Nigeria freezes over $330,000 in user accounts, accusing them of manipulating the naira exchange rate on platforms like Kucoin and Bybit

ChainCatcher news, according to Bitcoin.com, the Economic and Financial Crimes Commission (EFCC) of Nigeria has obtained court approval to freeze over $330,000 (5.486 billion naira) of suspicious funds deposited in cryptocurrency users' bank accounts. The agency believes that these bank accounts have contributed to the ongoing devaluation of its national currency.

The affected bank accounts are owned by cryptocurrency users trading on global platforms such as KuCoin. The EFCC suspects that the frozen funds were used for malicious cryptocurrency trading to manipulate prices.