Over 20 cryptocurrency hacking attacks led to a loss of $176 million in the month of June 2024, according to an analytics firm.

This year, the crypto market saw some signs of revival after the US SEC approved BTC and ETH ETFs in January.

In the subsequent months, the crypto sector valuation rose from 1.76 trillion in February to its current market cap of 2.32 trillion.

Hackers targeting the crypto sector to mint profits have been constantly on the lookout for victims, as per various research reports.

PeckShield’s Findings

Btcturk was the biggest cryptocurrency-related hacking event in June, according to a report by crypto analytics firm PeckShield.

In an official statement, Btcturk had announced that the attackers managed to access hot wallets, leading to uncontrolled withdrawals.

While BtcTurk had said that the financial loss from this incident amounted to EUR 51 million or $54.7 million, PeckShield estimates that the figure was much higher and somewhere around $100.25 million.

The hack of Lykke, a free to trade crypto exchange, was named the second biggest crypto hack in June, according to the firm.

This attack is projected to have resulted in a loss of $22 million.

Both, BtcTurk and Lykke are centralised exchanges which operate as government-controlled intermediaries between buyers and sellers of digital assets.

Wema Bank has charged stakeholders to prioritise digital empowerment for Micro, Small, and Medium Enterprises (MSMEs) as a measure for championing a sustainable MSME ecosystem.

This was disclosed at the International MSME Day and MSME Awards Night 2024, a twofold event organised by the federal government through the Office of the Vice President in commemoration of World MSME Day 2024, which was held over the weekend.

Tagged, “Call to Action: Provision of Sustainable Single-Digit Loans for MSMEs,” the event proffered sustainable financial solutions to provide affordable loans and funding for MSMEs, ensuring easy accessibility and availability.

Tunde Mabawonku, the Bank’s Executive Director of Retail and Digital Business, who represented the MD/CEO of Wema Bank, Moruf Oseni, emphazised the need to prioritize technology and digital empowerment, complementing capacity development, financial empowerment, and collaborative efforts to build a supportive ecosystem for MSMEs to thrive.

“At Wema Bank, our approach embodies the saying ‘Give a man fish, he will come back, but teach a man to fish, he will learn to fend for himself and others.’ Technology and digital are the future, and intelligence is here to stay.

“What we are doing for these MSMEs is beyond providing the finances they need. We are also focusing on empowering them with relevant and transferable digital skills to ensure they are not left behind in the digital evolution,” he said.

Olayemi Cardoso, governor, Central Bank of Nigeria (CBN), has warned that the rising transaction volumes by non-banks threatens financial stability in West Africa.

Olayemi Cardoso, governor, Central Bank of Nigeria

He stated this on Monday at the 10th meeting of the College of Supervisors for Non-Bank Financial Institutions of the West African Monetary Zone.

Cardoso, was represented by Abayomi Arogundade, acting director of the Other Financial Institutions Department.

He said, “We reiterate the importance of monitoring trends, risks and innovations of NBFIs/OFIs (Non-Bank Financial Institutions or Other Financial Institutions) as their increasing transaction volumes pose major financial system stability risk.

“Fintech loans is one of the most commonly reported innovation. While overall this may appear small in relation to the size of credit by DMBs, some jurisdictions globally, have noted a growing trend in the volume of these loans.

“In many cases, fintech credit is provided via electronic platforms that connect lenders to borrowers – in which case the platform takes the role of a financial auxiliary.

“In some cases, however, loans are taken on the balance sheet of these platforms (even if it is short-term), in which case the platforms are akin to new types of financial intermediaries. These entities are typically fintech firms that offer applications, software, and other technologies to streamline mobile and online banking.

“In many jurisdictions, these digital firms have a banking license and are subject to prudential requirements or they may just be regulated as Fintech payment service firms. Innovations linked to crypto or stablecoin assets were also reported by some jurisdictions.”

Non-bank financial firms offer financial services but don’t hold banking licences and therefore can’t accept deposits.