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E-Financial

Lazarus, Hacking Group Targets Cryptocurrency Space- Kaspersky

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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.

 


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E-Financial

SEC Working on Stablecoin Regulation Framework

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Securities and Exchange Commission (SEC) is working with developers to establish a regulatory framework for stablecoins, according to Dr. Emomotimi Agama, director-general, SEC.

SEC Working on Stablecoin Regulation Framework

Agama made this announcement during his keynote speech at the 2025 Decentralized Finance (DeFi) Conference.

Agama said the SEC’s commitment is to foster a responsible decentralized finance environment.

“The commission believes responsible DeFi can thrive in a regulated environment,” he said, highlighting the SEC’s efforts to enhance investor education through its “Crypto Smart, Nigeria Strong” initiative.

The program aims to educate young investors across schools, universities, and social media on blockchain basics, scam detection, and long-term investing benefits.

The SEC is also focusing on regulatory evolution, with plans to streamline its licensing regime.

“We are enhancing our licensing architecture to make it more efficient, more transparent, and more risk-based,” Agama noted.

The commission is exploring a framework for naira-pegged stablecoins, backed by verifiable reserves and audited by independent custodians, to facilitate cross-border trade and programmable finance.

It is also reviewing pathways for digital asset Exchange Traded Funds (ETFs), custodial wallets for pension funds, and tokenized securities for institutional investors.

 

 


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E-Financial

CBN Issues Transitional Guidance, Says Banks are Healthy

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Central Bank of Nigeria (CBN) has introduced time-bound measures for a small number of banks still completing their transition from the temporary regulatory support provided.

CBN Issues Transitional Guidance, Says Banks are Healthy

The CBN stated yesterday that this step is a response to the economic impact of the COVID-19 pandemic.

This step, the CBN said, is part of its broader, sequenced strategy to implement the recapitalisation programme announced in 2023.

CBN disclosed that the programme, which aligns with Nigeria’s long-term growth ambitions, has already led to significant capital inflows and balance sheet strengthening across the sector.

It said most banks have either completed or are on track to meet the new capital requirements well before the final implementation deadline of March 31, 2026.

It added that the measures announced apply only to a limited number of banks saying that these include temporary restrictions on capital distributions, such as dividends and bonuses, to support the retention of internally generated funds and bolster capital adequacy.

A statement by Mrs Hakama Sidi Ali, acting director, Corporate Communication of the apex bank,  explained that all the affected banks have been formally notified and remain under close supervisory engagement.

“To support a smooth transition, the CBN has allowed limited, time-bound flexibility within the capital framework, consistent with international regulatory norms. Nigeria generally maintains Risk-Based Capital requirements that are significantly more stringent than the global Basel III minimums.

“These adjustments reflect a well-established supervisory process consistent with global norms. Regulators in the U.S., Europe, and other major markets have implemented similar transitional measures as part of post-crisis reform efforts,” the bank stated.

It further added that it remains fully committed to continuous engagement with stakeholders throughout this period via the Bankers’ Committee, the Body of Bank CEOs, and other industry forums.

The goal is to ensure a transparent, predictable, and collaborative regulatory environment.

It assured that Nigeria’s banking sector remains fundamentally strong, explaining that the new measures are neither unusual nor cause for concern; they are a continuation of the orderly and deliberate implementation of reforms already underway.


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E-Financial

Loan Defaulters Risk Denial of Passport Renewal, Others-  CREDICORP

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Uzoma Nwagba, managing director, Nigeria Consumer Credit Corporation (CREDICORP), has announced that failure to repay loans may soon affect citizens’ access to essential services such as passport renewal, driver’s licence issuance, and even renting a home.

Loan Defaulters Risk Denial of Passport Renewal, Others-  CREDICORP

Nwagba disclosed this on Tuesday during a ‘Meet the Press’ session organised by the Presidential Media Team at the State House in Abuja.

According to the CREDICORP boss, the Federal Government was working to link individual credit scores directly to the National Identification Number (NIN), as part of efforts to build a centralised and reliable credit system across the country.

He said all loan providers, whether commercial banks, FinTechs, or microfinance institutions, will be mandated to report loan performance, ensuring every Nigerian has an accurate and traceable credit score.

“Maybe you want to renew your passport, but if something shows that you owe money somewhere, you may not be able to proceed,” he said.

“The same applies to renewing your driver’s license or renting a house. There is no hiding place.”

He clarified that the new policy will not be predatory but will impose subtle and structured consequences on defaulters.

“Whether your money is in a commercial bank, FinTech, or microfinance institution, loans taken and not repaid will be tracked and recoverable,” he added.

Nwagba explained that the goal was to ensure that every Nigerian is scored, using a structural algorithm that considers both financial and non-financial data.

CREDICORP’s mandate, he said, includes improving quality of life, reducing corruption driven by financial desperation, and strengthening local industries by enabling Nigerians to access consumer credit to buy locally made goods.

“The President has made it clear that improving lives is a top priority. If people can access credit responsibly, it reduces the pressure that pushes them into corruption or financial missteps. At the same time, it drives demand for Nigerian products and helps create jobs,” he stated.

The CREDICORP boss also revealed plans to roll out a nationwide consumer credit programme targeting 400,000 young Nigerians, beginning with National Youth Service Corps (NYSC) members under the YouthCred scheme.

According to him, the programme’s systems and platforms are fully set up, for imminent official launch.


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