their client’s accounts. A motion ex-parte was filed and granted on February 27th, putting 107 accounts on lien/Post-No-Debit (PND).NYSC Portal

Other Top Stories:

This situation has discouraged P2P users from interacting with OTC markets and has caused some businesses to crumble.

Despite strict crypto regulations by the apex bank, the P2P market has aided Nigerian trade. However, some financial analysts view it as a black market hub for scammers laundering fraud funds.

Though Flutterwave denied the hack, stating that it had identified an unusual trend of transactions on some users’ profiles and immediately launched a review in line with its standard operating procedure.

It revealed that some users who had not activated some recommended security settings might have been susceptible.

As reported by news.todayq.com, Nigeria maintains its position as the largest crypto hub in Africa, it is crucial for the government to address the challenges facing the crypto market while also supporting its growth and development.JAMB Result

Check JAMB Result

Check and Confirm: How much is Dollar to Naira