Headline

Crypto Losses Fall To $452m, Says Report

Published

3 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.

Headline

US Congressman Meets Benue Leaders On ‘Genocidal Campaign By Fulani’

Published

13 hours ago

December 9, 2025

Editor

United States Congressman, Rep Riley Moore, has held talks with traditional and religious leaders in Benue State concerning what he described as an ongoing genocidal campaign by Fulani in the state.

Moore and other delegates from the US government are in Nigeria to meet with Christians who have suffered persecution and attacks by Jihadists.

He has so far met with Catholic Bishop Wilfred Anagbe of the Diocese of Makurdi, Catholic Bishop Isaac Duru of Katsina-Ala Diocese, and his Royal Highness, Tor Tiv James Ioruza.

Moore, who represents West Virginia’s 2nd District in Congress, said they discussed “the ongoing genocidal campaign by the Fulani in Benue State.”

“Our brothers and sisters in Christ will no longer suffer in silence. The United States has heard your cries, and we are working diligently toward solutions,” he added.

The meeting took place five months after about 200 residents of Yelwata in Benue State were massacred by terrorists, with many injured and displaced.

Moore has been acting on directives issued by US President Donald Trump, who threatened months back that if the government does not stop the killing of Christians in Nigeria, the US might have to invade the country “guns-a-blazing”.

Trump’s words have led to a cooperation between Nigeria and the US, which Moore confirmed, saying that “there is an openness and willingness on the part of the Nigerian government to work with the United States to tackle these critical issues. Now, that openness has to translate to concrete action.”

He went on to thank President Bola Tinubu for rescuing the 100 Catholic school children abducted recently by terrorists. He described the action as a positive demonstration of the government’s growing response to the security situation, adding that Nigeria has shown its commitment to the emergency declaration issued by President Tinubu.

“The US’ sense of urgency on our concerns was positively received. I feel that a cooperative security framework is within sight. The now-established joint task force between Nigeria and the US is a great example,” Moore added.

Meanwhile, Nigeria’s National Security Adviser, Nuhu Ribadu, has expressed confidence that the engagement with the US delegation in Nigeria “will deepen trust, collaboration, and shared commitment to peace and security.”

The delegation included Rep Mario Díaz-Balart, Rep Norma Torres, Rep Scott Franklin, Rep Juan Ciscomani, and Rep Riley M. Moore.

It is not yet clear whether the delegation will also visit other states in the Middle Belt region of Nigeria, which are also facing terrorist attacks.

Headline

Africa Coups: 10 In Five Years

Published

2 days ago

December 7, 2025

Editor

A military coup attempt in Benin Sunday adds to a list of such incidents on the turbulent African continent.
A group of soldiers announced that they had ousted President Patrice Talon, although his entourage said he was safe and the army was regaining control.

Here is a recap of the 10 successful coups in Africa in the last five years:

Mali

Malian President Ibrahim Boubacar Keita is overthrown by five army colonels in August 2020.

In May 2021, the Malian military takes over from the civilian leaders of an interim government.
Colonel Assimi Goita, who led both coups, is sworn in as transitional president.

After promising to hold elections in February 2024, the military puts them off indefinitely, pointing to the jihadist violence plaguing the country.

In July 2025, Goita approves a law granting himself a five-year presidential mandate, renewable without election.
In September jihadists launch a fuel blockade, weakening the ruling junta.

Guinea

On September 5, 2021, mutinous troops led by lieutenant-colonel Mamady Doumbouya take over in Guinea, arresting President Alpha Conde.

Doumbouya in early November 2025 submits his candidacy ahead of December 28 elections that are meant to restore constitutional order.

Sudan

After weeks of tension between the military and civilian leaders who had shared power since the ousting of dictator Omar al-Bashir, the armed forces led by army chief Abdel Fattah al-Burhan stage a new coup on October 25, 2021.

Since April 2023 war has raged between the regular armed forces led by Burhan and the paramilitary Rapid Support Forces, led by his former deputy Mohammed Hamdan Daglo.

The conflict has so far killed tens of thousands of people and created one of the world’s worst humanitarian crises.

Burkina Faso

Burkina Faso underwent two military coups in 2022.

In January that year mutinous soldiers led by Lieutenant-Colonel Paul-Henri Sandaogo Damiba arrest President Roch Marc Christian Kabore.

Then in September army officers announce they have dismissed Damiba. Captain Ibrahim Traore becomes transitional president, but elections he promised do not materialise. In May 2024 the junta authorises him to stay for another five years in a country wracked by Islamist violence.

Niger

On July 26, 2023, members of the presidential guard overthrow Niger’s President Mohamed Bazoum, elected in 2021. General Abdourahamane Tiani, head of the presidential guard, takes over.

In March 2025, the junta extends by at least five years its transitional leadership of the country which is plagued by jihadist violence.

Gabon

In Gabon, ruled for 55 years by the Bongo family, army officers on August 30, 2023 overthrow President Ali Bongo Ondimba, less than an hour after he is declared winner of an election the opposition says was fraudulent.
General Brice Oligui Nguema is named transitional president.

In April 2025 he is elected president with 94.85 percent of the vote. He is sworn in on the basis of a new constitution approved by referendum during the transition.

Madagascar

In October 2025, the military ousts Madagascar’s president Andry Rajoelina and takes power following weeks of “Gen Z” anti-government protests.

Army colonel Michael Randrianirina is sworn in as Madagascar’s new president, promising elections within 18 to 24 months.

Guinea-Bissau

In November 2025, military officers in Guinea-Bissau declare they have “total control” of the coup-prone west African country, closing its borders and suspending its electoral process three days after general elections.

The military says a command “composed of all branches of the armed forces” is taking over the leadership of the country “until further notice”.

Headline

Benin Republic Presidency Breaks Silence On ‘Military Takeover’

Published

2 days ago

December 7, 2025

Editor

Benin Republic military
Military personnel in Benin on Sunday said they had ousted President Patrice Talon, but the Presidency said he was safe and the army was regaining control.

Talon, 67, a former businessman known as the “cotton king of Cotonou,” is due to hand over power in April next year after 10 years in office marked by strong economic growth and rising jihadist violence.

West Africa has seen several coups in recent years, including in Niger, Burkina Faso, Mali, Guinea, and most recently Guinea-Bissau.

Early on Sunday, soldiers calling themselves the “Military Committee for Refoundation” (CMR) said on state television that they had met and decided that “Mr Patrice Talon is removed from office as president of the republic.”

The signal was cut later in the morning.

Shortly after the announcement, a source close to Talon told AFP the president was safe.

“This is a small group of people who only control the television. The regular army is regaining control. The city (Cotonou) and the country are completely secure,” they said.

“It’s just a matter of time before everything returns to normal. The clean-up is progressing well.”

A military source confirmed the situation was “under control” and said the coup plotters had not taken Talon’s residence or the presidential offices.

The French Embassy reported on X that “gunfire was reported at Camp Guezo” near the president’s official residence in the economic capital and urged French citizens to remain indoors.

Benin has a history of coups and attempted coups.

Talon, who came to power in 2016, is due to end his second term in 2026, the constitutional maximum.

The main opposition party has been excluded from the race to succeed him, leaving the ruling party to compete against a so-called “moderate” opposition.

Talon has been praised for driving economic development but is often accused of authoritarianism.

(AFP)