The growth and adoption of digital assets in underdeveloped countries are more significant than in developed and developing nations. As per the critic, the upsurge in crypto adoption in underdeveloped nations is fueled by the constant depreciation of their traditional currencies.
According to recent information, Nigeria’s Economic and Financial Crime Commission has seized N548.6 million in bank accounts linked to suspected crypto users involved in illicit activities.
“Users reportedly own the funds frozen by the EFCC on some leading centralized exchanges, among others, based on their alleged role in the value manipulation of Nigeria’s traditional currency,” as per additional information.
The role of international exchanges in the valuation of the naira is growing constantly, directing enforcement agencies and federal agencies to take severe action against the accused.
In the past few years, Nigeria’s traditional currency has continued to lose its value, and there are speculations that some leading nations are trying to value the regional currency to expand the usage of their traditional currencies.
Earlier in February 2024, the Nigerian authorities detained two executives of the leading cryptocurrency exchange Binance over the charges of money laundering terrorism financing activity on their platform in the region.
Dozens of reports claim that the usage of cryptocurrencies in Nigeria is comparatively greater than the use of the nation’s traditional currency.
Market News Updates
Earlier on September 11, 2024, Todayq reported that the CID Bangalore had detained a software engineer over the charges of stealing cryptocurrency from a private limited firm.
The additional information states that Shubhang Jain, a 26-year-old computer software professional, was detained over the charges of looting $6.67 million in digital assets from Cipher Technology Private Limited.
In the past few years, the role of bad actors has surged significantly in the cryptocurrency market, and every year, the broader market loses more than $ 1 billion in crypto.
Most recently, Indodax, an Indonesian digital asset trading platform, has lost millions of dollars following a cyber attack. The breach affected the hot wallets through which a part of the exchange’s digital currencies are stored and actively used for operations.
To tackle the surging money laundering, scams, and frauds in the region, Singapore has banned cryptocurrencies-based casinos, which are allegedly heaven for tax evasion.
Crypto Market Price Update
The broader Cryptocurrency market capitalization is stuck below the mark of $2.00 trillion; when writing, it was $1.99 trillion with a decline of 1.20 percent intraday.
Fear and greed index powered by CoinMarketCap is at 32, reflecting massive fear in the market, probably fueled by the surged bear dominance in the market.
Aave tops the intraday gainer list with a growth of 7.29% in trading price, followed by Internet Computer (ICP) 7.77% and UNUS SED LEO (LEO) 3.15%.
SHERK/WETH became the hottest DEX pair traded intraday, followed by POUPE/USDT and LOUIE/SOL. However, Bitcoin, Wrapped Dog, and BlackCardCoin remain the most visited cryptocurrencies in the market.
Until publishing, Bitcoin was trading at $56,818 with an intraday decline of 0.80%; market watchers argue that in the past few days, the broader BTC ETF category has seen a staggering inflow of funds, which might push its price above $60k in coming weeks.
The trending list by CMC is ruled by DOGS trading at $0.001012, followed by SUNDOG trading at $0.2785, with a decline of 11.77 percent intraday.
