E-Financial
Lazarus, Hacking Group Targets Cryptocurrency Space- Kaspersky
Kaspersky Lab, cybersecurity watchdogs yesterday issued a warning that the well-known hacking group known as Lazarus, which is allegedly sponsored by the North Korean government, is alive and well and still targeting the cryptocurrency industry.
According to the folks at Kaspersky Lab, the hacking group began a new operation in November 2018, using new methods to infiltrate the computer systems of businesses in the financial sector and gain access to sensitive data.
Research done by Kaspersky Lab shows the hackers customized PowerShell scripts that “communicate with malicious C2 servers and execute commands from the operator.”
The scripts, dubbed “macro-weaponized document[s],” look like WordPress files and other open-source projects. Once the malware has control over a company’s servers, it can “set sleep time (delay between C2 interactions), exit malware, collect basic host information, check malware status, show current malware configuration, update malware configuration, execute system shell command, [and] download [and] upload files.”
These weaponized documents are specifically designed to catch the attention of cryptocurrency professionals.
Kaspersky Lab believes that the hacking group is explicitly targeting Korean crypto exchanges based on the fact that the malware is delivered using a malicious “Korean Hangul Word Processor format” (HWP), which takes advantage of a known weakness in the PostScript software and is popular only among Korean users. That one of the weaponized documents was sent to a crypto exchange based in Korea is also telling.
The Lazarus group uses several methods to infect exchanges’ servers. According to Kaspersky Lab, research shows that the group is most likely “running an old vulnerable instance of Internet Information Services (IIS) 6.0 on Microsoft Windows Server 2003.” The group is also suspected of purchasing servers from a hosting company that it uses to “host macOS and Windows payloads.” The cybersecurity watchdog believes the group only puts malware on rented servers and uses servers that are already infected to run C2 scripts. These servers have been found from China to the European Union.
The research done by Kaspersky Lab further shows that the group has adopted better methods to avoid detection. Lazarus is separately developing malware for “32-bit and 64-bit Windows” so it has more choices concerning the platform its wishes to infiltrate and the type of compiled code it wishes to use. Kaspersky Lab concludes that the same developers are using these methods to infect Apple products, which is why the group built the macOS malware.
The report ends with a warning to the larger crypto and tech industry:
“If you’re part of the booming cryptocurrency or technological startup industry, exercise extra caution when dealing with new third parties or installing software on your systems. It’s best to check new software with an antivirus…[a]nd never ‘Enable Content’ (macro scripting) in Microsoft Office documents received from new or untrusted sources.”
The Lazarus group is suspected of perpetrating some of the biggest hacks ever seen in the cryptocurrency industry.
The group allegedly committed the hack against Coincheck, in which approximately 500 million NEM tokens were stolen in January 2018. The group also allegedly infiltrated the Bithumb network and made off with $31.5 million worth of digital currency.
The Development Bank of Nigeria (DBN) has received shareholders’ approval to invest $2.5 million or 25% equity stake in the proposed Youth Entrepreneurship Investment Bank (YIB) — a new investment vehicle designed to provide equity funding to youth-led businesses in Nigeria.
The approval came during the bank’s 8th Annual General Meeting (AGM) which was held in Abuja.
The move is a strategic step aligned with the bank’s broader mission to support Micro Small and Medium Enterprises (MSMEs), job creation and entrepreneurship among Nigeria’s youth.
According to Tony Okpanachi, DBN Managing Director, Youth Entrepreneurship Investment (YIB) is not a conventional bank. It is an investment vehicle that will deploy equity into promising youth-owned enterprises.
“This is about backing ideas and unlocking growth through long-term capital — not debt,” Okpanachi told journalists after the AGM.
The initiative is a partnership between DBN, the Nigeria Sovereign Investment Authority (NSIA), and the African Development Bank (AfDB), with additional backing expected from development finance institutions.
The African Development Bank (AfDB) is currently in discussion to provide debt financing, which would bolster the capital available to the vehicle without diluting equity.
“This $2.5 million is DBN’s initial stake,” Okpanachi said. “We are co-investing alongside NSIA, and this sets the stage for broader institutional participation — both local and global.”
YIB aims to fill a critical funding gap in Nigeria’s startup ecosystem. While the country has a vibrant pool of young entrepreneurs, access to early-stage funding remains limited. Many businesses rely on short-term loans or informal capital, which often constrains scalability and long-term planning.
Okpanachi emphasised that YIB’s structure is deliberately designed to avoid the trappings of a traditional bank.
“This is not a commercial bank. It won’t provide loans or open retail accounts. It’s structured purely as an equity-focused investment vehicle, targeting scalable ventures with strong fundamentals and youth ownership”, he noted.
This will be DBN’s second strategic investment following the establishment of its wholly owned impact credit guarantee subsidiary, which offers partial credit guarantees to MSMEs.
Final structuring of YIB is underway. Following the shareholder greenlight, the promoters are now coordinating with the relevant stakeholders to complete incorporation, legal frameworks, and capital mobilisation.
“We expect all groundwork to be finalised by the end of this year. With operations likely to begin by early 2026,” Okpanachi disclosed.
The move comes amid growing concerns over Nigeria’s rising youth unemployment rate.
By investing directly into youth-led businesses, DBN and its partners aim to accelerate job creation, promote innovation, and catalyse broader economic development.
“There’s already strong interest from global players,” the MD noted, though he declined to name institutions due to ongoing negotiations.
“What we are doing is laying the foundation. YIB will serve as a credible, well-structured platform to crowd in institutional capital and scale youth-driven entrepreneurship.”
He added that YIB is not a one-off initiative but part of a long-term strategy to create sustainable investment channels focused on Nigeria’s demographic dividend.
“This is more than a financial transaction,” Okpanachi said. “It is a statement of intent. We believe in the entrepreneurial potential of Nigerian youth — and we are backing that belief with real capital.”
The Central Bank of Nigeria (CBN) has slammed a ₦250 million fine on Paystack for operating Zap, its peer-to-peer payment app, as a wallet in breach of its regulatory approval.
The apex bank flagged Zap as a deposit-taking product, a function reserved exclusively for institutions with microfinance or banking licences, according to a report by TechCabal.
Launched in March, Zap allows users to send and receive money, positioning itself as a consumer-facing digital wallet.
However, Paystack only holds a switching and processing licence, which permits it to facilitate transactions but not to hold customer funds. This regulatory limitation is at the heart of the CBN’s sanction, sources familiar with the matter said.
“Paystack is working closely with the regulator as they further review Zap, and out of respect for the process, we won’t be making any public comments at this time,” a company spokesperson said.
The penalty comes amid a legal dispute between Paystack and Zap Africa, a Nigerian crypto startup, which has accused the fintech of trademark infringement.
In Nigeria’s highly regulated financial services space, digital wallets are considered deposit-taking entities, and offering such services without the requisite licence raises compliance concerns for the regulator.
Although Zap reportedly does not directly hold customer funds, it operates in partnership with Titan Trust Bank, which is authorised to accept deposits.
This is Paystack’s most significant publicly disclosed regulatory sanction since it received CBN approval in 2016. It reveals the growing scrutiny facing fintech firms as they transition from enterprise-focused offerings to consumer-facing financial services.
Guaranty Trust Bank (GTBank) has announced an increase in its SMS transaction alert fee from ₦4 to ₦6 per message, effective May 1, 2025. The bank cited a recent rise in telecommunication tariffs by service providers as the reason for the adjustment.
In a message to customers, GTBank explained that SMS alerts sent to international phone numbers would attract higher charges due to varying telecom costs. The bank emphasized the importance of transaction alerts in helping customers monitor account activity
Customers who no longer wish to receive SMS alerts have the option to update their alert preferences by submitting a form available on the bank’s website via email. This move allows customers to manage their notification preferences according to their needs.
The fee increase affects GTBank customers, who will now be charged ₦6 per SMS alert for transactions
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