Nigeria Freezes $37M in USDT Tied to MEXC, KuCoin Wallets Amid Money Laundering Probe
- Nigeria has frozen four crypto wallets holding over $37 million in USDT.
- The Economic and Financial Crimes Commission (EFCC) alleges the funds are linked to money laundering and terrorism financing.
- Federal High Court Judge Emeka Nwite approved the freeze on Aug. 9, 2024.
- One wallet holds $37 million USDT, while others contain smaller amounts ranging from 90 to 443,512 USDT.
Significantly, one of the wallets had major interactions with centralized exchanges like Binance, KuCoin, and OKX, hinting at a broader network of transactions and potential suspects.
The freezing of these wallets could signal a stringent regulatory stance by Nigeria on cryptocurrency activities, especially those linked to illicit activities. The ongoing investigation may reveal further insights into the intersection of digital currencies and financial crimes.
