Nigerian Court Freeze Order Falls Short: Crypto Wallets Remain Active

IconCryptoNewsTerminal Staff15 Aug, 2024

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Nigerian Court Freeze Order Falls Short: Crypto Wallets Remain Active

A recent Nigerian court order intended to freeze cryptocurrency addresses allegedly holding around $37 million worth of USDT has raised questions about its effectiveness. Upon further examination, Decrypt has reported that the wallets subject to the freeze order appear to remain active. Discrepancies between the court documents and blockchain data suggest that the wallets are not fully frozen. One wallet, claimed to hold $967 according to court records, shows a balance of $172 on the blockchain. Another wallet, which interacted with KuCoin, reportedly made a transaction recently, sending $50,000 to an unknown wallet. These findings cast doubt on the court order's ability to effectively freeze the cryptocurrency assets in question. It remains unclear whether the discrepancies are due to errors in the court documents, technical limitations in implementing the freeze, or other factors. As the situation continues to unfold, it highlights the challenges associated with regulating cryptocurrency and the complexities of enforcing court orders in the digital asset space.

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