Hackers steal $664m from crypto investors in six months – Newstrends
Connect with us

News

Hackers steal $664m from crypto investors in six months

Published

on

Hackers steal $664m from crypto investors in six months

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.

READ ALSO:

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.

Hackers steal $664m from crypto investors in six months

PUNCH

News

Nigeria Customs Service begins 2025 recruitment [How to apply]

Published

on

Nigeria Customs Service begins 2025 recruitment [How to apply]

The Nigeria Customs Service (NCS) has announced the commencement of its recruitment exercise, assuring Nigerians that the process is entirely free and fair.

The agency has cautioned the public to be vigilant against scammers who may attempt to exploit unsuspecting applicants during the recruitment period.

Applications are invited for positions in the Superintendent, Inspector, and Customs Assistant cadres as part of the Service’s plan to recruit 3,927 officers in 2025.

This initiative is aimed at enhancing trade facilitation and supporting Nigeria’s economic recovery efforts.

“Our recruitment is entirely free and fair. At no stage do we charge fees. Anyone requesting payment is a scammer,” the agency emphasized, urging applicants to be wary of fraudulent schemes.

READ ALSO:

The NCS outlined eligibility criteria, stating that applicants must be Nigerian citizens by birth, possess a valid National Identification Number (NIN), and have no criminal record or ongoing investigations.

Academic qualifications for the three cadres are as follows:

Superintendent Cadre: A university degree or Higher National Diploma (HND) along with an NYSC discharge or exemption certificate.

Inspectorate Cadre: A National Diploma (ND) or Nigeria Certificate in Education (NCE) from an accredited institution.

Customs Assistant Cadre: At least an O’Level certificate (WAEC or NECO).

In addition to these qualifications, the NCS stressed that all applicants must be physically and mentally fit, providing evidence of medical fitness from a recognized government hospital.

Nigeria Customs Service begins 2025 recruitment [How to apply]

Continue Reading

News

Tinubu to critics: I won’t reduce my cabinet size

Published

on

President Bola Ahmed Tinubu

Tinubu to critics: I won’t reduce my cabinet size

President Bola Tinubu on Monday unequivocally responded to critics who described his cabinet as “bloated” by saying he is unprepared to reduce the size of his 48-man cabinet.

“I am not ready to shrink” the size of my cabinet, Tinubu said during a media chat at his Bourdillon residence in the highbrow Ikoyi area of Lagos State.

“I am not prepared to bring down the size of my cabinet,” the former Lagos governor said, arguing that “efficiency” has been at the core of his selection of ministers.

The president also said he has no regret removing the petrol subsidy in May 2023, saying Nigeria cannot continue to be Father Christmas to neighbouring countries.

READ ALSO:

“I don’t have any regrets whatsoever in removing petrol subsidy. We are spending our future, we were just deceiving ourselves, that reform was necessary,” he told reporters.

Tinubu appointed 48 ministers in August 2023, three months after his inauguration. The Senate immediately screened and confirmed the ministers. One of the ministers, Betta Edu, was suspended in January while another, Simon Lalong, moved to the Senate.

There were calls for the President to reshuffle his cabinet as many Nigerians have not been impressed by the performance of some of the ministers, especially in the face of unprecedented inflation, excruciating economic situation and rising insecurity.

In October 2024, Tinubu re-assigned 10 ministers to new ministerial portfolios and appointed seven new ministers for Senate confirmation. He also sacked five of his ministers but critics insist that the President’s cabinet remains large, especially with the creation of a Livestock Ministry with a minister.

 

Tinubu to critics: I won’t reduce my cabinet size

Continue Reading

News

Tinubu: Food stampede incidents, grave error 

Published

on

Tinubu: Food stampede incidents, grave error 

..Don’t publicise gifts distribution if you don’t have enough

 

President Bola Tinubu has described the recent three stampede incidents during distribution of relief materials to children and others as a grave error.

He told people to be more organised and stay away from giving palliative or publicity of the giving if they had insufficient materials.

He stated this during his first presidential media chat on Monday.

The President said he had been sharing palliatives in his Lagos residence for 25 years without any incident and blamed the recent food stampedes in the country on poor organisation.

A total of 35 children died on December 18 during a stampede that happened at a funfair event in Ibadan, Oyo State.

10 people, including children, also died on December 21 in another stampede at the Holy Trinity Catholic Church in the Maitama district of Abuja during the distribution of palliatives.

Another 22 people were reported dead during a rice distribution event at Amaranta Stadium in Ojika, Ihiala LGA, on the same day.

“It’s unfortunate and very sad, but we will continue to learn from our mistakes. I see this as a grave error on the part of the organisers,” he said.

But the President insisted that the incidents should not dampen the “happiness of the season”.

“It is very sad that people are not well organised. We just have to be more disciplined in our society. Condolences to those who lost members, but it is good to give,” Tinubu said.

“I’ve been giving out foodstuff and commodities, including envelopes in Bourdillon, for the last 25 years, and I’ve never experienced this kind of incident because we are organised and disciplined.

“If you know you won’t have enough to give, don’t attempt to give or publicise it.”

The President compared the situation to food banks in countries such as the United States of America (USA) and Britain, noting their structured approach.

“Every society, even in America, has food banks. They have hungry people. In Britain, they have food banks and warehouses, and they are organised. They take turns m lining up and collect,” he added.

Continue Reading

Trending