Economic and Financial Crimes Commission (EFCC) chairman, Abdulrasheed Bawa has cried out.

He said; “Cryptocurrencies have become a preference for persons engaged in illegal financial transactions.”

“The use of cryptocurrencies by criminals poses a threat to global economy.”

“Economic crimes, which are largely illegal acts committed for private gain, affect the vital structures of global economies, causing significant damage to the global financial system and depriving developing nations of the needed resources for sustainable development.”

“Criminals now elect to transact or receive illegal monies (such as ransom money) for cyber-attacks in cryptocurrencies with Bitcoin and Ethereum as the most commonly used medium of these exchanges.”

“Developed countries are not immune from such illegal activities, considering the proliferation of cyber-crimes which threatens the stability of global financial institutions”.

“As the victims of crime continue to suffer globally from the effects of financial crimes, either directly or indirectly as part of a social system, the determination of who pays or who should pay becomes a critical measure of the criminal justice system in place.”

“An impartial judiciary is important in ensuring that the perpetrators of acts and not the victims pay for their crimes”.