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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.

Headline

US Arrests Convicted Nigerian In Illegal Migrants Crackdown

Published

7 hours ago

September 9, 2025

Editor

The United States Immigration and Customs Enforcement Agency has arrested a previously convicted Nigerian, Rotimi Oladimeji, in an operation targeting illegal immigrants across the country.

The ICE, in a statement shared on its X page on Monday, disclosed that Oladimeji was ordered to pay $1.1 million in restitution before he was arrested.

The terse statement read, “Nigerian criminal alien Rotimi Oladimeji’s criminal history includes mail and wire fraud. He was ordered to pay $1.1M+ in restitution before ICE New Orleans arrested him.”

It would be recalled that Oladimeji was sentenced to three years’ imprisonment by a US District Court in December 2023 for fraud.

He was convicted of aiding other scammers in Nigeria to defraud a woman “who thought she was in an online romance with a veterinarian and animal behaviourist living in St. Louis,” according to the US Department of Justice.

The US DoJ had, in 2022, added that “in October of 2019, Oladimeji claimed the veterinarian was going to Dubai, then said he wouldn’t be allowed to leave unless she sent money. They continued to request of the victim for four and five-figure sums, court records show.”

“In all, the victim lost nearly $1.17 million. Oladimeji received 20% of the funds he generated. As money mules who transmitted the fraudulent proceeds to people like Oladimeji, Akinrinmade and Adesanya received 20 per cent of the funds they forwarded. The remaining amount went to scammers in Nigeria,” it added.

Following his guilty plea in 2022, he was sentenced to three years’ imprisonment and ordered to pay $1.1m in restitution.

Similarly, Oladimeji was, at the time of his conviction, placed on deportation, but he has since remained in the US since completing his jail term.

Oladimeji’s arrest joined the thousands of illegal migrants who have been arrested by the ICE following President Donald Trump’s order on illegal and criminal migrant clampdown.

Headline

10 Killed In Nepal Protest Over Social Media Ban

Published

16 hours ago

September 8, 2025

Editor

At least 10 protesters were killed Monday after Nepal police fired rubber bullets, tear gas, and water cannon to disperse demonstrators in Kathmandu demanding the government lift its ban on social media and tackle corruption.

Several social media sites — including Facebook, YouTube, and X — have been inaccessible in Nepal since Friday after the government blocked 26 unregistered platforms, leaving users angry and confused.

“Until now, 10 protesters have died and 87 are injured,” Shekhar Khanal, spokesman for the Kathmandu valley police, told AFP.

“The crowds are still in the streets”.

Many of the injured were being treated at the nearby Civil Hospital, according to its information officer Ranjana Nepal.

“I have never seen such a disturbing situation at the hospital,” she told AFP.

“Tear gas entered the hospital area as well, making it difficult for doctors to work”.

Waving national flags, young demonstrators in the capital Kathmandu started the protest with the national anthem before unleashing chants against the social media prohibitions and corruption.

The crowd swelled as it crossed into a restricted area close to the parliament and pushed through barbed wire.

Violence erupted in the streets as police baton-charged protesters, some of whom climbed over the wall into the parliament premises.

The district administration imposed a curfew in several key areas of the city, including the parliament, the president’s residence, and Singha Durbar, which houses the prime minister’s office.

Similar protests were organised in other districts across the country.

Popular platforms such as Instagram have millions of users in Nepal who rely on them for entertainment, news, and business.

“We were triggered by the social media ban, but that is not the only reason we are gathered here,” said student Yujan Rajbhandari, 24.

– ‘We want to see change’ –

“We are protesting against corruption that has been institutionalised in Nepal.”

Another student, Ikshama Tumrok, 20, said she was protesting against the “authoritarian attitude” of the government.

“We want to see change. Others have endured this, but it has to end with our generation,” she told AFP.

Since the ban, videos contrasting the struggles of ordinary Nepalis with the children of politicians flaunting luxury goods and expensive vacations have gone viral on TikTok, which is still operating.

“There have been movements abroad against corruption, and they (the government) are afraid that might happen here as well,” said protester Bhumika Bharati.

The cabinet decided last month to give the affected companies seven days to register in Nepal, establish a point of contact, and designate a resident grievance handling officer and compliance officer.

The decision came after a Supreme Court order in September last year.

In a statement on Sunday, the government said it respected freedom of thought and expression and was committed to “creating an environment for their protection and unfettered use”.

Nepal has restricted access to popular online platforms in the past.

The government blocked access to the Telegram messaging app in July, citing a rise in online fraud and money laundering.

It lifted a nine-month ban on TikTok in August last year after the platform agreed to comply with Nepali regulations.

AFP

Headline

Popular Influencer Lola Shot

Published

17 hours ago

September 8, 2025

Editor

Popular social media influencer Lola Doll is in critical condition after being shot multiple times outside her home in Georgetown on Saturday night.

This was disclosed in a Sunday statement released on social media by the Guyana Police Force.

The 33-year-old, whose real name is Lolita Callender, was attacked at about 11:35 p.m. local time in front of her residence at Texas Square, East Ruimveldt.

“She is presently receiving medical attention at the Georgetown Public Hospital, where she remains in critical condition, having sustained gunshot wounds to her neck, face, hands, and right leg,” the statement partly read.

The police operatives disclosed that Callender was seated in her car when a gunman on a motorcycle opened fire.

“Preliminary information indicates that the victim was seated in her motor car when she was shot by a male on a motorcycle,” the GPF added.

Leadership tussle claims two as Edo begins probe
Authorities said efforts are underway to track down the suspect.

“Police ranks are actively pursuing the suspect, and CCTV footage from the area is being reviewed as part of the investigation,” the release noted.

The force appealed to the public for assistance, saying,”The Guyana Police Force is urging anyone who witnessed the incident or has information to come forward.

“Persons can also share information anonymously by calling 911 or the nearest police station.

“Investigations remain ongoing,” the police stated.