E-Financial
Crypto Platforms Lose $44Bn to Cyber Attacks
Acronis, global leader in cyber protection,has disclosed that about $44bn has been lost to cyber attacks on cryptocurrency, particularly decentralised finance, between June 2021 and June 2022.
This was disclosed in a press release on its website announcing its mid-year cyber threats report, conducted by Acronis’ Cyber Protection Operation Centers, to provide an in-depth review of the cyberthreat trends which the company’s experts had been tracking.
The statement read in part, “Cyberattacks have contributed to a loss of more than $60bn in DeFi currency since 2012. $44bn of that vanished during the last 12 months.”
According to Acronis, more cybercriminals were focusing on cryptocurrencies and DeFi platforms.
It added that by exploiting flaws in smart contracts or stealing recovery phrases and passwords with malware or phishing attempts, hackers had wormed their way into crypto wallets and exchanges alike.
The report further noted that ransomware continued to be the number one threat to large and medium-sized businesses, including government organisations.
It added, “Nearly half of all reported breaches during the first half of 2022 involved stolen credentials, which enable phishing and ransomware campaigns.”
It was also noted that the use of phishing, malicious emails and websites as well as malware had continued to grow, with about 600 malicious email campaigns across the internet in the first half of 2022.
It further stressed the need for more holistic approaches to cyber security.
Candid Wüest, Acronis VP of Cyber Protection Research, said, “Today’s cyberthreats are constantly evolving and evading traditional security measures.
“Organisations of all sizes need a holistic approach to cybersecurity that integrates everything from anti-malware to email-security and vulnerability-assessment capabilities. Cybercriminals are becoming too sophisticated and the results of attacks too dire to leave it to single-layered approaches and point solutions.”
The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.
Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.
As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.
Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
Experts Urge Adoption of Digital Tools to Strengthen Nigeria’s Compliance Culture
Afreximbank to Fund African Energy Bank with $19bn
Firm Finds Leaked Netflix, Roblox and Discord Accounts Registered on Corporate emails
How Emerging Technologies Are Reshaping Trade – NITDA DG
Naira Gains Strength, Hits N1,600/$ in Parallel Market
E-Business3 days agoExpert Urges FG to Leverage Digital Assets to Drive Diversification Goal
General News3 days agoSeamlessHR, AOPN Push Payroll Innovation for Nigeria’s Outsourcing Growth
General News3 days agoFG Faults AfDB’s Adesina on Nigeria’s GDP Per Capita Figures
News3 days agoCabals Still Fighting our Refinery – Dangote
Telecom3 days agoTelcos Plan Zero Tariff in Some Regions with Low Opex
E-Financial3 days agoFirst Asset Management Surpasses ₦1 Trillion in Assets Under Management
E-Financial2 days agoCBN Spending on Naira Printing, Distribution up by 306 Percent
Telecom3 days agoAVEVA Appoints Sébastien Ory as EMEA VP Partners & Channels