Cryptocurrency adoption has continued to ride and thrive like a moving train, despite the hurdles that have stood in front of the industry. On a continent that was once believed to be an ancient relic of a primitive time, cryptocurrency has turned out to be of great interest to young Africans. In Nigeria, for instance, there are different perceptions of the industry. Some believe anything that has cryptocurrency in it is a scam, while others believe it is simply a get-rich-quick scheme. Thanks to various organizations and companies that have dedicated their time to organizing events to cure myopia among the African populace, we are getting a better idea of what the industry really is about. Before we get into the topic of the day, let's know what cryptocurrency wallets are. What Are Cryptocurrency Wallets? Cryptocurrency wallets are digital wallets used to store digital assets like Bitcoin and Ethereum securely. According to the Coinbase website, "crypto wallets keep your private keys—the passwords that give you access to your cryptocurrencies—safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin and Ethereum. They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps like Coinbase Wallet, which makes using crypto as easy as shopping with a credit card online."  Cryptocurrency wallets are not like traditional wallets. Unlike a physical wallet that can be stolen or lost, a crypto wallet is a digital asset that can be easily accessed by hackers if not secured properly. They are computer or mobile software programs that employ an internet connection to connect to the blockchain network of the cryptocurrency you're making use of. Cryptocurrencies aren't just kept anywhere. They are pieces of data saved in an organized database or ledger. These pieces of information are dispersed throughout the database; nevertheless, the wallet locates all the pieces connected to your public address and

As the tentacles of the cryptocurrency and blockchain industries spread across Africa, a major concern among users is system security. Despite being hailed as a very secure system, several hacks have made it quite obvious that the blockchain can indeed be compromised. Hence, it has become necessary for researchers and experts to find sustainable security solutions to impede the operations of cyber attackers. As a person who has personally witnessed cryptocurrency exchanges run on blockchain technology decimated by hackers, I could not sit back and wait for the next shrapnel to leave me financially impaled. I spent my time searching for the next big lacuna in the system, and as expected, I found one. Thanks to the presence of quantum computers, it can be pointed out that blockchain systems may once again be vulnerable to security attacks. This is however due to the increased computational capability of these computers, which led me to ask the question. What Are Quantum Computers? Quantum computers are machines that utilize the fundamentals of quantum mechanics to perform transactions and store data. They can perform calculations at an exponential rate when compared to normal computers. This is because, where classical computers encode data in bits of os and 1s, quantum computers use quantum bits (qubit) as the basic unit of memory. Though advantageous on outstanding levels, they could render traditional encryption methods ineffective, and as such, they left a vacuum for another wave of hacks. Then Came Quantum Encryption According to a paper written by J. Aditya and P. Shankar Rao titled Quantum Cryptography, quantum encryption rests on two pillars of 20th century quantum mechanics: the Heisenberg uncertainty principle and photon polarization. In order to deliver encrypted data, these photons serve as a one-time pad. To put it another way, quantum encryption is a way to encrypt data utilizing the principles of quantum mechanics. This is currently thought to be un

Barrister Fred Ajudua, who was supposedly one of the top fraudsters of the millennial years, is certainly unknown to Gen Z kids like me. The initial group of “yahoo boys” from the year 2000 was more interested in mailing phony messages requesting payment in order to claim lottery winnings. The second and third groups of yahoo boys from 2003 to 2007 dealt with online dating scams and preferred to maintain their anonymity over showing off their money like the current group does. The internet scammers we see now are the latest group of yahoo boys from 2010. Some of these youngsters have not only gone into comprising emerging technologies like blockchain and cryptocurrency, black magic, charms, and rituals have been added by some of them out of greed and desperation for money. But the man we are discussing today has been termed by the Sahara Reporters as a ‘serial fraudster’. Like the current group of cyber criminals, he took advantage of the technology that was available to him at the time in defrauding people of their money. In examining the existence of cyber crime in Nigeria, let’s trace the fruit back to one of its oldest branches. Say hello to Fred Ajudua, the man, the myth and the legend. Many allegations of fraud and scamming have been brought against Nigerian barrister Fred Ajudua. Ajudua was born on June 14, 1961, in Oshimili North LGA of Delta State, Nigeria. His father, Chief Victor Ajudua, was a former member of the House of Representatives. In 1985, Ajudua was called to the Nigerian Bar after completing his legal studies at the University of Benin. He began his legal career in Lagos, where he soon established himself as a savvy and accomplished practitioner. Influential businessmen, politicians, and famous personalities were among his clients. But, he quickly got embroiled in a number of fraudulent activities that would damage his reputation and land him in jail multiple times. His most well-known scam was the "Advance Fee Scam," sometimes referred to as

Aren’t you just tired of the blockchain space? Every time you wake up in the morning, your sleepy eyes catch sight of an oddly popularized phenomenon. In early 2022, I awoke to the smell of my mother’s homemade melon soup sizzling in a pot. It was not the only thing boiling under heat, as the blockchain world was agog over something new – at least the extension of the industry in my neighborhood. They called it NFT. At first, I called it “neft” until I found out the correct pronunciation is “en eff tee.” Upon further inquiry, I found out that NFTs are actually non-fungible tokens which according to Rakesh Sharma’s Investopedia article are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. In other words, NFTs are digital assets that can neither be replaced nor interchanged. This is because each NFT has unique properties, so if you were to trade an NFT it would become a completely different asset once you have traded it whereas if you trade a fungible asset like bitcoin, you’ll have exactly the same thing. It’s like trading a Rolex Submariner and getting an Omega Seamaster without the obvious downgrade. BBC.com gave an exciting illustration on how artwork can be tokenized by using NFTs and I quote, “Traditional works of art such as paintings are valuable precisely because they are one of a kind. But digital files can be easily and endlessly duplicated. With NFTs, artwork can be ‘tokenized’ to create a digital certificate of ownership that can be bought and sold.” THINGS TO NOTE • NFTs are uniquely identifiable digitally; no two NFTs are the same. • NFTs work with everything designed using Ethereum. • Authors can retain ownership of their creations and directly claim resale proceeds. • Content creators have access to a worldwide market and are able to sell their products anywhere. NFTs are a more sophisticated variant of the original cryptocurrency concept. Ownership is the first notable be

The internet has developed into a place filled with viruses and harmful links. Some users are more susceptible than ever as system compromises increase in frequency. Since scammers aggressively scour the internet in search of people to dupe, these are some of the darkest days. This is particularly common in Africa, a continent known for imitating the negative aspects of the world before embracing its beneficial features. We need tips that can help us stay safe and secure online. Here five useful cyber security tips. 1. Use Strong Passwords Using the same password for all of your accounts increases the risk of you being hacked. Each of your accounts is supposed to have a different password. By doing this, your account details will not be used on other sites even if the one where you have an account was breached. 2. Avoid Using Debit Cards Online Online payments are one of the most popular ways you can get hacked. Try to avoid using debit cards or any payment method that is directly linked to your bank account while performing transactions. Instead, use services that provide your accounts with extra security. 3. Research About Phishing Attacks During phishing attacks, hackers take on false identities to deceive you into giving them your login details or clicking on a harmful link, or opening files that might infect your device with malware. You can utilize some advice to stop this from happening and steer clear of falling victim to a phishing scam, such as: • Avoid opening emails from sources or persons you don't know. • Look for any form of suspicion in the sender's ID before clicking any links. If the link seems risky, do not click it. 4. Back Up Data Often To avoid painful loss of information, back up your data often. You'll stand the best chance of recovering data when hacked if you have a safe storage space. 5. Use a Password Manager Tool When you have accounts on different platforms, it's expected that you have different passwords for each of them an

Anyone who uses the internet needs to be aware of the importance of cyber security. While some rural areas still lack internet connectivity, the number of people who have it is rising daily. The world is changing quickly, and everything is moving quickly online. Even the physical market is being gradually supplanted by online marketplaces, as documents that were once kept in file cabinets are now saved on Google Drive, mail that was once delivered by the postman is now just a simple message on WhatsApp, and so on. Because of its sustainable solutions, technology is resolving an increasing number of human issues. While technology does help with some issues, it also comes with its own set of disadvantages. Before when information was kept in filing cabinets, it was exceedingly difficult to leak or steal it; however, hackers can take data with the press of a button. Cybercriminals are becoming a threat not just to Africa but to the entire world. Hackers have recently stolen billions of dollars, and as a result, numerous businesses are stepping up their efforts to keep us safe when using the internet. In order to stop the actions of a notorious hacker, the security team at Huobi, a cryptocurrency exchange, collaborated with the security team at cryptocurrency behemoth Binance in January of this year. Huobi had a security breach, according to Binance CEO Changpeng Zhao's Twitter post. According to him, the hacker had attempted to hack Binance in the past, but his accounts had been frozen. This time, the viper was defeated by the security team at Binance working with Huobi, and 124 bitcoins were successfully recovered. The Harmony One hacker, according to the crypto billionaire, was responsible for this attack.  Such triumphs, despite their success, are uncommon. Some well-known people's Twitter accounts were hacked in 2020 with false get rich quick Bitcoin tweets. Former President Barack Obama and Tesla CEO Elon Musk were among the victims. In order to double the

If you do not know who ‘yahoo boys’ are, then either you do not live in Nigeria or you are pretending. They derived their name from the popular internet company Yahoo!, whose e-mail accounts are sometimes used by fraudsters. Apart from being a national cause for concern, internet fraud is also widely seen as the only way to make money among young Nigerians. Cybercrime is glorified in many songs, memes, and movies as an effective way to ascend past the shackles of poverty. Most times, a young boy is depicted as having lived in abject poverty until a bad friend introduces him to internet fraud. Once he abandons his morals, he becomes an instant success financially, and if he faces consequences—which they seldom do—it would be simply an arrest or madness. If you are sane, you would be asking, "What’s simple about arrest?" You see, these criminals hardly spend up to a month in jail because in real life they are bailed out by a more senior player in the game. For individuals who know this, their fear of lawful repercussions dissipates. Yahoo boys also have their sayings that act as motivational quotes for them. Here are a few: "No throway your garri say your neighbor dey cook rice. Him gas fit finish" "Na person who work for night go chop for morning" "Rain wey beat us today go wash our Benz tomorrow. Aje!" "Hot water wey dey make egg strong dey make yam soft. Be humble" "Trust the process. Even traffic lights go red before green go show" Despite being seen as a bad group by many, some individuals see them as a technological labor force for the African giant. One of such people is the President-Elect of the Federal Republic of Nigeria, Bola Ahmed Tinubu who stated during a campaign rally that he would create technology hubs for the Yahoo boys if elected. He vowed: "I will convert Yahoo boys and make them useful by converting their talents and intellects to produce chips for industries." My topic is not based on whether he meant it or not, but rather on the conte

It is no secret that, as more young people engage in it, cybercrime is one of the main vices wreaking havoc on the African continent. With around 207 million children under the age of four and about 650 million people in total who are 17 years old or younger, Africa has the biggest youth population in the world. As of 2021, there were only about 48 million people who were 65 years of age or older. Africa is the youngest continent in the world, but rather than its young people creating a strong labor force, it is frequently described as a ticking time bomb. This is a result of both the widespread participation in criminal activity and the high unemployment rate. Young Africans, notably those in Nigeria, who previously prowled the streets at strange hours turned to their computers with the introduction of the web and devised clever ways to con people out of their money. As a result, the government and the rest of the world perceive the youth living on the continent as volatile members of society, which has damaged their perception of themselves. But it is not sufficient to categorically dismiss these people; instead, we should make an educated guess as to what drives the high occurrence of cybercrime in our community. It is unambiguous that the need for money is the major motivation of cybercrime when one traces the origins of this issue. But after giving it a much closer look, I came to see that it goes well beyond the presence or absence of money. Every hacker has a unique motivation. It might be a personal vendetta, or it might just be for fun and enjoyment. I was once hacked by a person I know, and I am very certain he did not make a penny from me. So, the question remains: why? I carried out an interview of young male Nigerians between the ages of 17 and 25, and I found that several of them were leaning toward cybercrime. A certain gentleman could fool anyone with his neat appearance and regular wear of a sharp suit. This is because government officials usuall

 Right from the birth of cryptocurrencies in the late 80s up until the advent of bitcoin in 2009, user education has been an integral part of the cryptocurrency and blockchain technology ecosystems, and that doesn’t appear to change at any point in time. On January 2nd, the CEO of Binance, Changpeng Zhao, emphasized the importance of education for crypto users in his tweet about the New Year and its dos and don'ts. He tweeted: “Will try to keep 2023 simple. Spend more time on less things. Dos and Don’ts. 1. Education 2. Compliance 3. Product & Service 4. Ignore FUD, fake news, attacks, etc. In the future, would appreciate if you can link to this post when I tweet “4” ” User education is so important that crypto exchanges spend millions of dollars hosting physical and online awareness campaigns and meetups. In the light of that relevance, we will examine how blockchain security works and how to scale past hackers. How Does Blockchain Security Work? It is no secret that blockchain has recently been demystified and brutally unmasked as a technology that is not impenetrable to hackers. Most of its praise came from the exploits of its built-in security features, which make it difficult for hackers to penetrate. While it is possible for a cryptocurrency hacker to steal tokens from wallets and exchanges, it is also possible for a blockchain to be taken over by attackers through 51% attacks. Despite the success of some culprits, the truth remains that blockchain technology is extremely difficult and nearly impossible to hack. Why? Recognize that the security of cryptocurrencies is improved by the use of advanced encryption and consensus mechanisms. This implies that numerous users, known as miners, must independently validate each transaction before it can be deemed trustworthy. Proof-of-work (PoW) and proof-of-stake (PoS) consensus procedures enable members to validate transactions without the need for external assistance. All transactions on networks like Bi

A 51% attack is when one or more miners control more than half of the network's mining activity and launch an attack against a blockchain. When this occurs, the miners can make a copy of the blockchain that omits specific transactions and mark it as the original version. They will be able to double spend coins after reversing transactions due to this. Understanding the details A blockchain is a network of interlinked blocks used to store data in a digital ledger. By a process of verification, the blockchain network comes to a consensus about transactions, and the blocks containing the data are then sealed. When one organization holds more than half of the network's hashing power, the 51% attack takes place. Then, because the attackers control the majority of the blockchain, these group of hackers add a deviant blockchain to the network at a very specific point in the blockchain. Despite acquiring a sizable portion of the blockchain, the hackers will have a very difficult time changing blocks that were locked prior to the attack. It is more difficult to modify transactions that are deeper in the past. Another problem is the excessively high cost of carrying out 51% attacks. An attack of this kind is challenging on a big network with lots of users. Before out-hashing the mainnet, the group of attackers would need to possess the required 51% of the market and have built an alternative blockchain. The main barrier preventing more frequent occurrence of 51% attacks is the expense involved. Who is at risk? Because certain mining networks are more secure than others, the kind of mining equipment being used is also important. Smaller networks are typically targets for 51% attackers since it is simpler to take control of the majority in such networks, while larger networks like Bitcoin are less likely to be attacked. Since June 2019, more than 40 51% attacks on Bitcoin Gold, Litecoin, and other minor cryptocurrencies have been discovered or reported to the Michigan Inst

It is impossible to deny that if blockchain technology had been used to conduct the general elections in Nigeria, things would have gone much more smoothly. We have completed the voting process for the president, the senate, and the House of Representatives seats, and we are now beginning the collation process, which is anticipated to run until midweek. Due to the historical significance of this specific poll, all residents of one of Africa's giants are hooked to their electronic devices, radios, and television sets as the results are announced state-by-state.  The use of technology solutions to organize free, fair, and credible elections is a subject that frequently comes up in conversations among election observers. Despite tremendous government advancement toward electronic voting, there will always be loopholes that allow for rigging. One of these advancements is the new bimodal voter accreditation system, which verifiably accredits every voter intending to cast their ballot at a polling unit. The vices that have consistently plagued Nigerian elections—thugs, ballot box snatching, and general electoral violence—have hampered its progress. The Independent National Electoral Commission (INEC) chairman Mahmood Yakubu recently revealed that thugs raided two distinct polling units in two states in Nigeria, stealing at least eight BVAS machines, according to the Premium Times. It is now clear that INEC must use technology to develop a fully electronic voting system if we are to have free, fair, and credible elections. Blockchain technology is one of these remedies. A blockchain is a network of blocks used to record data in a digital ledger. It is difficult to tamper with any of the information in the blocks because they are connected by unique keys. The information in the block cannot be changed without great difficulty. All users who are accessible to the network are able to use it. Although blockchain technology is already used to exchange digital currency, i

THE BIGGEST CRYPTO HACKS IN RECENT HISTORY 📷 Blockchain projects are very secure and cannot be hacked, is that true? That assertion would be heavily contested by recent events, as there have been back-to-back large-scale attacks on various cryptocurrency exchanges and platforms. Has this contributed to the general mistrust in making investments in the market? Without a doubt, sure. But did our technological elders not argue that these projects were safe? That misconception, however, has been debunked. According to Chainanalysis, by November 2022, over $1.6 billion had already been stolen from users through hacks. This has been a persistent source of worry for African crypto users, as every few months, a new hack makes the news. To add fuel to that fire, let’s look at some of the biggest crypto hacking scandals that have shown the system’s vulnerabilities in efficiently securing digital assets. 1. THE MT. GOX HACK 📷 It is impossible to begin this list without going down memory lane to the earlier and simpler days in the crypto world. How back are we going? As far back as 2011, when the first major crypto hack took place, A total of 25,000 bitcoins, worth approximately $400,000, were lost by Mt. Gox. Once again in 2014, the exchange lost 750,000 bitcoins worth around $473 million. At first, there was no clear reason for the hacks, but upon further investigation, it was revealed that the coins were stolen from the company's hot wallet, which is a live cryptocurrency wallet and not as secure as a cold offline wallet. 2. THE COINCHECK HACK 📷 Coincheck once held the honor of being the biggest digital currency theft victim in history. In 2018, it announced that an estimated $534 million worth of NEM coins had been stolen from its hot wallet. As expected, the value of NEM dropped by 20% once word got out, but the Japanese exchange survived the hack and continued to operate. A Japanese financial services company by the name of Monex Group bought Coincheck some months l