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How to Solve Incessant Security Breaches in the Crypto Industry

By
Paul Ugbede Godwin
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0

The crypto industry is booming, but it is also plagued by incessant security breaches that undermine its credibility and trustworthiness. According to a report by CipherTrace, a blockchain analytics firm, crypto-related thefts, hacks, and frauds amounted to $1.9 billion in 2020, a 57% decrease from the record $4.5 billion in 2019, but still a significant threat to the industry. According to Forbes, over $3 Billion have been lost to crypto hacks, annually. NBC News places that number even higher with $14 Billion in Worldwide hacks. Yet another source has the total for all scams and hacks since 2017 at over $20 Billion. The most common types of attacks are:

Exchange hacks: These involve hackers exploiting vulnerabilities in the platforms that facilitate the trading and storage of cryptocurrencies, such as centralized exchanges, decentralized exchanges, and wallets. Some of the most notorious examples are the Mt. Gox hack in 2014, which resulted in the loss of 850,000 bitcoins (worth about $460 million at the time), and the KuCoin hack in 2020, which resulted in the theft of $281 million worth of various cryptocurrencies.

DeFi hacks: These involve hackers exploiting vulnerabilities in the protocols that enable decentralized finance (DeFi) applications, such as lending, borrowing, trading, and staking. DeFi is a fast-growing sector that aims to provide financial services without intermediaries, but it also poses unique challenges and risks. According to CipherTrace, DeFi hacks accounted for 45% of all crypto thefts in 2020, totaling $129 million.

Scams and frauds: These involve hackers deceiving or coercing users into sending them cryptocurrencies or revealing their private keys or passwords. Some of the common methods are phishing emails, fake websites, social media impersonations, Ponzi schemes, and ransomware attacks. For instance, in July 2020, a group of hackers hijacked the Twitter accounts of several prominent figures, such as Elon Musk, Barack Obama, and Joe Biden, and posted messages asking followers to send bitcoins to a certain address, claiming they would double their money. The hackers managed to collect over $100,000 worth of bitcoins before the scam was exposed.

Causes of Security Breaches on Crypto Exchanges

Poor security practices: Some crypto exchanges do not implement adequate security measures to protect their systems and users from unauthorized access. For example, they may use weak passwords, store private keys online, or fail to encrypt sensitive data. These practices expose the exchanges to hacking attacks that can compromise their funds and information.

Lack of regulation: Unlike traditional financial institutions, crypto exchanges are largely unregulated and operate in a legal gray area. This means that they do not have to comply with any standards or rules regarding their security, transparency, or accountability. This also means that they do not have any legal recourse or protection in case of a security breach. Users who lose their funds or data due to a security breach may have no way of recovering them or seeking compensation.

Human error: Sometimes, security breaches on crypto exchanges are caused by human error or negligence. For example, an employee may accidentally leak confidential information, a user may fall victim to a phishing scam, or a developer may introduce a bug in the code. These errors can create vulnerabilities that can be exploited by hackers and cybercriminals.

These security breaches not only cause financial losses to the victims, but also damage the reputation and confidence of the crypto industry as a whole. They also attract regulatory scrutiny and intervention, which may hamper the innovation and growth of the industry. Therefore, it is imperative that the crypto industry takes proactive and effective measures to prevent and mitigate these security breaches. Some of the possible solutions are:

Implementing robust security standards and practices: The crypto industry should adopt and enforce high-level security standards and practices for its platforms and protocols, such as encryption, authentication, verification, auditing, testing, monitoring, and updating. These security measures should be transparent and verifiable by third parties, such as auditors, regulators, or users. Moreover, the crypto industry should foster a culture of security awareness and education among its participants, especially users who are often the weakest link in the security chain.

Leveraging blockchain technology and innovation: The crypto industry should leverage the inherent features and advantages of blockchain technology to enhance its security and resilience. For example, blockchain technology enables immutability, traceability, decentralization, and consensus, which can help prevent or deter unauthorized transactions or alterations. Furthermore, the crypto industry should embrace innovation and experimentation to develop new solutions and approaches to address its security challenges. For instance, some emerging technologies that may improve crypto security are zero-knowledge proofs (ZKPs), multi-party computation (MPC), threshold signatures (TSS), and quantum-resistant cryptography (QRC).

Collaborating with stakeholders and regulators: The crypto industry should collaborate with various stakeholders and regulators to establish a common understanding and framework for its security issues and solutions. These stakeholders include other crypto platforms and protocols, cybersecurity experts and researchers, law enforcement agencies, policymakers, standard-setting bodies, industry associations, and users. By engaging in dialogue and cooperation with these stakeholders and regulators, the crypto industry can foster trust and legitimacy among its participants and society at large.

Security breaches are a serious threat to the crypto industry that require urgent attention and action. The crypto industry should implement robust security standards and practices; leverage blockchain technology and innovation; and collaborate with stakeholders and regulators to solve this problem. By doing so, the crypto industry can enhance its security and resilience; protect its users’ assets and interests; improve its reputation and confidence; and promote its innovation and growth.

Airtel Africa Partners Mastercard, to Launch New Cross-Border Remittance Service to Enable Seamless Transfer of Funds

By
Ojukwu Emmanuel
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0

Airtel Africa has partnered with financial service giant Mastercard, to launch a new cross-border remittance service to enable customers with seamless transfer and receiving of funds.

The new service is designed for over 100 million mobile phone users of Airtel in Africa, to bolster stronger cooperation between Airtel Africa and Mastercard, in boosting the digital economy on the continent.

The new service will present an easier means for Airtel’s mobile users to initiate digital transactions across different countries abroad.

Airtel users who will be the beneficiaries of this service will be able to access and connect to wallets in over 145 markets around the world, enabling them to send and receive money from various countries.

The service will be rolled out gradually in 14 African countries where Airtel operates. These include Chad, Congo Brazzaville, Democratic Republic of Congo, Gabon, Kenya, Madagascar, Malawi, Niger, Nigeria, Rwanda, Seychelles, Tanzania, Uganda, and Zambia.

Speaking on the launch, Head of Airtel Money Ian Ferraro said,

“This partnership with Mastercard will let us give a top-notch money transfer service to our users. We at Airtel Africa always aim to improve our customers’ lives with new and easy financial solutions. Our goal is to help everyone succeed, and this new service will surely help in achieving that.”

Senior Vice President, Digital Partners and Enablers, Mastercard, Ngozi Megwa said,

“With this new service, sending and receiving money across borders will be smooth and safe. We at Mastercard have always been committed to Africa’s growth and aim to provide handy digital solutions to its people. Teaming up with Artel Africa, we’re adding more value for their customers”.

According to Mastercard’s 2022 Borderless Payments Report, digital payments are seeing strong growth with three-quarters of consumers who send and receive cross-border payments doing so through mobile apps.

This growth in cross border mobile transactions has created a genuine need to make cross border remittances easy and secure for both banked and unbanked consumers. Airtel and Mastercard share this passion for digital transformation and making mobile financial services accessible to everyone across the continent.

Mastercard’s second annual borderless payments research reveals how critical cross-border payment services have been. Of all consumers surveyed who sent a cross-border payment last year, around 40% said their family members living internationally would not have survived financially without the funds.

The impact was just as striking among businesses. Approximately 70% of small and medium enterprises (SMEs) surveyed say the global payment network helped they endure the pandemic.

Why is the Airtel And Mastercard Partnership Important for Africa?

Remittance fees to Africa play a significant role in the economic and social development of the continent. It is reported that every year, around $95.6 billion comes into Africa from other countries.

  1. Economic Support for Recipients: Remittances serve as a lifeline for many families and communities in Africa. They provide essential financial support for basic needs such as food, housing, education, healthcare, and other necessities.
  2. Poverty Reduction: Remittances contribute to reducing poverty levels by directly injecting funds into households. This, in turn, can have a positive impact on the overall standard of living.
  3. Strengthening Local Economies: Remittances can stimulate local economies in Africa, by increasing demand for goods and services. This boost in economic activity can create jobs and drive economic growth.
  4. Foreign Exchange Inflow: Remittances contribute to foreign exchange reserves for African countries, which can help stabilize local currencies and support macroeconomic stability.

With this new service, Airtel and Mastercard aim to make it easier for people in Africa to get funds from their family and friends across the globe. This can help in boosting Africa’s economic growth and offering financial support to many.

Unlocking Success: Five Crucial Lessons for Emerging Startups and Entrepreneurs from the CIBN Generation Next Programme

By
Rasheed Adebiyi
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0

For most of last week starting from Wednesday to early morning Friday, I was in Lagos. That should be my first visit to Lagos this year. And the event that took all of us from different locations of Opolo Global Innovation to Lagos was the CIBN Generation Next programme. The programme which had in attendance the Governor of Lagos State, Mr. Babajide Sanwoolu, represented by his Deputy, Femi Hamzat paraded the best in banking and financial technology in Nigeria and beyond. But, that is not my point. 

My focus is on the opportunity given to emerging startups and entrepreneurs, especially in the technology sector, to exhibit their products and services. Since it was the part of an event that Opolo organized for the foremost professional body in Nigeria, myself and the Opolo team were at the exhibition arena ensuring things got set before the dignitaries came calling. I saw the palpable excitement that enveloped the arena as these young men and women looked forward to telling their stories and getting opportunities to either get patronage or scale their businesses. Among the crowd of the exhibitors were also a number of startups who are currently in the pool of our company’s startup ecosystem from different locations in the country.

The array of products and services on display was impressive. In reflecting the theme of the programme, the products and services were either physical or tech related.  For the young business owners, this gathering wasn’t just an event – it was a masterclass in harnessing the art of pitching ideas, amplifying values, and seizing golden opportunities. Here are five lessons I feel emerging startups could gain from what I saw as the techpreneurs displayed their brands to the participants.

Tell Your Story with Impact

In the midst of the bustling exhibition hall, I saw something come to life – the art of pitching! It is the gateway to turning dreams into reality. As the dignitaries moved from one booth to the other, startups fervently conveyed their visions, dreams and aspirations, it became clearer that brands need a compelling narrative to attract patronage, funding and investment. Young business owners must master the craft of articulating their ideas with clarity, passion, and purpose. A well-crafted pitch has the power to captivate hearts, ignite curiosity, and open doors to unforeseen possibilities and opportunities.

Business Values are Important

Amidst the dazzling array of products and services in the buzzling hall, a common thread emerged – values. I observed that startups that resonated the most with the dignitaries were those rooted in a strong set of values that extended beyond profit margins. As a startup, it is good that you infuse your ventures with values that define your purpose, guiding every decision and action. The Sustainable Development Goals are the buzzwords now and reasonably so. That is what has dictated the world trajectory from 2015. Importantly, a business built on authenticity, integrity, and a commitment to societal well-being is not only inspiring but also stands the test of time.

 Seizing Opportunities: Courage and Agility in Action

Exhibitions are an opportunity arena. It is the boxing ring where startups spar for opportunities. As startups, with excitement, projected their brands, it was evident that success favors those who courageously step out of their comfort zones. I saw young entrepreneurs surmounting obstacles to get their businesses pitched. A young man came from Ife. When his team was long in coming and the dignitaries were close by, he moved round the hall to set his brand up. He pitched! He recognized the fleeting moments of promise and the opportunity to set them on a trajectory of unparalleled growth.

Networking: Forge Relationships, Forge Success

Beyond the products and displays, three things were obvious at the exhibition arena: relationships, collaborations and connections.  Young business owners should nurture connections, cultivate a genuine interest in others, and build a network that extends beyond transactions. From mentors to potential partners, every relationship can be a stepping stone to new horizons.

Embracing Feedback and Iteration

Among the startups, I observed an openness to feedback and a willingness to iterate. This mindset speaks volumes to young business owners. Feedback, whether constructive or critical, is a priceless gift for growth. Embracing it with humility and using it to refine and iterate can propel ventures from good to exceptional.

In conclusion, the CIBN Generation Next exhibition has gifted young business owners with a treasure trove of insights. From the art of crafting impactful pitches to infusing values, seizing opportunities, nurturing relationships, and embracing feedback, I am sure these lessons will serve as the compass guiding them through the labyrinth of entrepreneurship as they journey on in their quest to live their dreams. I am also sure that the insights gained from the exhibition would live with these young entrepreneurial minds as they unlock a future brimming with possibilities.

Tinubu Vows to End Nigeria’s Reliance On Borrowing Through Effective Tax Reforms

By
Samuel Nwite
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0

Nigeria’s President Bola Tinubu said he will end the country’s over-reliance on borrowing to finance public spending through efficient revenue generation.

Tinubu spoke on Tuesday during the inauguration of the presidential committee on fiscal policy and tax reforms.

Made up of specialists from both the private and public domains, the committee assumes the responsibility for diverse facets of tax law reform, the design and coordination of fiscal policies, the alignment of taxes, and the management of revenue administration.

According to the president, the committee, which was set up on July 7, 2023, and is chaired by Taiwo Oyedele, a tax and fiscal policy expert, is expected to deliver quick reforms that can be achieved within 30 days.

“The consequences of the ongoing failure of our tax regime are real and significant. The inability of the government to efficiently raise revenue has led directly to an overreliance on borrowing to finance public spending,” Tinubu said.

“A government that cannot properly fund itself will also lack the flexibility or fiscal scope to sensibly manage the economy or respond to external shocks.

“Instead, debt service begins to consume an ever greater portion of the government’s already meager revenues.

“This traps the economy in a vicious cycle of borrowing simply to service previous debt and leaves almost no scope for socio-economic development.

“As President, I am determined to end this cycle. On the day of my inauguration, I promised that my administration would address all of the issues impeding investment and economic growth in Nigeria. This promise is why I saw an end to the fuel subsidy. It is the reason the Central Bank has called an end to its multiple exchange rate system under my watch.

“It is for the same reason we gather here today to inaugurate the Presidential Committee on Fiscal Policy and Tax Reforms.”

Recognizing Nigeria’s current global position in the realm of taxation, Tinubu noted that the nation is still grappling with challenges, particularly in aspects such as simplifying tax payment procedures and augmenting the tax-to-gross domestic product (GDP) ratio.

He said his administration aims to transform the tax system to support sustainable development while achieving a minimum of 18% tax-to-GDP ratio within the next three years.

“Without revenue, government cannot provide adequate social services to the people it is entrusted to serve,” he said.

“The Committee, in the first instance, is expected to deliver a schedule of quick reforms that can be implemented within thirty days.

“Critical reform measures should be recommended within six months, and full implementation will take place within one calendar year.”

While speaking at the event, Oyedele, who had earlier described tax as a social contract, noted that Nigerians are willing to pay tax if they see what it translates to.

“Public willingness to pay taxes is strained because of a lack of trust in government, both among individuals and businesses, irrespective of size,” he said.

He however indicated that there is a need for consequences for tax evasion for effective implementation of the needed reforms.

However, considering the current economic situation of the country, experts have warned that imposing more taxes may compound the struggle of businesses.

“I would love a situation where the government reduces personal income tax. The government cannot guarantee the salaries of private companies, but it can lower personal and company income taxes. So that companies and individuals can breathe”, an accounting and financial development Don at Lead City University, Ibadan, Prof Godwin Oyedokun said.

The removal of fuel subsidy and the floating of the forex market orchestrated a significant jump in the cost of living, with inflation rising to 22.79% as of June. This is against the backdrop of a meager monthly minimum wage of N30,000.

Besides the calls for tax breaks, the government has also been urged to cut the cost of governance. The Tinubu administration has not taken any step in that direction.

Nigerian Twitter Content Creators Abuzz As the Platform Begins Ad Revenue Sharing

By
Samuel Nwite
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0

X, formerly Twitter, has commenced revenue sharing with Nigerian content creators, setting the microblogging platform abuzz. 

Many Nigerian X users who subscribed to Twitter Blue and monetized their content woke up on Tuesday to credit worth thousands of naira from the revenue payout.

The payouts started for X users in the U.S. early last month and were extended to the global users by the end of July.

Musk said while the program is open to everyone, eligibility for the ad revenue share is tied to X Premium (Blue) subscription. If not, the ad money will otherwise be kept by X. 

Some of the content creators expressed their excitement as follows:

“Bruh, it’s almost like I’m dreaming tbh. unlike me, I’m struggling to put the words together. YES!! I Woke Up To Credit Alert From Elon Musk!!! & mahn for just tweeting & making myself happy?! E loud i swear,” Napaul said.

“Elon Musk, shey you dey whine me like this? I don get alert for Twitter ad revenue. Elon Musk, thank you o!,” General Oluchi said.

“The good thing about Elon Musk paying content creators is that a lot of brands will now have to do better with paying these creators to promote them henceforth, because with or without creators running ads with their pages, they’d still be eating good. It’s a good start actually,” Shola said.

“I got paid by Twitter, now known as X. I Twitter my opinions, commentators, views, and people are blessed, however, it’s also nice to be paid for it!,” Solomon Buchi said.

In addition to the aforementioned eligibility standards, X said creators who monetize on Twitter must meet the following requirements:

  • You must reside in a country in which Twitter’s monetization programs are available. 
  • You must be 18 or older. 
  • You must have a Twitter account that has been active for at least 3 months. 
  • You must have a complete profile inclusive of an account name, a bio, a profile picture, and a header image.
  • You must have a verified email address.  
  • You must have secured your account with two factor authentication. 
  • You must not be designated a state-affiliated media account. 
  • You must be in good standing with Twitter, which means that:
  • You have not repeatedly violated the Twitter User Agreement or Twitter’s Content Monetization Standards. 
  • You have not previously been removed as an advertiser on Twitter for violations of our Ads policies or as an Amplify publisher on Twitter for violations of our Amplify Pre-Roll Guidelines 
  • You have not previously been removed as an advertiser on Twitter for violations of our Ads policies or as an Amplify publisher on Twitter for violations of our Amplify Pre-Roll Guidelines
  • You must connect a verified Stripe account.
  • Maintain at least 500 active followers or more. 
  • Have posted Tweets in the past 30 days.

Other requirements, including conduct standards for creators participating in Twitter’s monetization, could be found here.

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