Nigerian crypto star out on bail following police detention

Amaka Nwaokocha14 hours agoNigerian crypto star out on bail following police detentionIndustry watchers are closely monitoring the case for signs of how Nigerian authorities will handle similar cases, which could impact the country’s growing cryptocurrency sector.6043 Total views9 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksNigerian cryptocurrency celebrity Linus Williams, popularly known as Blord, has been granted bail following three days in police custody. 

The fintech CEO, who commands a significant following in the cryptocurrency community, was detained by the Cybercrime unit of the Nigeria Police Force over allegations of cryptocurrency fraud and terrorism financing linked to his companies.

Blord was arrested on Tuesday in Abuja, leading to a flurry of reactions from his supporters and the broader fintech community. According to local media, the 26-year-old entrepreneur was released on Friday and wasted no time addressing his followers.Denying arrest allegations

Taking to Instagram, Blord posted a message proclaiming, “Youth President For A Reason,” signaling his resilience and leadership role among young Nigerians.

The Blord Group, the company headed by Linus Williams, quickly issued a statement denying the allegations of the arrest. They clarified that Blord was merely invited for questioning by the authorities and was not formally arrested.

The statement aimed to calm the fears of investors and supporters concerned about the potential impact of the allegations on the company’s operations.

Related:Nigeria’s SEC urged to regulate Bitcoin, Ether as commodities

Contrarily, the Nigeria Police Force confirmed Blord’s arrest, stating that he was apprehended by their Cybercrime unit. The police outlined that the charges against him included internet fraud and financing terrorism, among other serious crimes.Nigeria’s crypto conundrum

This revelation comes amid discussions about the regulatory landscape for cryptocurrency in Nigeria and the measures being taken to curb illegal activities associated with digital assets.

Blord’s arrest and subsequent release highlight the challenges and scrutiny faced by cryptocurrency entrepreneurs in Nigeria. As digital currencies gain popularity, the regulatory authorities worldwide are increasingly vigilant about their potential misuse.

The issue has become especially urgent in Nigeria due to the population’s growing use of cryptocurrencies and the absence of clear regulations. Despite the seriousness of the charges, Blord’s release on bail indicates that the investigation is still in its early stages.

However, this arrest is one of many examples of Nigeria’s recent crackdowns on cryptocurrency-related offenses. In February, Nigerian authorities detained two individuals, Tigran Gambaryan and Nadeem Anjarwalla, on allegations of money laundering and tax evasion. This came after the government banned cryptocurrency channels to curb currency speculation.

Magazine:US enforcement agencies are turning up the heat on crypto-related crime# Bitcoin# Cryptocurrencies# Law# Government# Nigeria# SEC# Crimes# RegulationAdd reaction