Nigerian cryptocurrency sensation Linus Williams, often known as Blord, was granted bail after spending three days in police jail.
Blord was arrested by the Cybercrime unit of the Nigeria Police Force in Abuja on allegations of cryptocurrency fraud, internet fraud, and terrorism financing. The arrest of Blord set off a chain reaction among his followers and the larger financial community.
A lot of people voiced their opinions on social media, with some contesting the veracity of the allegations and the police’s proof. The possible effects of the accusations on the company’s operations and investor trust have drawn attention.
As per the local media, the 26-year-old businessman was released on Friday, and he didn’t take long to address his fans. Following his release, Blord addressed his Instagram followers, stating that he was the “Youth President For A Reason,” highlighting his leadership and tenacity among young Nigerians.
A company led by Linus Williams, the Blord Group, promptly released a statement refuting the claims of the arrest. They made it clear that Blord was not taken into custody; rather, he was just asked to appear for questioning by the police.
This information is made public amid debates over Nigeria’s cryptocurrency laws and the steps being taken to stop illicit activity with digital assets.
Blord’s detention and subsequent release made clear the difficulties and scrutiny that Nigerian Bitcoin entrepreneurs face. Global regulatory bodies are becoming more aware of the possibility of misusing digital currencies as they gain popularity
The lack of clear rules and the rising use of cryptocurrencies by the populace in Nigeria has made the matter particularly important. Even if the accusations are severe, Blord’s release on bond suggests that the inquiry is still in its early phases.
Blord’s arrest is part of Nigeria’s recent crackdown on cryptocurrency offenses. In February, authorities detained Tigran Gambaryan and Nadeem Anjarwalla for money laundering and tax evasion following the government’s ban on cryptocurrency channels to curb speculation.
Also Read: Nigerian Court Sets Binance Tax Evasion Case for October
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