Cryptocurrency
Crypto owners robbed of 1,150,000 XRP
An on-going phishing scam has already stolen more than 1,150,000 XRP from victims.
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
READ: Bitcoin mining difficulty reach an all-time high
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.
READ: Ripple locks 800,000,000 XRP, prices push up
“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.”
READ: Nigeria witnesses about 300,000 phishing attacks in Q2 and SMEs are main target
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.
Cryptocurrency
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.
READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500
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%.
READ: Nigerian banks allegedly close accounts dealing with Crypto
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.
READ: Why Bitcoin could triple in value annually
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.
Bottom line
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.
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