Hackers Steal Money From Bank Nigeria To Buy USDT Stablecoin On Binance

Stablecoin USDT Tether. (Photo; Doc. Blockvalue)

JAKARTA - Access Bank, a bank in Nigeria, has blocked accounts of about 500 digital asset traders. This move was taken in connection with the theft case of more than 10 million US dollars (Rp158 billion) by hackers from Access Bank between May and June this year. A leading crypto figure in Nigeria condemned the act of freezing this account, claiming it was damaging to the country's banking system.

Recent reports suggest that Nigeria's Access Bank has blocked about 500 accounts belonging to USDT traders. It is suspected that the bank took the move after obtaining a court order that allowed it to block the accounts.

Access Bank stated that the affected traders' accounts had received part of the funds stolen by hackers. It is estimated that Access Bank lost more than 10.4 million US dollars or about 8 billion naira between May and June this year. It is reported that hackers used part of the funds to buy USDT stablecoins from traders in Binance.

500 Bank Accounts Frozen

As many as 500 traders' bank accounts were reportedly blocked after hackers used funds they stole from the bank to buy USDT.

Responding to account freezes, Rume Ophi, executive secretary of the Nigerian Blockchain Technology Association (SIBAN), also known as Cryptopreacher, criticized the move as detrimental to Nigeria's banking infrastructure. He argues that this action will only weaken the country's crypto industry.

Ophi supports the need for a thorough investigation to catch criminals instead of freezing the accounts of innocent individuals involved in cryptocurrency transactions. He considered that the action would only cause further harm.

In 2021, the Central Bank of Nigeria (CBN) once forced banks to block individual accounts accused of using the banking system to facilitate crypto transactions. However, many digital asset traders continue to rely on traditional banking systems, raising questions about the role banks play in enforcing CBN regulations regarding crypto.

This situation reflects the ongoing debate between banking regulations and the crypto industry in Nigeria.