Corrupt Politicians Exploit Crypto to Conceal Ill-Gotten Gains: Nigeria’s EFCC Chair Reveals

The Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC) has disclosed the increasing use of cryptocurrencies by corrupt politicians to hide illicit funds. He highlighted that this trend poses a significant challenge to anti-corruption efforts, as cryptocurrencies offer a degree of anonymity that makes tracking stolen money more difficult. The EFCC Chairman stated that they are closely monitoring these activities and developing new strategies to counter this threat. He emphasized the importance of international cooperation in this area to share information and coordinate efforts. He also stressed the need to raise public awareness about the risks of using cryptocurrencies for illegal activities.