Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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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