Crypto scammers are on the loose again, on reports, they attack Ledger wallet owners, as seen with one such scam netting more than 1,150,000 XRP from its victims.
- This phishing scam (notice the fake domain lẹdger.com) has already stolen more than 1,150,000 XRP.
- The crypto scammers used the popularly known cyber trick, via a phishing email that controls users to a fake version of the ledger website.
- On the fake site, crypto owners were deceived into uploading malware posing as a security update that obtained their crypto balance from their Ledger wallet.
This phishing scam (notice the fake domain lẹdger.com), has already stolen more than 1,150,000 XRP from @Ledger users. Please watch out!
We will follow the money. pic.twitter.com/Q8XD2awdo7
— XRP Forensics (@xrpforensics) November 2, 2020
How to keep your Crypto safe
Otatade Happy, a Paxful Peer, via a phone chat interview with Nairametrics, spoke on how to keep your crypto safe amid the surge of crypto scammers, who are increasingly becoming more sophisticated in their approach.
“I activate the ‘Two-factor authenticator’ for login and sending bitcoin. With 2FA, even if an unauthorized person has my log-in details, he still won’t be able to access my account. This is a security feature in most exchanges/P2P platform.
“I avoid clicking links that I do not trust. It is necessary to verify the URL before clicking because it could be a phishing link.
“I avoid using public WiFi and some file-sharing apps. Access can be gained to your mobile device.”
Nairametrics recommends that the best way to safeguard your crypto in the case of Bitcoin depends on how you protect your private key, which is a 256-bit number that unlocks a BTC wallet.
That sensitive data should be protected with care by all means, preferably offline or through a proprietary secured online wallet system.
Explore Data on the Nairametrics Research Website
You need your private keys to have access to your BTCs. So, if you allow your BTC wallet to be compromised by having malware on your system, going through unsecured web pages, or responding to phishing scams, cybercriminals can spend your bitcoins, or you lose your BTCs.
Using cold wallets or a proprietary smartphone is recommended. These are specifically designed tools to keep your bitcoin from falling into the hands of internet hackers.
Nigerians increasingly using Bitcoin since CBN’s Crypto ban
A growing number of Nigerians are not giving up on the crypto that has outperformed any Nigerian-based financial asset.
It’s been roughly three months since the Central bank restricted Nigeria’s financial institutions from dealing with anything crypto-related, yet recent data suggests its citizens have increasingly found other alternatives to access the world’s flagship crypto.
Data retrieved from Usefultulips (a Bitcoin analytic data provider) shows that the usage of Bitcoin’s peer to peer trading in Nigeria surged by 27% since the CBN directive took effect about 85 days ago, as Nigerians moved about $103 million worth of Bitcoins on just Paxful and LocalBitcoins channels alone.
Bitcoin recorded gains and its suitability in hedging against inflation, coupled with access to other crypto assets that offer more viable options, seem not to have weakened despite the recent N5/$ rebate scheme introduced by the Central Bank of Nigeria to encourage Nigerians in the diaspora to use official channels to remit their funds instead of doing so through Cryptocurrencies.
The world’s most popular crypto has rallied by almost 500% since its latest bull run began at the start of Q4 2020, hitting record highs of almost $65,000 this month before pulling back to $55,000 at the time of drafting this report amid strong institutional purchases sighted in emerged markets.
Some market analysts argue that Nigeria’s apex bank’s hold on the country’s financial system has further complicated transactional processes in Africa’s largest economy because Bitcoin still relies heavily on fiat currencies despite being virtual, from pricing its value to how its ownership is being ascertained. In spite of this, the growing interest in Bitcoin has not weakened.
Adding credence to Nigeria’s grip on Bitcoin includes data collated from Google trends, printing that Africa’s largest crypto market, emerged as the first amongst other countries by a long-distance over its interest in Bitcoin with a perfect score of 100%.
Nigeria’s relatively young educated population coupled with its growing internet adoption and smartphone penetration has facilitated Bitcoin to thrive exponentially amid rising inflation that has eroded the savings of many Nigerians.
The borderless feature of Bitcoin also makes payment effortless for Nigerians in addition to offering outrageously low transaction fees.
To give context, many Nigerian banks charge 1–2.5%. For a $1 million offshore transfer, bank charges may go up to $10,000, but with the flagship crypto, transfer of such amount would not exceed $300, even at peak periods.
Consequently, a significant number of Nigerians already pay a premium for accessing the crypto market, as data from Binance, the world’s largest crypto exchange by volume, at the time of writing, posted a rate of N607 to 1 USDT with Nigerian banking channels close to the global crypto ecosystem.
A growing number of Nigerians are not giving up on the crypto that has outperformed any Nigerian-based financial asset. They are thus ready to pay a premium to hold on to Crypto irrespective of the Central Bank’s ban.
Paypal’s Venmo now permits cryptocurrency trading
Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Venmo, a mobile payment service owned by PayPal has announced that it has started allowing users to buy, hold and sell cryptocurrencies on its app. Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app
Founded in 2009, Venmo has over 70 million users and it is one of the most popular payment channels in the US. The payment platform processed around $159 billion in payments last year.
Since the app functions like a social network, adding cryptocurrency will offer a more user-friendly feel for people who love buying and selling crypto.
As bigger companies show more interest in cryptocurrency, there will be wider adoption of virtual currencies in future. Venmo is the latest payment app that is offering support for cryptocurrency on its platform.
Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.
Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.
What they are saying
Darrell Esch, Venmo’s Senior Vice President and general manager said “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”
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