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 Adedapo Adesanya
The National Pension Commission (PenCom) has defended its decision to allow Pension Fund Administrators (PFAs) to invest in the parent companies of their custodians, insisting that adequate safeguards are in place to protect contributors’ funds.
The director-general of the pension regulator, Ms Omolola Oloworaran, speaking on Tuesday during the Meet the Press Briefing at the Presidential Villa, Abuja, said the commission’s decision to relax the investment restriction followed a comprehensive risk assessment that found minimal conflict of interest.
She explained that under PenCom’s investment regulations, PFAs are only permitted to invest pension assets in carefully selected instruments that meet stringent criteria, including profitability, strong credit ratings and proven track records.
According to her, the commission regularly reviews its investment regulations, conducts routine examinations and spot checks on PFAs to ensure strict compliance with established risk management guidelines.
“PFAs cannot just go into the stock market and buy any kind of stock. There are strict guidelines. Companies must demonstrate profitability, have a proven track record and satisfy other criteria before pension funds can invest,” she said.
Ms Oloworaran noted that each PFA also operates under the oversight of a board, an investment committee and a risk management committee, providing additional layers of governance to safeguard contributors’ funds.
She said PenCom recently issued a circular allowing PFAs to invest in the parent companies of their custodians after determining that the potential conflict of interest was negligible.
The PenCom boss explained that the parent companies involved are largely Tier-1 banks, including First Bank, United Bank for Africa (UBA) and Zenith Bank, which she described as A-rated institutions with strong financial foundations.
She said the policy was intended to widen investment opportunities for pension funds without compromising safety.
Using Stanbic IBTC as an example, Ms Oloworaran explained that if its custodian is Zenith Bank, the previous restriction prevented the pension administrator from investing in Zenith Bank shares despite the bank’s strong performance.
“We reviewed the risks and any potential conflict of interest and found the risks to be very low. That is why we opened that investment window,” she said.
By Aduragbemi Omiyale
Analysts at Meristem Research have predicted that the inflation rate for June 2026 in Nigeria should marginally rise to 15.95 per cent on a year-on-year basis from the 15.93 per cent reported in May 2026.
The National Bureau of Statistics (NBS) is expected to release inflation numbers for last month later today, Wednesday, July 15, 2026.
In its report sighted by Business Post, Meristem Research said it expects inflationary pressures to re-emerge across key economies in the near term, as the re-escalation of the US-Iran conflict has reignited upward pressure on global oil prices.
It disclosed that this marks a sharp reversal from most of June, when the ceasefire between the two countries helped drive oil prices lower, raising expectations of some relief on the inflation front.
With conflicts now flaring up again, oil prices are likely to increase again, and the anticipated easing in energy-driven inflation may not materialise as broadly as earlier envisaged.
“Nonetheless, some relief is likely from the food segment, where robust supply conditions across major producing regions and softening demand should continue to ease food price pressures,” it stated.
The team also explained that it projected a 15.95 per cent inflation rate because of the lingering effects of persistent food price pressures.
“However, we expect core inflation to moderate as the sharp reversal in energy prices begins to filter through to transportation, distribution, and other energy-related costs, easing underlying price pressures.
“On a month-on-month basis, the combined effect of lower petrol prices, a relatively stable Naira, and the gradual pass-through of reduced energy costs across the supply chain should exert further downward pressure on inflation.
“Based on our assessment, food inflation is expected to remain the key swing factor, as seasonal pre-harvest supply constraints are likely to offset some of the gains from lower logistics costs,” it said.
By Adedapo Adesanya
The duo of Central Securities Clearing System (CSCS) Plc and Afriland Properties Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.61 per cent on Tuesday, July 14.
CSCS Plc saw its stock value drop N9.08 to close at N82.40 per share compared with the preceding session’s N91.48 per share, and Afriland Properties Plc slid by 17 Kobo to sell at N15.00 per unit versus N15.70 per unit.
The losses recorded by the two securities pulled back the market capitalisation by N41.64 billion to N2.546 trillion from N2.587 trillion, and cracked the NASD Security Index (NSI) by 69.36 points to 4,242.31 points from 4,311.67 points.
It was observed that the exchange witnessed two price advancers during the session, led by FrieslandCampina Wamco Nigeria Plc, which gained N1.37 to end at N151.37 per share compared with the previous day’s N150.00 per share, and Food Concepts Plc chalked up 5 Kobo to settle at N2.50 per unit versus N2.45 per unit.
The volume of securities traded by market participants surged by 50.7 per cent to 13.7 million units from the previous 9.1 million units, while the value of securities went down by 79.7 per cent to N65.2 million from N320.4 million, and the number of deals crashed by 3.6 per cent to 27 deals from the previous session’s 28 deals.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc, which exchanged 2.3 billion units valued at N6.5 billion, and CSCS Plc with 73.9 million units transacted for N5.2 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
