It has been flying all over the news that the ex governor of Kogi State was accused of an alleged 80.2bn Naira which is equivalent to $64 million, that's a whole lot of money and I remembered what if some of these leaders moving huge are using the Blockchain and still clamp down on us? What do you think?
Do you have substantive backing to your alleged speculations or don't you know this can be seen or used by bitcoin haters to drag bitcoin saying it's a means through which illegal transactions and money are been laundry through. Anyway, if there was any thing of such then the EFCC would have without delay raise an alarm through the press. On that note, I'll like to tell you that those politicians have sources through which they launder these money they steal and not through bitcoin Blockchain. 
Topic: Do Nigeria Politicians Use Bitcoin to move funds: Ex Gov Yahaya Bello's case (Read 104 times)
April 21, 2024, 05:48:43 PM
April 21, 2024, 05:11:43 PM
It's possible that we go have some of our politicians using blockchain to move huge funds but that wan no mean sae them go clamp on us because of that because already bitcoin is used for good purposes apart from moving huge stolen funds.
As Igebotz has pointed out, our politicians d like keep their stolen money for fiat, not in crypto mostly wey d volatile. On that, them go prefer to hid their money for pits, graveyards, warehouse etc
Maybe it's because of the thought of using cryptocurrencies to launder monies, that makes the government bear down hard on exchanges platforms and users of cryptocurrencies in the country. As Igebotz has pointed out, our politicians d like keep their stolen money for fiat, not in crypto mostly wey d volatile. On that, them go prefer to hid their money for pits, graveyards, warehouse etc
Truly, as you have said, those who launder money in this country mostly prefer to use cash or keep cash someplace safe, because it is easy to access and move around and no too many questions asked by prying eyes.
Without the use of tools that hide or like mixrs, using cryptocurrencies to hide money stolen will be kinda impossible and as it is, since regulation is almost in play for this country, before we get to accept crypto currency for payments, many of our transactions can be easily monitored on the exchange and tracked nontheless.
There's really isn't so much anonymity or a decentralized free system with many crypto exchanges today. Unless you don't tell anyone you own or trade cryptocurrencies, then no one really knows you do.
April 21, 2024, 01:06:38 PM
It has been flying all over the news that the ex governor of Kogi State was accused of an alleged 80.2bn Naira which is equivalent to $64 million, that's a whole lot of money and I remembered what if some of these leaders moving huge are using the Blockchain and still clamp down on us? What do you think?
Bitcoin is a digital currency, and can be used by everyone, some people go Dey use am for good things while some people na bad things dem go Dey use am for, I Dey use say some of our politicians fit Dey use am move money, d once wey know about bitcoin but we no go know. Like dino melaye now, I don see one video before wey him talk say him Dey trade crypto, so him sabi about cryptocurrency be that, if people like dis get opportunity to move money using bitcoin, then him go run am.I no go lie some of our politicans get bitcoin and other altcoins, even if dem know get much knowledge about it, or get time for it, they do have people wey go Dey help them monitor their wallet for them.
April 21, 2024, 12:33:17 PM
It's possible that we go have some of our politicians using blockchain to move huge funds but that wan no mean sae them go clamp on us because of that because already bitcoin is used for good purposes apart from moving huge stolen funds.
As Igebotz has pointed out, our politicians d like keep their stolen money for fiat, not in crypto mostly wey d volatile. On that, them go prefer to hid their money for pits, graveyards, warehouse etc
As Igebotz has pointed out, our politicians d like keep their stolen money for fiat, not in crypto mostly wey d volatile. On that, them go prefer to hid their money for pits, graveyards, warehouse etc
April 21, 2024, 10:22:36 AM
I get you, I didn't say that it was linked to crypto and not spreading false info, I'm just saying what if they're using it and not saying anything about it? More like thinking out loud bruh.
Yeah you were only thinking aloud and yes it is possible to steal using crypto but it doesn't mean it will not be found. You will see the trace from wallet to wallet that is output and input through blockchain but that is not to say that the kogi state governor used btc to steal, it is cash. However, the politicians have not developed their antics through cryptocurrency, they are still comfortable with naira and bank account traces because they know it is all about bribing people in the legal system and the efcc and they are back again to steal more.
April 21, 2024, 09:50:11 AM
It has been flying all over the news that the ex governor of Kogi State was accused of an alleged 80.2bn Naira which is equivalent to $64 million, that's a whole lot of money and I remembered what if some of these leaders moving huge are using the Blockchain and still clamp down on us? What do you think?
Let's not be too hasty to conclude anything yet, as their is no news that the money he is been accused of is traced to bitcoin or blockchain. Though nothing is certain here but we have heard the CBN governor said that money was launder through Binance and other exchanges but he didn't mention names of anyone. One strategy I know these politicians use to move money, is to award fake contracts to companies that they or their relatives operates. They will award contracts without paper documentations. Yes people all over the world launder money through blockchains, but that has not been an established case with Bello, so let's just calm down and see how things develop. 
April 21, 2024, 08:35:33 AM
Our politicians are too old fashioned to even think of hiding such money in Bitcoin. Most of the looted money recovered from our politicians were traced to foreign banks and abandoned properties. Never seen any Bitcoin use case.
I can not agree more. You are right. Terrorism, banditry, money laundering and ransom are all still always linked naira. Although, it is possible that they can be linked to cryptocurrencies, especially money laundering, but naira will still dominate. I think the case for Yahaya Bello is about embezzlement which can lead to money laundering. Most laundered money are in bank. Or the money is buried somewhere. 
April 21, 2024, 08:20:37 AM
Stop speculating to spread wrong narrative, it was never recorded or reported that the alleged N80.2b he stole was traced to Bitcoin account or any crypto, it was stolen in Fiat. We have seen our politicians hid money in pits, warehouse, grave yards, water tank, abandoned buildings and all that. Left his State and people in poverty for personal gain.
Did OP edit his post? Because I did not see anywhere he said the money is traced to bitcoin or any other cryptocurrency.The title was what caught my attention
Do Nigeria Politicians Use Bitcoin to move funds: Ex Gov Yahaya Bello's case
Our politicians are too old fashioned to even think of hiding such money in Bitcoin. Most of the looted money recovered from our politicians were traced to foreign banks and abandoned properties. Never seen any Bitcoin use case.
@VicManton got you.
April 21, 2024, 07:55:16 AM
Do you know how money is laundered? This is when the source is traced and linked to money laundering. That is just how it is. Do you know how some criminals are known by crypto exchanges? It is because the money is traced from the source. If any of the money goes into crypto, it will be known as it would be traced to the source. That is the work of chain analytic companies.
Stop speculating to spread wrong narrative, it was never recorded or reported that the alleged N80.2b he stole was traced to Bitcoin account or any crypto, it was stolen in Fiat. We have seen our politicians hid money in pits, warehouse, grave yards, water tank, abandoned buildings and all that. Left his State and people in poverty for personal gain.
Did OP edit his post? Because I did not see anywhere he said the money is traced to bitcoin or any other cryptocurrency. April 21, 2024, 07:52:10 AM
It has been flying all over the news that the ex governor of Kogi State was accused of an alleged 80.2bn Naira which is equivalent to $64 million, that's a whole lot of money and I remembered what if some of these leaders moving huge are using the Blockchain and still clamp down on us? What do you think?
Stop speculating to spread wrong narrative, it was never recorded or reported that the alleged N80.2b he stole was traced to Bitcoin account or any crypto, it was stolen in Fiat. We have seen our politicians hid money in pits, warehouse, grave yards, water tank, abandoned buildings and all that. Left his State and people in poverty for personal gain.
I get you, I didn't say that it was linked to crypto and not spreading false info, I'm just saying what if they're using it and not saying anything about it? More like thinking out loud bruh.
April 21, 2024, 07:43:56 AM
It has been flying all over the news that the ex governor of Kogi State was accused of an alleged 80.2bn Naira which is equivalent to $64 million, that's a whole lot of money and I remembered what if some of these leaders moving huge are using the Blockchain and still clamp down on us? What do you think?
Stop speculating to spread wrong narrative, it was never recorded or reported that the alleged N80.2b he stole was traced to Bitcoin account or any crypto, it was stolen in Fiat. We have seen our politicians hid money in pits, warehouse, grave yards, water tank, abandoned buildings and all that. Left his State and people in poverty for personal gain.
April 21, 2024, 07:32:17 AM
It has been flying all over the news that the ex governor of Kogi State was accused of an alleged 80.2bn Naira which is equivalent to $64 million, that's a whole lot of money and I remembered what if some of these leaders moving huge are using the Blockchain and still clamp down on us? What do you think?
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