Economy
The World Of Crypto Exchange Hacks Unveiled By Traders Union Experts
A recent study by Crystal Blockchain and Cointelegraph has shed light on the alarming rise of crypto exchange hacks over the past decade. According to their findings, a staggering $15.6 billion worth of funds were stolen from 2011 to 2020, with over 50 exchanges falling victim to these cyberattacks.
As revealed in the study, experts told Forbes that weak security measures in exchanges’ hot wallets and occasional exit scams by platform owners were the primary reasons behind these breaches. The study revealed alarming vulnerabilities in cryptocurrency exchanges.
Unveiling the techniques employed by hackers
Traders Union investigates malicious actors’ attack techniques on crypto exchanges, and here are a few methods applied by the hackers:
- Misconfiguration: According to Traders Union, numerous online terminals are not configured properly and are, therefore, vulnerable to attacks like content injection and clickjacking. These headers include Content-Security-Policy, X-Frame-Options, and Strict-Transport-Security.
- Vulnerabilities in exchange code: According to Coverity Scan, vulnerabilities in third-party software used by exchanges, such as payment gateways or operating systems, can be exploited for phishing or malware attacks even with relatively low error rates.
- Vulnerabilities in a wallet’s smart contract code: This can allow hackers to take control of cash, according to Traders Union, whether aiming for specific wallets or an entire network.
Social engineering and SMS authentication
TU experts highlight the potential hacking methods employed by malicious individuals. These include spear-phishing campaigns targeting employees to obtain private keys and the interception of SMS messages for authentication or access recovery, particularly for individuals involved in cryptocurrency trading or exchange administration.
Here are some potential hacking methods:
- Wiretapping: Attackers intercept SMS messages using specialized equipment, infecting the victim’s phone with malware or hacking into the service provider’s server.
- SIM card cloning: Attackers clone the victim’s SIM card to gain unauthorized access to SMS messages.
- False base station: By setting up a fake base station, attackers can intercept and decrypt SMS messages using expensive equipment.
- Hacking carrier’s web platform: Attackers compromise the user account on the carrier’s web platform to redirect messages to their phone number or email address.
- Phishing call center operators: Attackers collect personal data and phone numbers to fraudulently restore a victim’s SIM card by contacting call center operators.
Security measures implemented by crypto exchanges
Traders Union emphasizes that cryptocurrency platforms implement various security measures to counter hacking attempts. Here are some critical practices:
- Multi-factor authentication: Users must enter a one-time password, typically sent via email or phone, to authorize each transaction.
- Multi-signature: Bitcoin wallets require multiple keys held by different individuals for access, enhancing security if signatories are independent.
- Cold wallet storage: Funds are distributed between hot and cold wallets, with cold wallets holding the majority of funds and being offline, ensuring physical and multi-signature security.
- Integrated security approach: Ensuring the security of exchange code and third-party libraries, considering human factors, and securing the development environment.
Best secured and trusted crypto exchanges
Here are Traders Union’s top picks for Bitcoin exchanges in 2023:
- Bybit: This website retains the top spot and is famous for its expertise in trading bitcoin derivatives, particularly futures and perpetual contracts.
- OKEx: A major exchange for digital assets, OKEx provides trading services, such as spot, futures, and options trading.
- Binance: Known worldwide, Binance maintains its position as the top cryptocurrency exchange by offering spot, futures, and token trading services.
- Huobi Global: This main exchange for digital assets provides various services, including trading in cryptocurrencies, futures, options, and forex.
- KuCoin: Known for its extensive offerings, KuCoin provides services for trading in cryptocurrencies, futures, and foreign exchange.
While Traders Union’s top picks for Bitcoin exchanges in 2023 are helpful, conducting thorough research and considering factors like security and fees is crucial. For a comprehensive review, including “Changelly review,” explore reputable sources.
Conclusion
The market for trading cryptocurrencies is continuously changing, presenting opportunities and difficulties. Keeping up with the most recent trends, security precautions, and high-performance platforms is crucial to succeed in this market. Visit the Traders Union website for in-depth research, evaluations, and current information.
By Dipo Olowookere
Transactions on the floor of the Nigerian Exchange (NGX) Limited rallied on Tuesday by 0.75 per cent after investors intensified their demand for local stocks.
It was a tough battle between the bulls and the bears during the session, but the former overcame by a whisker after the bourse recorded 29 appreciating equities and 28 depreciating equities, indicating a positive market breadth index and strong investor sentiment.
The growth posted by Customs Street yesterday could be attributed to the appetite for MTN Nigeria shares, which chalked up 10.00 per cent to settle at N256.30.
SCOA Nigeria appreciated by 9.93 per cent to N2.99, Omatek grew by 9.88 per cent to 89 Kobo, Universal Insurance rose by 8.70 per cent to 75 Kobo, and CAP gained 8.52 per cent to trade at N47.75.
Conversely, Secure Electronic Technology lost 9.88 per cent to quote at 73 Kobo, Abbey Mortgage Bank declined by 9.09 per cent to N3.30, Sunu Assurances tumbled by 8.21 per cent to N6.15, Deap Capital slumped by 7.08 per cent to N1.05, and C&I Leasing depreciated by 6.82 per cent to N4.10.
A total of 440.3 million equities valued at N12.0 billion exchanged hands in 13,087 deals compared with the 1.3 billion equities worth N17.7 billion transacted in 13,891 deals on Monday, representing a decline in the trading volume, value and number of deals by 66.79 per cent, 32.20 per cent and 5.79 per cent, respectively.
Lasaco Assurance ended the session as the most traded stock after it sold 108.1 million units valued at N338.7 million, Access Holdings traded 44.0 million units for N1.1 billion, UBA exchanged 27.9 million units worth N945.7 million, Zenith Bank transacted 26.7 million units for N1.3 billion, and Universal Insurance traded 22.7 million units valued at N16.7 million.
On Tuesday, the insurance, banking and industrial goods sectors jumped by 1.03 per cent, 0.30 per cent, and 0.03 per cent, respectively, and the consumer goods and energy counters lost 0.38 per cent and 0.36 per cent apiece.
The All-Share Index (ASI) went up yesterday by 767.63 points to 103,137.99 points from 102,370.36 points and the market capitalisation increased by N472 billion to N63.333 trillion from N62.861 trillion.
By Adedapo Adesanya
Nigeria ranked as Africa’s leading destination for upstream oil and gas investment in 2024, new research from market intelligence firm, Wood Mackenzie, has shown, accounting for three out of four Final Investment Decisions (FIDs) announced by global oil and gas majors, totaling $13.5 billion.
The FIDs announced within the Nigerian market included Shell’s $122 million investment in the Iseni Gas Project, TotalEnergies’ $566 million commitment to the Ubeta Gas Project and Shell’s approval of the Bonga North Tranche 1 project valued at around $5 billion.
According to the Special Adviser to President Bola Tinubu on Energy, Ms Olu Verheijen, these investments reflected Nigeria’s ongoing efforts to unlock its hydrocarbon potential through investor-friendly policies and strategic global partnerships.
Last year, Nigeria introduced several initiatives to create a conducive environment for oil and gas investors, including new tax incentives aimed at attracting up to $10 billion in natural gas investments.
Nigeria, which is Africa’s largest oil producer, also offered tax relief for gas investors, reducing corporate income tax and extending capital allowance benefits – for deepwater gas projects.
Other policies include the Presidential Directive on Local Content Compliance Requirements 2024 to address the reduction in oil and gas investments caused by high operating costs compared to global markets.
Also, the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines 2024 reduces the time spent to award contracts for oil and gas projects.
In addition to the directives, Nigeria also launched its 2024 oil and gas licensing round, offering 19 blocks for exploration, demonstrating its commitment to continued collaboration with local, regional and international partners.
Market analysts note that with this momentum, further FIDs are anticipated, including TotalEnergies’ expected $750 million commitment to the Ima Shallow Gas Project in 2025.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.22 per cent decline on Monday, January 20, with the market capitalisation shedding N2.35 billion to close at N1.073 trillion compared with the preceding session’s N1.075 trillion and the NASD Unlisted Security Index (NSI) going down by 6.79 points to wrap the session at 3,105.12 points compared with 3,111.91 points recorded in the previous session.
It was observed that the loss recorded on the first trading day of the week was triggered by UBN Property Plc, which crashed by 20 Kobo to trade at N2.00 per share versus last Friday’s N2.20 per share.
However, the share price of Industrial and General Insurance (IGI) Plc went up by 4 Kobo to 40 Kobo per unit from 36 Kobo per unit, it could not stop the bourse from going down at the close of transactions.
The activity chart showed that on Monday, the volume of securities traded by investors increased by 57.9 per cent to 767,610 units from the 486,215 units traded in the preceding session, while the value of shares traded yesterday slumped by 17.7 per cent to N2.3 million from the N2.8 million recorded in the preceding trading day, as the number of deals declined by 14.3 per cent to 12 deals from the 14 deals carried out in the previous trading day.
At the close of transactions, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value on a year-to-date basis with the sale of 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with a turnover of 9.1 million units valued at N44.0 million, and 11 Plc with the sale of 55,358 for N14.5 million.
Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume on a year-to-date basis with 25.3 million units sold for N5.9 million, Geo-Fluids Plc came next with 9.1 million units valued at N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units worth N162.9 million.
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