The Central Bank of Nigeria (CBN) has reportedly flagged bank accounts of Nigerian cryptocurrency investors using peer-to-peer (P2P) services due to concerns about their affiliation with the recent Flutterwave hack. The CBN's action has discouraged P2P users from interacting with over-the-counter (OTC) markets, as the hacked funds were found to have flowed into the Nigerian crypto market through various OTCs. P2P is a medium of direct exchange of cryptocurrencies between parties without the involvement of a central authority. Despite strict crypto regulations in Nigeria, P2P has been used to facilitate crypto trade. However, the P2P market has been called a black market hub for scammers laundering fraud funds. Flutterwave, the fintech company that reported the hack, has denied the allegations and has identified some users who may have been susceptible to hacking due to their failure to activate recommended security settings.

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