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 Adedapo Adesanya
Nigeria will position the Intra-African Trade Fair 2027 (IATF 2027) as a major catalyst for accelerating trade and investment across the continent under the African Continental Free Trade Area (AfCFTA) framework.
This was disclosed by the Minister of Trade and Investment, Mrs Jumoke Oduwole, while speaking at the IATF 2027 Hosting Signing Ceremony in Lagos on Monday.
Representing President Bola Tinubu at the landmark event, she noted that preparations for the 2027 Trade Fair came as Nigeria marked more than five years since the commencement of AfCFTA implementation, adding that the country became the first AfCFTA state to complete its five-year implementation review in 2025, in line with obligations under the agreement.
Setting some expected benchmarks for the event, Mrs Oduwole noted that the event would witness strong performances, with over 100,000 physical and virtual attendees projected to take part in the trade fair, and will top that of the 2025 edition.
The fourth edition of the fair (IATF 2025) was held in Algiers, Algeria, from September 4 to September 10, 2025, and recorded $48.3 billion in trade and investment deals.
“We’re expecting to host over 100,000 physical and virtual guests. We’re expecting to have over $50 billion worth of deals from IATF 2027.
“The IATF has made connections with the Caribbean and the diaspora, and we are positioning Nigeria to lead economically in this renaissance,” she stated.
Mrs Oduwole noted that in line with President Tinubu’s Renewed Hope Angle, the fair will provide an important instrument for advancing economic cooperation, boosting intra-African trade and fostering shared prosperity across the continent.
She described the trade fair as a major platform for advancing the objectives of the African Continental Free Trade Area (AfCFTA), which aims to create a unified African market.
The Minister added that the Federal Ministry of Industry, Trade and Investment (FMITI) is leading the coordination efforts for the event, working with agencies such as the Nigerian Export Promotion Council (NEPC) and other stakeholders to ensure successful delivery.
Also speaking at the event, Nigeria’s former president and Chairperson of the IATF Advisory Council, Mr Olusegun Obasanjo, said the hosting of the fifth edition of the Intra-African Trade Fair 2027 in Lagos represents a major milestone for the country and the continent’s drive toward deeper economic integration.
Mr Obasanjo noted that the agreement formally grants the country the right to stage the trade fair, which is scheduled to take place from November 5 to November 11, 2027, in Lagos.
“The signing of this host agreement marks a momentous milestone for Nigeria and for the continent. Bringing IATF2027 to Lagos is historically significant, as this city hosted the Lagos Plan of Action adopted in 1980, which championed Africa’s industrialisation and economic self-sufficiency. We have to work hard to keep moving towards the Africa we want. I am confident that IATF 2027 will surpass all previous editions in both scope and impact as we advance our shared goal for a unified African marketplace under the AfCFTA,” he remarked.
Also speaking at the event, the President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Mr George Elombi, expressed confidence that hosting IATF 2027 in Lagos, Nigeria.
He noted that the trade fair has generated an average of $40 billion in deals across its previous four editions.
Mr Elombi said such success stories demonstrate the transformative power of the trade fair in creating partnerships, driving innovation, and improving Africa’s global economic image.
“Nigeria’s vibrant entrepreneurial spirit gives us confidence that IATF2027 in Lagos will be a remarkable event that strengthens trade and investment across the continent. The trade fair is about building a strong pan-African single market and expanding intra-African trade beyond the levels we see today,” he said.
As the host, Lagos State Governor, Mr Babajide Sanwo-Olu, said the event would be a defining time for Africa to take its rightful place in the comity of nations, assuring that Lagos State would put every necessary thing in place to ensure the event would be the best IATF to be hosted in Africa.
Business Post reports that while the fair will hold next year, Lagos will also play host to Afreximbank’s Creative Africa Nexus (CANEX), scheduled for November 5-8, 2026
By Adedapo Adesanya
The Director of the Nigeria National Single Window (NSW), Mr Tola Fakolade, has assured stakeholders that the platform would not encroach on the statutory revenue-collection functions of agencies operating in the nation’s maritime sector.
Mr Fakolade made the clarification during a sensitisation programme for officers of the Nigeria Customs Service in Lagos, held ahead of the Phase One launch of the platform scheduled for March 27, 2026, on Monday.
He explained that the National Single Window is designed strictly to facilitate trade and streamline processes among government agencies involved in import and export operations.
“The National Single Window is not taking over revenue collection from agencies. What it will do is facilitate ease of trade by integrating processes and improving transparency across all participating agencies,” Mr Fakolade said.
He further stressed that the initiative is not a tax collection mechanism for the Nigeria Revenue Service but a presidential project aimed at modernising Nigeria’s trade infrastructure.
“The National Single Window is a presidential initiative with a steering committee comprising all relevant government agencies, each duly represented and led by the Presidency.
“Although the project is funded by the Nigeria Revenue Service, its objective is not to compete with any agency but to strengthen collaboration and efficiency,” he added.
Also speaking at the event, the Deputy Comptroller-General of the Nigeria Customs Service, Mrs Oluyomi Adebakin, underscored the strategic importance of the platform to Nigeria’s global trade competitiveness.
Mrs Adebakin noted that the National Single Window would significantly enhance operational efficiency within Customs while boosting Nigeria’s reputation in international trade.
According to her, digitising and harmonising trade-related procedures will help position Nigeria more favourably in the global trading environment.
“The National Single Window will improve Nigeria’s image in the committee of nations as it relates to trade. It will simplify procedures, reduce delays, and strengthen transparency within the system,” she said.
The sensitisation exercise is part of ongoing efforts by the National Single Window Secretariat to ensure that all government agencies involved in trade operations are fully aligned with the project’s objectives ahead of its full implementation.
Once operational, the National Single Window is expected to integrate multiple government agencies onto a unified digital platform, allowing traders to submit documentation and complete regulatory procedures through a single interface.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 1.48 per cent on Monday, March 9, spurred by six price gainers at the close of business.
The sextuplet was led by Nipco Plc, which added N28.00 to trade at N313.00 per unit versus the previous price of N285.00 per unit, FrieslandCampina Wamco Nigeria Plc appreciated by N8.65 to sell for N133.85 per share versus last Friday’s closing value of N125.20 per share, Central Securities Clearing System (CSCS) Plc increased by N2.43 to N83.78 per unit from N81.35 per unit, Afriland Properties Plc gained 75 Kobo to close at N19.50 per share compared with the previous N18.75 per share, UBN Property Plc jumped by 21 Kobo to close at N2.38 per unit compared with the preceding session’s N2.17 per unit, and Industrial and General Insurance (IGI) Plc rose 5 Kobo to sell at 52 Kobo per share versus 47 Kobo per share.
As a result, the market capitalisation added N37.22 billion to settle at N2.556 trillion versus the preceding session’s N2.519 trillion, and the NASD Unlisted Security Index (NSI) went up by 62.20 points to 4,273.12 points from 4,201.57 points.
Yesterday, the volume of securities decreased by 67.6 per cent to 1.1 million units from 3.4 million units, the value of securities depleted by 24.3 per cent to N47.3 million from N62.4 million, and the number of deals went down by 18.2 per cent to 36 deals from 44 deals.
The most traded stock by value on a year-to-date basis was CSCS Plc with 37.6 million units valued at N2.3 billion, trailed by Okitipupa Plc with 6.3 million units sold for N1.1 billion, and MRS Oil Plc with the sale of 3.4 million units for N506.8 million.
As for the most traded stock by volume on a year-to-date basis, it was Resourcery Plc with 1.05 billion units worth N408.7 million, followed by Geo-Fluids Plc with 123.1 million units traded for N481.6 million, and CSCS Plc with 37.6 million units transacted for N2.3 billion.
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