In a stark revelation, the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has sounded the alarm on the unwitting involvement of some Nigerian youths in funding terrorism through cryptocurrency trading.
Speaking at a press conference held at the EFCC headquarters in Abuja, Olukoyede underscored the alarming trend of cryptocurrency being exploited as a conduit for financing illicit activities, including terrorism, within the country.
He emphasized that many young individuals engaged in cryptocurrency trading are unaware of the nefarious purposes to which their funds are being channeled, highlighting the need for heightened vigilance and regulatory measures to curb such activities.
Olukoyede further elucidated on the complexities of tracking and intercepting illicit transactions facilitated by cryptocurrencies, citing the decentralized and pseudonymous nature of blockchain technology as significant challenges faced by law enforcement agencies.
The EFCC chairman stressed the imperative for collaborative efforts among government agencies, financial institutions, and regulatory bodies to address the emerging threat posed by cryptocurrency-related crimes effectively.
He urged the public, particularly young Nigerians involved in cryptocurrency trading, to exercise caution and due diligence, emphasizing the importance of responsible financial conduct in safeguarding national security and integrity.
The statement by the EFCC chairman comes amidst growing concerns over the proliferation of cyber-enabled crimes and their potential implications for national security and economic stability.
As stakeholders grapple with the evolving landscape of financial crime in the digital age, the EFCC remains steadfast in its commitment to combating illicit activities and ensuring the safety and security of Nigeria's financial ecosystem.
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