Business
Hackers Steal $664m From Crypto Investors In Six Months – DefiLlama
Crypto investors lost $664m to hackers in the first half of the year, marking a more than 50 per cent increase compared to the same period last year, according to data from DefiLlama. The largest aggregator for decentralised
finance stated that the bulk of those losses came from phishing attacks and compromised private keys. It noted that crypto hackers were often skilled bad actors, who work for cybercrime syndicates, such as North Korea’s state-sponsored Lazarus Group, which was suspected of having stolen billions in crypto. DefiLlama stated that high-powered hacking tools were not usually available to the army of amateur hackers on the internet.
However, experts are raising concerns about the growing threat of open-source infostealers, malicious software designed to steal sensitive financial information from victims’ computers. These infostealers target crypto wallet passwords, private keys, and other sensitive data.
This year, compromised private keys have led to some of the biggest crypto hacks, including the theft of $305m from the DMM Bitcoin exchange. A blockchain expert and Team Lead at SIRFITECH, Adewale Kayode, told The PUNCH that Nigeria had emerged as a hub for cryptocurrency scams, with the country ranking second globally in crypto adoption, trailing only India.
Kayode attributed the high adoption rate to the economic hardship in the country, with many individuals seeking alternative means to supplement their income. However, that had created a fertile ground for scammers to exploit, resulting in a staggering $8m lost to crypto scams in Nigeria alone over the past six months, he said. Globally, crypto scams are becoming increasingly sophisticated, with fraudsters employing multi-level marketing scams, crypto fraud, Ponzi schemes, fake ICOs, and phishing attacks to dupe victims.
The IT expert cautioned that scammers constantly innovate, utilising tactics such as replacement-by-fee attacks to avoid detection. Kayode emphasised the urgent need for regulatory measures to combat the rising trend of crypto scams, stressing that regulation is crucial to protecting individuals and ensuring the integrity of the cryptocurrency market. According to a recent report by Proofpoint researchers, cybercriminals are using various tactics to
target cryptocurrency, resulting in significant financial losses.
The report, titled “How Cyber Criminals Target Cryptocurrency,” highlighted two primary objectives of cybercriminal threat actors: traditional fraud and targeting decentralised finance organisations. Traditional
fraud tactics involve business email compromise attacks, targeting individuals and resulting in financial losses.
Meanwhile, the targeting of DeFi organisations aims to compromise cryptocurrency storage and transactions, potentially leading to follow-on attacks. “While most attacks require a basic understanding of how cryptocurrency
transfers and wallets function, they do not require sophisticated tooling to find success,” the researchers said.
Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
Read Also:
Oando PLC Makes Historic Acquisition Of Nigerian Agip Oil Company, Reshaping Nigeria’s Oil And Gas Landscape
Customer Reviews on “Diaspora Watch”
Amina Oluwatoyin, Lagos, Nigeria:
“Diaspora Watch is a vital source of information for Nigerians abroad. It connects us with home, highlighting issues and successes within our community. The articles are insightful and relevant, making it a must-read!”
Claire Dupont, Paris, France:
“Diaspora Watch offers a fresh perspective on African diaspora experiences. However, some articles lack depth. I hope for more thorough research and in-depth features in future issues.”
Li Wei, Beijing, China:
“Diaspora Watch provides a unique lens on the challenges and triumphs of Africans abroad. It’s a great resource for understanding the diverse narratives of our diaspora.”
Grace Aidoo, Accra, Ghana:
“Diaspora Watch bridges the gap between home and abroad, especially with its focus on community initiatives. It’s my go-to for news that matters to Ghanaians abroad.”
FREE Digital View:
https://diasporawatch.com/diaspora-watch-20th-edition-october-14-20-2024-your-trusted-source-for-global-news-and-insights/
Print on Demand: https://www.magcloud.com/browse/issue/2918067?__r=1069759
SUBSCRIBE TO DIASPORA WATCH NOW ON THE BELOW LINK !!!
https://diasporawatch.com/subscribe-to-diaspora-watch-newspaper/
As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.
The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.
High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.
The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.
Dive into the world of Diaspora Watch and stay informed, engaged, and inspired.
FREE Digital View: https://www.flipsnack.com/excelglobalmedia/diaspora-watch-vol-19-october-7-13-2024/full-view.html
Print on Demand: https://www.magcloud.com/browse/issue/2918067?__r=1069759
SUBSCRIBE TO DIASPORA WATCH NOW ON THE BELOW LINK !!!
https://diasporawatch.com/subscribe-to-diaspora-watch…/
In a significant blow to Scotland’s energy sector, the 100-year-old Grangemouth refinery is set to close in 2025, citing its inability to compete with modern plants in Africa, Asia, and the Middle East. The refinery’s operator, Petroineos, announced the closure, which will result in the loss of 400 jobs.
Located in Scotland, Grangemouth refinery has been in operation since 1924, making it the country’s oldest and only refinery. However, despite its rich history, the refinery has struggled to remain competitive in the face of mounting global competition. Petroineos, a joint venture between PetroChina Internation al London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe, has invested $1.2 billion in the refinery since 2011.
However, the company has incurred significant losses, totalling over $775 million during the same period. According to Petroineos, the refinery is currently losing around $500,000 per day and expects a $200 million loss in 2024.
The company’s Chief Executive, Frank Demay, stated that the market for petrol and diesel fuels is expected to shrink further due to the upcoming ban on new petrol and diesel cars within the next decade. “Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.
Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” Demay explained. The closure of Grangemouth refinery marks a significant shift in the global oil refining landscape, with modern and efficient plants in Africa, Asia, and the Middle East gaining a competitive edge. The Dangote Refinery in Nigeria, one of the largest refineries in Africa, may have contributed to the decline of Grangemouth refinery.
The refinery will be converted into a fuel import terminal, ensuring Scotland’s energy needs are still met. However, the closure raises concerns about the country’s energy security and the impact on local communities.
Read Also
Oando PLC Makes Historic Acquisition Of Nigerian Agip Oil Company,
Reshaping Nigeria’s Oil And Gas Landscape
Hurray! It’s the 25th Edition of Diaspora Watch!
Cybersecurity and Data Protection in Africa
Diaspora Watch Vol. 24: A New Era, A Historic Victory, and the Pulse of the Global African Experience
Diaspora Watch 20th Edition (October 14-20, 2024): Your Trusted Source for Global News and Insights
Revolutionary mRNA Lung Cancer Vaccine Trial Offers New Hope To Thousands
