A Nigerian court recently froze nearly $38 million in cryptocurrency that authorities claim was intended to support protests against the rising cost of living in the country. The protests, part of the “#EndBadGovernance” movement, have been driven by increasing public dissatisfaction with inflation and the depreciation of the Nigerian naira.

The decision to freeze the funds was made by the Federal High Court in Abuja, following a request from the Economic and Financial Crimes Commission (EFCC). According to reports, the Nigerian government traced a total of $50 million to crypto wallets associated with the protest organizers. Out of this amount, $38 million was successfully blocked across four wallets. The move is part of a broader crackdown by Nigerian authorities on cryptocurrency trading, which they blame for worsening the country’s economic woes.

This incident reflects ongoing tensions in Nigeria over the role of cryptocurrency, particularly as the government attempts to stabilize the naira and address inflation, which recently reached a 28-year high【6†source】【7†source】.