Economy
How to Protect Your Crypto From Scams, Hacks
In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.
Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.
1. Do not store your password and seed phrase on the Cloud
For many people, the best and most convenient way to access crypto is through an exchange or a crypto wallet. Cryptocurrency wallets store users’ public and private keys while providing an easy-to-use interface to manage crypto balances. These exchanges require you to create an account with a password, and wallets give you extra security through the use of a seed phrase. Seed phrases are a sequence of random words that store the data required to access or recover cryptocurrency on blockchains or crypto wallets. Hackers will often attempt to steal these in order to gain access to your crypto and steal it.
It is vital that these passwords and phrases are not stored in the cloud or on a device that could potentially be hacked. Instead, write these down, or get them engraved on a metal card (to protect against water damage or fire) and store them somewhere secure within your property.
Finally, no crypto protocols or their customer support staff will ever ask for this information from you, so if someone asks for it they are trying to steal your crypto.
2. Use a hardware wallet instead of an exchange
If you want to ensure your crypto is completely protected, a hard wallet is the best choice. This is a device such as a USB thumb drive that securely guards a crypto user’s private cryptographic keys in offline or “cold” storage, ready to be used online to complete a crypto transaction whenever you are ready. These are much safer than keeping crypto on an exchange; like with the FTX collapse, users lost billions of dollars of crypto stored in their wallets. Hardware wallets ensure that your crypto is safe from hackers and exchange collapses alike.
Pros: Cannot be accessed by anyone online and is completely secure from online attacks, also prevents loss of crypto from exchanges collapsing
Cons: Could be lost or damaged physically, rendering the crypto useless (although some come with backup features now)
3. DYOR – Do your own research
A rug pull is a scam where a cryptocurrency or NFT developer hypes a project to attract investor money, only to suddenly shut down or disappear, taking investor assets with them. These scams can often be well disguised, which makes them very difficult to spot. Many may be advertised across social media and entice investors through the promise of making lots of money. This is why it’s important to do your research before investing your money in any cryptocurrency or NFT.
Here are the things to look out for when thinking of investing in a new or unknown crypto:
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– Developers
Investors should consider how credible the team behind the project are. Are they known in the crypto community, and do they have a good or bad track record? Be sure to check the legitimacy of social media accounts. Have they just been created, or is there a clear history that the person is who they say they are? Anonymous developers are a red flag, and any projects are approached with caution. Anonymous developers are a red flag and any projects are approached with caution.
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– Whitepaper
It is important to check the quality of the white paper, this is a document that explains the purpose of a project and how it works. For a cryptocurrency, the whitepaper is a guide to its technology, features, and goals. If the whitepaper seems vague or doesn’t offer a valued use case or tokenomics then it could be a potentially risky investment.
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– No liquidity locked
One of the easiest ways to distinguish a scam coin from a legitimate cryptocurrency is to check if the currency is liquidity-locked. With no liquidity lock on the token supply in place, nothing stops the project creators from running off with the entirety of the liquidity.
Investors should also check the percentage of the liquidity pool that has been locked. A lock is only helpful in proportion to the amount of the liquidity pool it secures. Known as total value locked (TVL), this figure should be between 80% and 100%.
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– No external audit
It is now standard practice for new cryptocurrencies to undergo a formal code audit process conducted by a reputable third party. One notorious example is Tether, a centralised stablecoin whose team had failed to disclose that it held non-fiat-backed assets. An audit is especially applicable for decentralised currencies, where default auditing for DeFi projects is a must. However, potential investors shouldn’t simply take a development team’s word that an audit has taken place. The audit should be verifiable by a third party and show that nothing malicious was found in the code.
4. Verify fake apps and fake crypto exchanges
These are a very popular type of scam and target many investors, however, new investors are more likely to be impacted by these as they may be unsure of what to download. These fake apps can be used to steal money, cryptocurrencies or seed phrases and passwords. The best way to avoid these scams are:
- Never search for crypto apps directly from an app store. Always find the direct download link or redirect link to the app store from the company’s official website or whitepaper.
- Check for the number of app downloads and number of reviews – if these are low this is a red flag
- Check the developer of the app, this should be verifiable and come from the official company. Check for spelling mistakes and also other apps made by the developer.
5. Extra security measures
Finally, there are some basics that should be adhered to which can protect your day-to-day data and accounts as well as your crypto.
- Never click links on emails you are unsure of where they originate from.
- Set up Two Factor Authentication (2FA), this means hackers would need your phone to hack you even if they have all your other account details.
- Don’t click popups or links that come up on the internet or social media
- Be cautious of any messages you receive from people who say they can ‘make you money fast’. These have become popular across social media and utilize fake accounts to try and get your money.
A spokesperson from Smart Betting Guide commented: “Hacks, scams and rug pulls not only pose a threat to individual investors but cast a shadow on the broader narrative of cryptocurrency as a revolutionary force in finance. They erode trust, stifle innovation, and impede the progress towards a more inclusive and decentralized financial future. Therefore, the task at hand goes beyond personal security; it is a shared responsibility to fortify the foundations upon which the future of finance stands.”
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Regulation Limited, Mr Femi Shobanjo, has made a strong case for corporate reporting, submitting that it remains critical to enhancing market integrity and boosting investor confidence.
He gave this view at the 3rd edition of the Corporate Reporting Awards organised by his organisation and the Institute of Chartered Accountants of Nigeria (ICAN).
The event recognised listed companies on the local stock exchange for excellence in financial reporting, corporate governance, and sustainability disclosures for the 2024 financial year.
The awards, which cover companies on the NGX 30 Index, assessed performance across three pillars: Financial Reporting (35 per cent), Corporate Governance (30 per cent), and Sustainability Reporting (35 per cent).
Organisers said the 2024 assessment was conducted under strict confidentiality and objectivity, with outcomes based strictly on merit. The exercise builds on earlier editions covering the 2022 and 2023 financial years and continues to serve as a benchmark for corporate disclosure standards in the Nigerian capital market.
Mr Shobanjo highlighted NGX RegCo’s continued adoption of global reporting frameworks, including the International Financial Reporting Standards (IFRS), the Nigerian Code of Corporate Governance, and the IFRS Sustainability Disclosure Standards (IFRS S1 and S2).
According to him, the growing emphasis on environmental, social, and governance (ESG) disclosures reflects an important shift in market expectations, as sustainability considerations are increasingly becoming central to corporate strategy and long-term value creation.
“Strong corporate reporting is fundamental to market integrity and investor confidence. Beyond financial performance, there is now a clear expectation for companies to disclose how environmental, social, and governance considerations are embedded in their strategy.
“Long-term corporate success is increasingly linked to the integration of sustainability into core business decisions,” he said.
He added that the “Most Improved Company” category was introduced to encourage continuous improvement in reporting quality among listed firms.”
On his part, the president of ICAN, Mr Haruna Nma Yahaya, said corporate reporting has evolved significantly beyond compliance, becoming a strategic instrument for communicating purpose, resilience, and direction.
He noted that organisations are now expected not only to report performance but also to demonstrate how they are responding to change and creating sustainable value.
“Corporate reporting has evolved beyond compliance to become a strategic tool that communicates purpose, resilience, and direction.
“In today’s environment, organisations are expected not only to report performance, but also to demonstrate how they are adapting to change and creating sustainable value. Transparency remains central to building trust, strengthening investor confidence, and supporting market stability,” he said.
International Breweries Plc was named Most Improved Company (Overall), while First HoldCo Plc won the Sustainability Reporting Award. Zenith Bank Plc received the Corporate Governance Award, and MTN Nigeria Communications Plc clinched the Financial Reporting Award.
In the top overall category, Access Holdings Plc won Silver, Airtel Africa Plc took Gold, while Seplat Energy Plc emerged Platinum winner.
By Adedapo Adesanya
Crude oil climbed about 3 per cent on Tuesday after Iran said it had yet to decide whether to attend peace talks with the United States.
With one day left before the ceasefire runs out in the Iran war, US President Donald Trump said he hoped to reach a deal to end the war. However, he said he did not want to extend the ceasefire, adding that the US military was “raring to go” if negotiations were not successful.
This development raised the price of Brent futures by $3 or 3.1 per cent to $98.48 a barrel, and lifted the US West Texas Intermediate (WTI) futures by $2.52 or 2.8 per cent to $92.13 per barrel.
Crude oil prices have spent most of March-April seesawing up and down, reacting to Iran’s closure of the Strait of Hormuz and President Trump’s Truth Social posts.
The lack of progress in US-Iran talks and their continuous postponement are keeping the oil market on edge, with the American President’s latest comments about no extension sending another wave of anxiety across market watchers.
Shipping traffic through the Strait of Hormuz, which normally handles about 20 per cent of global oil and liquefied natural gas supplies, remained broadly halted on Tuesday with only three ships passing the waterway in the past 24 hours. Over 1 billion barrels of crude have been disrupted due to the blockade.
Meanwhile, the Israeli military said Hezbollah fired rockets at Israeli troops in southern Lebanon, accusing the Iran-backed group of violating a ceasefire ahead of US-mediated talks between the government of Israel and Lebanon this week.
The European Union (EU) said it will provide guidance to airlines on how to handle issues such as airport slots, passenger rights and public service obligations in the event of jet fuel shortages because of the Iran war.
Countries continued to feel the effects of the war. In Germany, the biggest economy in Europe, investor morale declined to its lowest level in more than three years in April, while in the US, retail sales increased more than expected in March as the war in Iran boosted gasoline prices.
Ukrainian President Volodymyr Zelenskiy said the Druzhba oil pipeline, which pumps Russian oil to Europe, is ready to resume operations, signalling that Ukraine now expects an over $106 billion aid package to be unblocked.
The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 4.4 million barrels in the week ending April 17. In the week prior, US crude oil inventories rose by 6.10 million barrels. Official data from the Energy Information Administration (EIA) will be released later on Wednesday.
By Dipo Olowookere
The local stock exchange recorded a marginal 0.06 per cent surge on Tuesday as the bulls and the bears engaged in a fierce battle for control of the bourse.
Business Post reports that the Nigerian Exchange (NGX) Limited experienced a mix of profit-taking and bargain-hunting, with two of the five key sectors ending in green.
According to data from Customs Street, the banking counter lost 1.30 per cent, the consumer goods sector decreased by 0.39 per cent, and the energy index tumbled by 0.09 per cent.
However, the industrial goods and the insurance indices appreciated by 1.64 per cent and 0.19 per cent, respectively, as a result of buying pressure.
Consequently, the All-Share Index (ASI) went up by 135.97 points to 218,249.81 points from 218,113.84 points, and the market capitalisation soared by N87 billion to N140.523 trillion from N140.436 trillion.
The market breadth index for the session was negative, like the preceding session, with 26 price gainers and 45 price losers, showing bearish investor sentiment.
Again, NASCON led the advancers’ group after it chalked up another 10.00 per cent to close at N171.60. Union Dicon increased by 9.92 per cent to N19.95, Lafarge Africa gained 9.64 per cent to trade at N273.00, Trans-Nationwide Express appreciated by 8.27 per cent to N7.20, and UAC Nigeria rose by 7.84 per cent to N110.00.
On the other side, Legend Internet depreciated by 9.92 per cent to N5.63, Abbey Mortgage Bank shed 9.59 per cent to quote at N6.60, Stanbic IBTC weakened by 8.96 per cent to N154.50, Access Holdings dropped 8.83 per cent to close at N29.95, and Veritas Kapital crashed by 7.50 per cent to N1.85.
On top of the activity chart yesterday was Access Holdings with 110.7 million shares sold for N3.6 billion, FCMB transacted 57.7 million equities valued at N751.5 million, Fidelity Bank exchanged 44.8 million stocks worth N1.0 billion, Zenith Bank traded 44.2 million equities for N5.5 billion, and UBA transacted 43.6 million shares valued at N2.2 billion.
At the close of trades, 842.5 million stocks worth N44.9 billion exchanged hands in 61,617 deals versus the 984.0 million stocks valued at N50.8 billion executed in 76,410 deals on Monday, indicating a shortfall in the trading volume, value, and number of deals by 14.38 per cent, 11.61 per cent, and 19.36 per cent, respectively.
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