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Crypto Losses Fall To $452m, Says Report

Published

2 years ago

April 11, 2023

Cryptocurrency losses resulting from hacks and scams fell by $452m in the first quarter of 2023, De.Fi, an antivirus and app provider firm, has disclosed.

In its latest report, titled ‘Report: $452m Lost in Crypto in Q1 2023. New Trends of Hacks and Scams’, the firm stated that this was a 65.23 per cent decline from the $1.3bn recorded in the corresponding period in the prior year.

The report stated that crypto losses mounted to a nine-figure amount in March, for the second in a row. It said $215m was lost in March alone.

The firm noted, “Out of the $452m lost in Q1, a total of $215m was lost in just the first 20 days of March, underscoring the rapid pace at which scammers have been operating in recent weeks.

“While these losses are staggering, they also mark a decrease as compared to the same period in 2022, wherein Q1 saw $1.3bn lost.”

It explained that the biggest losses in Q1 were due to flash loan issues, which had been on the rise in recent months, with over $200m lost through the channel.

The firm, which claimed to maintain the largest database of hacks, scams, and exploits in the crypto verse, stated that the Ethereum chain was where the highest losses were recorded in the quarter.

In terms of recovery, “$130m was recovered in Q1 this year, marking a recovery rate of 28.7 per cent.”

In the corresponding period of 2022, $520m, 40 per cent of funds, was recovered. Scammers leveraged new tokens to lure unsuspecting crypto investors in Q1.

The firm stated, “In terms of attack vectors, tokens proved to be the most popular targets this year so far — this is unsurprising given that tokens are easy to deploy, and prey on the fear of missing out experienced by many new crypto investors.

“This is especially true with the market comeback in recent days. In terms of amounts lost, though, lending and borrowing protocols took the prize, it was driven by a small number of high profile events — Euler Finance and BonqDAO.”

Investors on crypto platforms that lost the most include Euler ($196m), BonqDAO ($120m), CoinDeal ($45m), Monkey Drainer ($16.5m), and Platypus Finance ($8.5m).

De.Fi concluded by noting that the significant surge in financial losses in Q1 underscored the need for heightened risk management and vigilance when investing in the decentralised finance sector on the part of investors.

“It is crucial for investors to educate themselves on potential dangers and implement appropriate measures to protect their investments,” it added.

Crypto scams have been on a rise in recent times as the adoption of crypto continues to grow in many countries. Nigerians are one of the largest users of crypto and are not isolated from these scams.

According to a report by Finder.com, 27 per cent of Nigerian Internet users own cryptocurrency assets.

A recent report by Chainalysis disclosed that 24 per cent of tokens created in 2022 were scams. Most of these scams were created on a pump-and-dump principle, adding that the creators would hype and promote these tokens (crypto assets) to other investors, leading to a price increase as new investors buy.

This would allow the creators to sell their overvalued shares at a profit, eventually leading to a price crash, and leaving new investors stuck with low-value assets, the report stated.

According to Chainalysis, investors spent $4.6bn on this scam last year.

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Perplexity AI Makes $34.5bn Surprise Bid For Google’s Chrome Browser

Published

9 hours ago

August 17, 2025

Editor

Artificial intelligence startup Perplexity AI has made an unsolicited $34.5 billion all-cash offer to acquire Alphabet’s Chrome browser, a bold move that underscores the growing battle for dominance in the AI-driven search market.

The bid, announced on Tuesday, is more than double Perplexity’s own valuation of $14 billion.

The three-year-old company, led by Aravind Srinivas, has previously floated ambitious takeover ideas, including a proposal earlier this year to merge with TikTok’s United States business.

Google has not put Chrome up for sale and did not respond to Reuters’ request for comment.

The tech giant is currently appealing a US court ruling that found it held an unlawful monopoly in online search, with the Justice Department pushing for a possible Chrome divestiture as part of the case.

Perplexity, which has raised around $1 billion from backers including Nvidia and Japan’s SoftBank, did not reveal how it intends to finance the bid.

However, it said multiple funds have pledged to cover the offer in full.

The startup already operates its own AI-powered browser, Comet, but acquiring Chrome’s more than three billion users would give it a major edge against rivals like OpenAI, which is also developing an AI browser.

Perplexity has promised to keep Chrome’s open-source foundation, Chromium, accessible, while pledging a $3 billion investment over two years and committing not to alter Chrome’s default search engine.

Shares of Alphabet rose 1.6% in afternoon trading following news of the bid.

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Google Introduces Initiative To Equip 1,000 Nigerian Developers

Published

9 hours ago

August 17, 2025

Editor

Google on Wednesday announced a new initiative, “Build with AI’’ in partnership with GOMYCODE to equip 1,000 Nigerian developers with critical Generative Artificial Intelligence (AI) skills.

John Kimani, Head of Developer Ecosystem for Google in Sub-Saharan Africa, said in a statement that it was a significant move to accelerate Nigeria’s participation in the global AI economy.

Kimani said that the initiative was inaugurated to foster a new generation of tech talent capable of building transformative products that are both locally relevant and globally competitive.

He said that the initiative came at a pivotal moment, as industries across Nigeria and Africa increasingly look to technology to solve pressing challenges and drive economic growth.

According to him, by providing access to advanced AI tools such as Gemini and a curriculum with oversight from Google’s experts, the programme is set to bridge the gap between raw talent and the specialised skills required to innovate in the AI era.

The Google spokesperson said that this strategic focus was intended to accelerate the development of solutions in key sectors such as fintech, healthtech, and agritech, positioning Nigerian developers at the forefront of the continent’s digital transformation.

“We are witnessing a technological renaissance in Nigeria, driven by a vibrant community of developers who are eager to solve the challenges around them.

“Our collaboration with GOMYCODE is about more than just training; it’s about empowering this community with the tools and expertise they need to build the future,’’ he said.

Kimani noted that by equipping developers with Google’s Generative AI, it was helping to unlock a new frontier of innovation that could deliver significant economic and social impact across the continent.

He said that the 11-week programme would be delivered through GOMYCODE’s extensive network of hacker spaces, combining in-person instruction with hands-on, mentored lab work.

“This approach ensures that the training is both accessible and practical, allowing developers to immediately apply their learning to real-world projects,’’ he said.

The Country Director for GOMYCODE, Mr Babatunde Olaifa, said that GOMYCODE’s role was to provide the critical infrastructure and local expertise needed to nurture Nigeria’s tech talent.

Olaifa said that partnering with Google allowed it to bring world-class curriculum and technology directly to the developer community.

“We are creating an environment where innovation can thrive, and we are incredibly excited to see the solutions that will emerge from this programme built by Nigerians, for Nigeria and the world,” the GOMYCODE boss said.

He said that the “Build with AI” programme was now accepting applications from developers across Nigeria.

According to him, the initiative will culminate in a demo day where top participants will showcase their AI-powered solutions to a team from Google and other industry leaders.

He urged developers that are interested in being part of the AI revolution to apply by visiting bit.ly/BwAIDevTraining.

Headline

Sean Kingston Sentenced To 3.5 Years In Prison Over Fraud

Published

10 hours ago

August 17, 2025

Editor

American-Jamaican singer Sean Kingston has been sentenced to three and a half years in prison for his role in a $1 million fraud scheme involving luxury goods.

Kingston, born Kisean Paul Anderson, was convicted in March alongside his mother, Janice Eleanor Turner, on charges of conspiracy to commit wire fraud and four counts of wire fraud. Turner, sentenced last month, received five years in prison.

Prosecutors said Kingston used his celebrity status to fraudulently obtain expensive items, including a bulletproof Cadillac Escalade, luxury watches, and a 19-foot LED television.

Court documents revealed he presented falsified wire transfer receipts and enticed sellers with promises of social media promotion in exchange for the goods.

U.S. District Judge David Leibowitz ordered his immediate remand after Friday’s sentencing in a South Florida courtroom, rejecting a request by Kingston’s lawyer for a delayed surrender due to health concerns.

Assistant U.S. Attorney Marc Anton described the singer as a “thief and a conman,” accusing him of exploiting his fame to defraud victims for years.

His defence lawyer, Zeljka Bozanic, countered that Kingston, 35, had poor financial discipline but had begun repaying victims.

Kingston and his mother were arrested in May 2024 after a SWAT raid on his rented mansion in Fort Lauderdale.

The singer, who was born in Florida and raised in Jamaica, shot to fame at 17 with his 2007 global hit Beautiful Girls.