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Starting From Next Month, Twitter Users Will be Able to Appeal Account Suspension

By
Ojukwu Emmanuel
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0

Starting from the 1st of February 2023, Twitter users will be given the privilege to appeal account suspensions and be evaluated under Twitter’s new criteria for reinstatement.

Under the new criteria, the company disclosed that accounts will only be suspended for severe policy violations like threats, violence, Harassment, Posting of illicit content, illegal activities, etc.

It further noted that it would take less severe action, in comparison to account suspension, such as limiting the reach of tweets that violate its policies or demanding that users remove offensive tweets before continuing to use the account.

It would be recalled that when Musk took over the platform in October last year, in one of the first steps towards his promise of lighter moderation on Twitter, he reinstated several accounts that were previously subject to lifetime bans.

In November last year, Elon Musk disclosed that he will begin restoring most previously banned accounts on Twitter, in his most wide-reaching move to undo the social media platform’s policy of permanently suspending users who repeatedly violated its rules.

Accounts such as that of former United States president Donald Trump who was banned on the platform in January 2021, due to the risk of further incitement, following the horrifying insurrection at the Capitol was reinstated.

Also, accounts belonging to U.S rapper Kanye West, Andrew Tate, Jordan Peterson, Kathy Griffin, and the parody account the Babylon bee, all had their account reinstated.

Meanwhile, on the 15th of December 2022, Musk suspended half a dozen prominent journalists at CNN, New York Times, stating that they violated Twitter rules about revealing people’s locations.

Musk claimed that the journalists had violated his new “doxxing” policy by sharing his “exact real-time” location, amounting to what he described as “assassination coordinates.” Meanwhile, none of the banned journalists appeared to have shared Musk’s precise real-time location.

The ban on the journalist was coming a day after Twitter suspended more than 25 accounts that tracked the planes of government agencies, and high-profile individuals, including that of Musk.

Initially, Musk had disclosed that he would allow the account that tracked his private jet to remain on Twitter, though he said it amounted to a security threat. But the Twitter CEO later changed his mind by banning the account, after he revealed that a car in which one of his sons was traveling was accosted by a striker.

This prompted him to disclose via a tweet that any account that posted real-time location info of anyone will be suspended, which includes posting links to sites with real-time location info.

Also, days after Elon Musk declared that “comedy is now legal on Twitter,” in November 2022, the platform banned several comedians for parody tweets in which they impersonated its new owner.

Naira Notes Redesign: House of Reps Rejects CBN’s Feb 10 Extension

By
Samuel Nwite
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0

The House of Representatives has rejected the extension of the deadline to return old naira notes to February 10 by the Central Bank of Nigeria.

The CBN governor, Godwin Emefiele, on Sunday announced the deadline extension after meeting with President Muhammadu Buhari in his private residence in Aso Villa, Abuja.

The old and new naira swap exercise was extended with a seven-day grace period, which will take effect from February 10 to February 17, 2023, opening additional window for Nigerians to return the old naira notes in their possession to the CBN (not commercial banks) after the February 10 deadline, when the old currency would have lost its Legal Tender status.

The decision came after much criticism ignited by the hardship created by the scarcity of the new naira notes across the country.

In reaction to the deadline extension, the Ad Hoc Committee, chaired by the leader of the House, Alhassan Ado Doguwa, rejected the extension. Doguwa, who had earlier threatened to issue a warrant for the arrest of Emefiele, said that the CBN must comply with sections 20 sub 3, 4, and 5 of the CBN act.

“The 10-day extension for the exchange of the old naira notes is not the solution,” he said.

Doguwa added: “We as a legislative committee with a constitutional mandate of the House, would only accept clear compliance with section 20 sub 3, 4, and 5 of the CBN act and nothing more.

“Nigeria as a developing economy and a nascent democracy must respect the principle of the rule of law.

“And the House would go ahead to sign arrest warrant to compel the CBN Governor to appear before the ad hoc committee.”

He said under his chairmanship, the committee would continue its work until it gets the demands of Nigerians addressed in accordance with the laws of the land.

Describing the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social livelihood, Doguwa said the CBN governor must appear before or stand the risk of being arrested on the strength of legislative writs signed by the Speaker on Monday.

He also said the policy is capable of frustrating the forthcoming general elections.

“Security agencies and their operations, especially at the state level, are generally funded through cash advances and direct table payments of allowances to operatives during elections,” he said.

With Buhari’s backing, the CBN announced a seeming twin monetary policy late last year: The redesign of N200, N500 and N1,000 notes and the withdrawal policy that limits how much individuals and corporate bodies could withdraw weekly to N500,000 and N5 million respectively.

However, criticism has continued to follow the policies since then, with calls rising from many quarters of the country, including the National Assembly, for the policies to be reviewed.

The concern mainly lies on the negative impact of the policies on Nigeria’s economy, particularly the informal sector – currently grappling with an unfriendly business environment.

But the CBN has stood its ground amid the public outcry and threat from lawmakers to arrest the central bank governor. The financial sector regulator said the policies will help in curbing issues of insecurity, currency counterfeiting, inflation among others.

However, presidential interventions have caused the apex bank to budge here and there. Before its decision to extend the deadline, the CBN had adjusted the weekly withdrawal limit from N100,000 for individuals and N500,000 for corporate organizations.

Karidav Integrated Services Endows 10 Scholarships for FUTO Alumni in Tekedia Mini-MBA

By
Ndubuisi Ekekwe
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0

Karidav Integrated Services Limited, founded by Engr Augustine Okoro, has endowed a scholarship scheme of 10 FUTO alumni to Tekedia Mini-MBA which begins Feb 6, 2023. The National President of FUTO Alumni (and my classmate), Engr Prof Laz Uzoechi, is coordinating the list.

Karidav is a leading environmental engineering company which serves clients across West Africa.  It deploys state-of-the-art expertise and equipment on all projects and has been recognized by the Nigerian government for excellence on project execution. For more, visit https://karidav.com/

We wish Engr Okoro more wins as he continues to serve and create jobs in West Africa through world-class engineering vision.

White House Calls for Increased Crypto Enforcement

By
Paul Ugbede Godwin
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0
White House

The White House has published a roadmap asking authorities to increase enforcement and ramp up efforts to regulate the crypto sector.

Authored by White House advisors Brian Deese, Arati Prabhakar, Cecilia Rouse, and Jake Sullivan, the paper concluded that the Biden Administration supports responsible technological innovations that make financial services cheaper, faster, safer, and more accessible while taking into account potential risks.

In an official blog on Friday, the Biden Administration detailed its plans to address potential risks from cryptocurrencies in a roadmap that calls for authorities to “ramp up enforcement where appropriate” and Congress “to step up its efforts” to regulate the industry.

The post starts by citing some major failures within the crypto sector last year, including the implosion of Terra’s algorithmic stablecoin UST that prompted a wave of insolvencies. It also noted the collapse of FTX, once the third-largest cryptocurrency exchange in the world, which delivered billions in losses to users.

Congress, too, needs to step up its efforts. For example, Congress should expand regulators’ powers to prevent misuses of customers’ assets—which hurt investors and distort prices—and to mitigate conflicts of interest. Congress could also strengthen transparency and disclosure requirements for cryptocurrency companies so that investors can make more informed decisions about financial and environmental risks. To aid law enforcement, it could strengthen penalties for violating illicit-finance rules and subject cryptocurrency intermediaries to bans against tipping off criminals. It could fund greater law-enforcement capacity building, including with international partners. And it could limit cryptocurrencies’ risks to the financial system by following the steps outlined by the Financial Stability Oversight Council in its recent report, including addressing the risks of stablecoins.

“Thankfully, turmoil in the cryptocurrency markets has had little negative impact on the broader financial system to date,” the post read, adding that the Biden Administration is focused on mitigating the risks of cryptocurrencies and making sure they do not undermine financial stability.

“At President Biden’s direction, we have spent the past year identifying the risks of cryptocurrencies and acting to mitigate them using the authorities that the Executive Branch has.”

The post added that “experts across the administration have laid out the first-ever framework for developing digital assets in a safe, responsible way while addressing the risks they pose.”

It noted some of the biggest risk factors, including lack of applicable regulations, misleading statements, failure to make adequate disclosures, and poor cybersecurity measures “that enabled the Democratic People’s Republic of Korea to steal over a billion dollars to fund its aggressive missile program.”

Furthermore, the administration called on agencies to use their executive power and “ramp up enforcement where appropriate and issue new guidance where needed.” Specifically, the government asked Congress to increase efforts to regulate the crypto market.

“Congress should expand regulators’ powers to prevent misuses of customers’ assets—which hurt investors and distort prices—and to mitigate conflicts of interest.”

The administration noted that Congress should not allow mainstream institutions like pension funds to dabble into cryptocurrency markets as this would deepen the ties between cryptocurrencies and the broader financial system and increase systemic risks, calling it “a grave mistake” to pass laws that deepen the ties.

“To put the right safeguards in place, we will keep driving forward the digital-assets framework we’ve developed, while working with Congress to achieve these goals,” the paper said.

North Korea Launders Additional $17.7M From the Harmony Bridge Hack

By
Paul Ugbede Godwin
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0

On-chain sleuth ZachXBT, a Crypto Investigative Researcher in a Twitter post claimed DPRK (North Korea) just finished laundering another $17.7m+ (11304 ETH) from the Harmony Bridge hack.

Due to the swift intervention of some Crypto exchanges who responded quickly on a weekend so funds could be frozen.

The two main addresses who transferred funds to six exchanges can be seen below;

0xa60d55abd0f57eaa87149c07edfc8c8b7f890993

0x8e7d11b57cfdfa33212085c896930f0b2701aa13

Two weeks ago, the North Korea’s Lazarus Group had a very busy weekend moving $63.5m (~41000 ETH) from the Harmony bridge hack through Railgun before consolidating funds and depositing on three different exchanges

In a similar twist, an exploit occurred on the Swapleonicorn Bridge; a hacker found the arbitrage and had stolen ~300k worth of $BNB to RailGun, this was a heavy hit for the project. They deposited $63m and instantly withdrew.

The Railgun team were celebrating this influx of funds several times and even put it out on their announcement-only channel. Railgun stakers, the biggest of which being Edward Fricker who runs the project, will now be directly profiting off the movement of illicit funds.

This action of making money off of illicit funds being moved is one of the reasons prosecutors arrested Alexey Pertsevand is exactly why Tornado Cash got sanctioned. Also, Railgun transactions interact with unverified contracts that match Hermez’s L2 rollup. Not even on-chain.

Another main address of 5974 ETH was discovered by ZachXBT through Breadcrumbs bringing the total laundered by DPRK in past few hours to $27.18m (17278 ETH)

0xdaec47db1bb192429213ecd2e872c7c7c24051d5

FBI confirms North Korea’s involvement in $100M crypto theft from Harmony Horizon Bridge. Hackers used social engineering to deceive employees into downloading rogue apps as part of recruitment scam.

Harmony $ONE network usage and overall financial performance also declined for the second quarter, this quarter’s decline was catalyzed by the Horizon Bridge hack that occurred on June 23, 2022. This incident resulted in the bridge being drained of $100 million in assets from the Ethereum and BNB chains. This breach only exacerbated the decrease in network activity following Defikingdoms decision to launch on an Avalanche subnet in Q2.

Harmony core team committed to 0% minting to prevent token dilution by using funds from the Harmony treasury to facilitate the recovery process.The team will allocate funds on an ongoing basis starting to strategic partners mechanisms to remove depegged assets from circulation.

Harmoney ONE Financial Overview

Daily user metrics were at their lowest in 12 months, down 87% from their peak in Q1 2022. Similarly, daily transactions were down 88% from their peak in Q4 2021. Despite the culmination of events, the circulating market cap grew (8.4%) for the first time this year during Q3.

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