The discrepancies between the government’s claims and the blockchain data highlight the tense dynamic between digital finance and state authorities. Despite the Nigerian government’s claim of blocking significant funds tied to sponsors of the #EndBadGovernance protests in the country, some cryptocurrency wallets linked to the movement remain active. Nuhu Ribadu, the National Security Adviser (NSA), announced during a Council of State meeting convened by President Bola Tinubu at the Aso Rock Villa in Abuja on Aug. 13 that the government had blocked 83 billion Nigerian naira ($52 million) in cryptocurrencies and fiat traced to the protest sponsors. Government’s freeze claim This includes 78 billion naira ($50 million) in cryptocurrency, 59 billion naira ($38 million) supposedly frozen in four wallets, and 4 billion naira ($2,540) allegedly contributed by political actors from Abuja, Kano, Kaduna and Katsina. However, a local media scan of the wallet addresses indicates discrepancies in the government’s claim, with some of the wallets continuing to perform transactions or showing incorrect balances. For instance, one wallet reported a balance of 1.5 million naira ($967) and showed only 270,796 naira ($172) upon inspection, while another wallet, supposedly holding 698 million naira ($443,512), had 367 million naira ($233,574), according to blockchain data. The wallets, traced to the KuCoin and MEXC exchanges, have been actively sending and receiving funds, contradicting the government’s claims. One notable transaction involved transferring 78 million naira ($50,000) to an unknown wallet and quickly moving the funds to another address. While the identities of the wallet owners remain undisclosed, it is possible that the exchanges holding these wallets have shared information with authorities. Regulatory challenges exposed by crypto transactions According to local media, a crypto forensic expert explained that the government could write to an exchange to support an investigation if crime proceeds are in a wallet. However, the expert added that exchanges are not obligated to comply with government requests unless there is a substantial legal basis, and they often resist such demands if they seem unfounded.