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The World Of Crypto Exchange Hacks Unveiled By Traders Union Experts

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crypto exchange hacks

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.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Economy

Ibeto Customs, Police Renew Joint Security Pact for Efficiency, Safety

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Nigeria Customs Service

By Adedapo Adesanya

The Nigeria Customs Service (NCS), Ibeto Seaport and Terminals Command, Port Harcourt, and the Nigeria Police Force have renewed their commitment to joint security operations at the nation’s maritime corridors, following a strategic meeting between top officials of both agencies.

According to a statement, the renewed partnership came as the Commissioner of Police, Eastern Port Police Command, CP Shuaibu Audu, paid a working visit to the Customs Area Controller, Comptroller Usman Yahaya, at the Command headquarters on April 17, 2026.

The engagement, according to a statement by the Command’s Public Relations Officer, Chief Superintendent of Customs Tangwa Emmanuel, was aimed at strengthening inter-agency cooperation and boosting operational efficiency within the port environment.

Speaking during the visit, Comptroller Yahaya described the engagement as significant, stressing that sustained collaboration among security agencies remains critical to safeguarding national assets and ensuring seamless port operations.

This visit is timely and highly appreciated. It reflects the importance of sustained cooperation among agencies entrusted with the security of our nation and the protection of critical economic assets,” he said.

He assured the police boss of Customs’ readiness to maintain strong working relations with the Eastern Port Police Command.

“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities,” Mr Yahaya added.

The Customs Area Controller noted that the synergy between both agencies has continued to play a vital role in maintaining order, facilitating legitimate trade and curbing criminal activities within the port system.

This was contained in a statement shared via the Customs official X handle.

Customs and the Police share common responsibilities in safeguarding the port environment. Synergy remains the cornerstone for achieving our collective mandate,” he stated.

He also briefed the visiting Commissioner on the operational relevance of the Ibeto Seaport and Terminals Command, reiterating the Command’s commitment to strengthening maritime security.

On his part, CP Audu said the visit was part of efforts to consolidate existing ties between the Nigeria Police Force and the Nigeria Customs Service.

“My presence here today is to reinforce the cordial relationship between the Nigeria Police Force and the Nigeria Customs Service. No organisation can function effectively in isolation,” he said.

He emphasised the importance of sustained collaboration among security agencies, particularly in securing the nation’s ports, which he described as vital to economic stability.

Synergy among security agencies is essential to addressing emerging threats. Our ports are strategic national assets, and we must work together to keep them secure,” Mr Audu stated.

The police commissioner also sought continued support from Customs officers in advancing shared security objectives.

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Economy

Tinubu Removes Wale Edun, Elevates Taiwo Oyedele as New Finance Minister

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swear in taiwo oyedele

By Modupe Gbadeyanka

Mr Taiwo Oyedele has become the new Minister of Finance and Coordinating Minister for the Economy after the exit of Mr Wale Edun.

This announcement was made on Tuesday by the Office of the Secretary to the Government of the Federation via a statement signed by Mr Yomi Odunuga, the Special Adviser of Media and Publicity to the Secretary to the Government of the Federation, Mr George Akume.

It was disclosed that President Bola Tinubu approved the removal of Mr Edun as Finance Minister as well his counterpart in the Housing and Urban Development Ministry, Mr Ahmed Musa Dangiwa.

According to Mr Akume, “These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”

In approving the cabinet reshuffle, the President has fully exercised his powers as conferred on him by Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended), he added.

Before this minor cabinet reshuffle in the membership of the Federal Executive Council (FEC), Mr Oyedele the Minister of State for Finance.

Mr Muttaqha Rabe Darma has now been named as the ministerial nominee and minister designate for the Housing and Urban Development Ministry.

Mr Tinubu thanked the outgoing ministers for their services to the nation while wishing them the best in all their future endeavours, reminding others that “the process of reinvigoration shall be continuous.”

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Economy

Dangote Eyes Crude Oil Production to Ease Shortfalls

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Crude Oil Production

By Adedapo Adesanya

The Dangote Group has announced plans to begin its own crude production, to help cover shortfalls in local crude feedstocks, in the coming weeks through its upstream assets.

According to Mr Devakumar Edwin, the Vice President of the Dangote Group, the company has commenced early testing on crude from its Niger Delta licenses.

In an interview with Platts, part of S&P Global Energy, the official said the company has already begun standard well testing and is preparing to scale up output.

“We have opened a well and begun standard testing, which should be completed in the next three to four weeks, maximum.

“After that point, oil can start to be pumped in larger volumes, and the company can begin work on drilling new wells,” he said.

Also speaking, Mr David Bird, the chief executive officer (CEO) of the Dangote refinery, said the upstream assets could provide a more stable crude supply for the refinery.

“Alongside its upstream interests, the company is seeking to establish its own shipping presence to help reduce logistics costs and improve the reliability of its crude sourcing,” Mr Bird said.

While confirmation has come from the company, the Nigerian government or the Nigerian National Petroleum Company (NNPC) Limited is yet to officially confirm the development.

The 650,000 barrels-per-day facility has been able to get enough feedstock locally under the federal government’s Crude-for-Naira initiative, leading it to source crude from international markets at a premium, which is partly responsible for the high cost of petrol and other fuels.

However, in April 2026, the NNPC said it would increase its crude supply to Dangote Refinery to seven cargoes.

The refinery, on several occasions, has stated it sources the majority of its crude oil outside Nigeria despite being the country’s Naira-for-crude sale deal.

Last month, it said the NNPC only gave it four to five cargoes, which is less than 50 per cent of expected volumes. The majority of Nigeria’s crude is tied to joint ventures with international oil companies.

With the latest development, it would help reduce the dependency on international crude as well as allow Dangote to ease some of its import costs.

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