A destroyed refinery By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks. Also, the company said 63 illegal pipeline connections were uncovered during the the weeks . The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge. According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation. It further said that two large boats, which involve
By Akinola Ajibade with agency report
Nigerians with incurable passion to record earnings through cryptocurrency may be disappointed, if the story that the backing of the newly found business venture ( cryptocurrency) is anything to go by.
In recent times, many Nigerians have invested greatly in cryptocurrency, with a view to make money and further reduce the pains unleashed on citizens by the bad economy.
They include rise in the prices of goods and services, dwindling value of naira agains major international currencies, especially dollars among others.
This has made many citizens to venture into cryptocurrency, despite repeated warnings from the Central Bank of Nigeria( CBN) that Nigerians should desist from it due the fact that the apex banking regulatory body has not given approval to it
However, a blog from blockchain analysis firm, Chainalysis, yesterday ( Tuesday) said that losses incurred from cryptocurrency hacks have increased by nearly 60% in the first seven months of the year to $1.9 billion might discourage many Nigerians from investing further in cryptocurrency.
Reuters report that in the same period last year, stolen funds from hacking amounted to $1.2 billion.
DeFi applications, many of which run on the Ethereum blockchain, are financial platforms that enable crypto-denominated lending outside of traditional banks.
The report noted that the trend is not likely to reverse any time soon, given the $190 million hacking of cross-chain bridge Nomad and $5 million hacking of several Solana wallets already in the first week of August.
“DeFi protocols are uniquely vulnerable to hacking, as their open source code can be studied ad nauseum by cybercriminals looking for exploits and it’s possible that protocols’ incentives to reach the market and grow quickly lead to lapses in security best practices,” Chainalysis said in the blog.
Much of the funds stolen from DeFi protocols can be attributed to “bad actors” affiliated with North Korea, especially elite hacking units like Lazarus Group, the U.S. firm wrote.
Chainalysis estimates that so far this year, North Korea-affiliated groups have stolen approximately $1 billion of cryptocurrency from DeFi protocols.
With respect to crypto scams, the blockchain intelligence firm saw a sharp 65% decline through July, in line with the slump in digital asset prices. Total scam revenue in the year to July was $1.6 billion, down 65% from around $4.46 billion in the same period last year.
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