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Nigeria's Access Bank has blocked about 500 accounts belonging to cryptocurrency traders who sold USDT stablecoins to hackers who robbed the bank earlier this year.
The management of Access Bank claims that the accounts of the affected traders received part of the funds stolen by hackers from the bank in the period from May to June of this year. According to media reports, Access Bank lost 8 billion naira (about $10.4 million), and the attackers used these funds to buy USDT stablecoins on the largest crypto exchange Binance. After receiving a court order, the bank decided to block the bank accounts of traders who bought stablecoins.
Rume Ophi, Executive Secretary of the Blockchain Association of Nigeria (SIBAN), called the freezing of crypto traders ' accounts "a disgrace to Nigeria's banking infrastructure." According to Ofi, the actions of Access Bank undermine the development of the industry in Nigeria.
"We need to conduct thorough investigations to apprehend criminals, and not resort to mass freezing of accounts belonging to innocent individuals who simply make cryptocurrency transactions. This approach does not solve the problem, but causes even more harm," said the executive secretary of SIBAN.
In 2021, the Central Bank of Nigeria (CBN) ordered banks to block the accounts of cryptocurrency company TVS Hallmark Service Limited and two citizens for trading digital assets. Previously, the central bank gave similar instructions if crypto companies worked without a license.
The management of Access Bank claims that the accounts of the affected traders received part of the funds stolen by hackers from the bank in the period from May to June of this year. According to media reports, Access Bank lost 8 billion naira (about $10.4 million), and the attackers used these funds to buy USDT stablecoins on the largest crypto exchange Binance. After receiving a court order, the bank decided to block the bank accounts of traders who bought stablecoins.
Rume Ophi, Executive Secretary of the Blockchain Association of Nigeria (SIBAN), called the freezing of crypto traders ' accounts "a disgrace to Nigeria's banking infrastructure." According to Ofi, the actions of Access Bank undermine the development of the industry in Nigeria.
"We need to conduct thorough investigations to apprehend criminals, and not resort to mass freezing of accounts belonging to innocent individuals who simply make cryptocurrency transactions. This approach does not solve the problem, but causes even more harm," said the executive secretary of SIBAN.
In 2021, the Central Bank of Nigeria (CBN) ordered banks to block the accounts of cryptocurrency company TVS Hallmark Service Limited and two citizens for trading digital assets. Previously, the central bank gave similar instructions if crypto companies worked without a license.
