Category: Blockchain

Luno to lay off 35% of its workforce

Luno, a cryptocurrency exchange company, has made the announcement that it will be laying off 35% of its employees.

This adds Luno’s name to the growing list of industry players that are dismissing staff due to the bear market. Other players on this list include Coinbase, Crypto.com, Bybit, Huobi, and Gemini, among others.

“It is with deep regret that I have to announce that we will be reducing our overall Luno team by 35%,” CEO Marcus Swanepoel wrote in a message to Lunauts on the company’s website. The message was directed toward Lunauts in all of the company’s different regions.

As explanations for why the cryptocurrency industry has been having so much difficulty as of late, he cited the “global economic slowdown,” the “much bigger fall in the tech sector overall,” the “crypto winter,” and other recent occurrences in the field.

Luno is said to have approximately 960 employees, according to the company profile on LinkedIn. This will have an impact on the employment of more than 330 people.

Read also: A Global Slowdown Forces Microsoft And Meta To Begin Layoffs

More On Luno layoff

The marketing departments of Luno are going to be significantly impacted as a result of the layoffs. A representative for Luno told CNBC that the layoffs will have “little or no impact on core operations, and compliance departments.” CNBC cited this statement as coming from the spokesperson.

“2022 was an exceptionally challenging year for the technology sector as a whole, and in particular for the cryptocurrency market.” Coinbase laid off 18% of its workforce in 2018, and further 950 employees were let go earlier this month. The cryptocurrency exchanges Bybit (30%), Huobi (30%), BitMEX (30%), and Crypto.com (30%) are also members of this club.

The struggling Digital Currency Group is the parent company of the cryptocurrency known as Luno (DCG). The company’s headquarters are located in London, but it also has offices in other European countries, Africa, and in South East Asia. DCG, which is just one of the many cryptocurrency organizations that have been caught up in the domino effect of FTX, is currently dealing with a number of problems.

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UST and FTX

The previous year, they laid off 10% of their workforce and discontinued their wealth-management services. Cameron Winklevoss, one of the company’s co-founders, threatened to sue Barry Silbert, the company’s CEO, when Genesis, one of its subsidiaries, filed for protection from creditors under the bankruptcy code.

In the event that Barry and DCG do not come to their senses and present creditors with a reasonable offer, “we will be initiating a lawsuit against Barry and DCG in the very near future,” he stated.

The cryptocurrency market had a reasonably calm start to the year, but it suffered its first significant blow when the algorithmic stablecoin TerraUSD (UST) plummeted quickly and unexpectedly. Despite the fact that the value of the coin was intended to be tied to the value of the US dollar, its value plummeted all the way to zero, wiping out 18 billion dollars worth of market cap from the cryptocurrency industry.

The spectacular fall of UST had an effect on the market as a whole, including crypto lender Celcius. It was accurately described as a “series of shocks” by Luno’s CEO, and it led to the termination of 150 employees.

The fall of FTX brought about new challenges for an already troubled cryptocurrency market, which had been unsettled by the earlier fall of UST. UST had been the previous exchange that failed.

February 6, 2023
US crypto company, Coinbase to lay off 950 employees

Coinbase, a cryptocurrency corporation based in the United States, is preparing to let off a few more staff since the bear market remains unrecoverable. This is Coinbase’s third round of layoffs since the market crash.

In order to prevent the company from going under, the top cryptocurrency exchange plans to eliminate 950 jobs. All affected employees will be fully notified of this decision.

Due to the gloomy outlook of the market’s downward trend, numerous cryptocurrency startups and well-established institutions announced significant workforce reductions in the fourth quarter of 2022. Some of the cryptocurrency companies that were severely harmed by the market’s cold spell included FTX, Celsius, and Voyager.

Due to the severe market downturn, crypto enterprises have chosen to reduce their workforces in order to maintain operations. Coinbase fired 18% of its staff in June 2022 as a result of declining revenues. According to reports, at the time, letters of dismissal were offered to the 1,100 employees.

To meet the excesses of the current destabilizing situation of the cryptocurrency market, Coinbase has had to reduce its workforce three times in the previous six months.

Read also: COINBASE VENTURES AND FXT LEAD A $23M SEED ROUND FOR MARA TO DEVELOP AFRICA’S PORTAL TO THE CRYPTO ECONOMY

Information on Coinbase’s termination

Coinbase made huge earnings from 2020 to 2021 during the cryptocurrency market surge. During this time, Coinbase’s revenues grew, prompting it to expand its employment and cost base. Coinbase’s operational expenses were $4.8 million, and its net income was $3.6 billion.

Business costs quadrupled. Unexpectedly, the bearish pull spiraled. Coinbase’s problem is that many people believe they can make tasty gains trading those digital assets, despite the exorbitant fees it charges to exchange digital tokens with no real-world value.

Now, a lot fewer people retain that viewpoint. Falling cryptocurrency prices and scandals like the collapse of FTX have destroyed trust in the bitcoin industry. As its users have abruptly withdrawn money, Coinbase’s revenue has plummeted.

Sales dropped by 50% to $2.6 billion in the first nine months of 2022. Costs have skyrocketed. Operating expenses totaled $4.7 billion in those nine months, up 50% from the year before.

According to Coinbase CEO Brian Armstrong, the scam “created a black eye for the industry” and would likely lead to further fraud as industry scrutiny grew. To weather the storm, Coinbase is stopping low-probability projects and improving operations.

The layoffs will cost $149 million to $163 million in restructuring costs in the first quarter of 2023. In the first quarter of 2023, Coinbase expects a 25% drop in sales, marketing, technology, development, general, and administrative expenses. The drop will result from cost-cutting and layoffs.

A cost reduction of 25% is not enough. Operating expenses had to be cut by 50% for Coinbase to make a profit in the first nine months of 2022. Without a major bitcoin explosion, sales will likely remain constant in 2023. After two rounds of layoffs, Coinbase is anticipated to be acquired.

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About coinbase

Coinbase was formed in 2012 to send and receive Bitcoin. The company now supports dozens of cryptocurrencies and has over 4,700 employees. No central office runs Coinbase. Coinbase has users in over 100 countries and trades $159 billion per quarter.

Coinbase’s bitcoin ecosystem supports 13,000 financial institutions.

Users can purchase, sell, and trade over 200 tradable cryptocurrencies like Bitcoin, Ethereum, and Dogecoin on Coinbase, a cryptocurrency trading and investing website. Coinbase is a major firm with over 98 million users and $256 billion in assets.

For simple buy and sell orders, beginners may choose Coinbase’s original platform. In November 2022, Coinbase began migrating advanced Coinbase Pro accounts to “Advanced Trade.”

Cryptocurrencies are dangerous and volatile, so they’re not for everyone. However, Coinbase is a great bitcoin platform for beginners and experts.

January 12, 2023
Wyre, cryptocurrency payments platform, is closing

Wyre provides infrastructure and cryptographic payments. It looks like they will stop doing business by the end of this month. The business, which will turn ten years old this year, had a massive April 2022 valuation of $1.5 billion.

Bolt Financial attempted to acquire the crypto payment platform last year. “A commercial agreement was made between the two companies to deploy Wyre’s one-click solution for the Bolt customer platform.” In September, the transaction collapsed.

Cash and stock had to be exchanged to complete the transaction. Investors, on the other hand, were worried about Bolt’s high valuation of $11 billion in the midst of a wider fintech selloff and growing doubts about the business model of “one-click checkout.”

So that they could each focus on what they were best at and give clients more value, the two parties decided to run separate businesses while still being partners.

Read also: 105 Programmers Graduate From The Africa Blockchain Center

Partnership with Wyre

Wyre was conceptualized by Michael Dunworth and Loannis Giannaros. Based on the information we have, it was started in 2013 and has raised a total of $29.1 million over nine investment rounds. During its great run, it worked with well-known investors like Pantera Capital, Stellar Development Foundation, and Amphora Capital.

Michael Staib, a former Wyre technical engineer, wrote on his LinkedIn profile on December 31, 2022, that “Wyre won’t continue as a successful business.” Two former employees told Axios that Giannaros had sent an email during the holiday season notifying team members that Wyre would liquidate and end its offerings in January 2023. Employees will not receive a payout, according to reports.

Company officials have not confirmed the shutdown. Giannaros hasn’t responded to news outlets. In an email to Axios, Giannaros stated, “We’re still working but will be cutting back to consider our next steps.” After Bolt failed to purchase Wyre in September 2022, Dunworth left the company and got 12.5% of its shares.

The acquisition fell through due to crypto market volatility and tech market conditions, according to Dunworth. Noah Weidner, a fintech blogger, believes the company had balance sheet concerns in September.

He tweeted, “I sent an email to Wyre some months back asking about their Yield product, partly because Wyre+Yield was utilized by a bunch of small CeDeFi and finance apps.” Their statement made it sound like Wyre+Yield had been closed for months, but some apps were still using it as a bank.

Wyre’s unsuccessful acquisition was one of the largest non-SPAC deals at $1.5 billion. The payments platform’s closure may indicate a lengthy crypto winter. The market is clinging to a single lifeline, praying for strong resuscitation.

Terra and FTX collapsed in 2022, affecting the crypto sector. The market downturn and bitcoin crisis have shaken out several failing enterprises. Many crypto businesses laid off employees during the market collapse.

Despite the pessimistic spiral, investors expect a recovery. However, this recent update will destroy the dreams of many, while those who have given up on the market will be justified in moving on.

The Explosive Growth of Blockchain Funding and Cryptocurrency in Africa

January 8, 2023
5 African Technology Conferences to attend in 2023
Here are 5 African technology conferences you can attend this 2023 to stay informed on important technology trends that cut across industries.

Technology has significantly transformed human coexistence in recent years, as well as business operations across the world.

The world is constantly evolving, with new ways of better integrating technology into daily activities and making human interactions more seamless. It can oftentimes be overwhelming to find how to incorporate and situate technological advancement to suit Africa’s and Africans’ needs.

This is why it is important for everyone, particularly tech professionals/enthusiasts and business owners, to keep abreast of the way technology is changing the African continent. This can be achieved by attending virtual or in-person conferences that keep them up-to-date on technological strategies that can improve their daily operations, especially if you are in Africa.

So, below is a list of 5 African Technology conferences you can attend this 2023.
- Nigeria Cybersecurity Summit 2023
- Africa Tech Summit Nairobi 2023
- Blockchain Africa Conference
- I Code Java
- BIM Africa Summit (BAS) 2023
Read also: Nigeria turns into a hub for technological innovation and research – Kola Oladejo

Nigeria Cybersecurity Summit 2023

The Nigeria Cybersecurity Summit 2023 is a two-day conference that will gather Cybersecurity experts to discuss and arrive at the best strategies to combat cyber-attacks across the continent.

The summit themed “Building a secure digital future” is scheduled to take place from 6th to 7th February 2023 in Lagos, Nigeria.

Over 300 professionals, including CISOs from leading enterprises, Cybersecurity experts and elite ethical hackers from across the West African region, will be in attendance.

The key focus for the Nigeria Cybersecurity Summit 2023 cuts across Leadership & Upskilling, Critical Infrastructure, AI & Threat Intelligence, Risk Mitigation and Cloud Security.

Topics on Biometrics & Identity, the Internet of Things (IoT), as well as Malware & Threats would be addressed.

There will be over 15 hours of insightful sessions and six hours of networking to enable stakeholders to interact, share ideas and get to connect for the future benefit of securing the continent’s online terrain.

Africa Tech Summit Nairobi 2023

The Africa Tech Summit Nairobi 2023, which is in its fifth year, will yet again link thought leaders in the technology field from across the African ecosystem with international players and other stakeholders on Feb. 15-16, 2023.

This year’s edition will connect over 1000 delegates and more than 150 speakers across three Summits.

Over 450 organisations from different sectors, including fintech, DeFi & crypto ventures, mobile operators, tech corporates, regulators and investors, will be present at the summit.

Participants will have the opportunity to network with key stakeholders, including tech corporates, mobile leaders, fintechs, DeFi & crypto ventures, investors, start-ups, regulators and industry stakeholders driving business and investment forward.

Blockchain Africa Conference

The 9th edition of Bitcoin Events’ flagship summit, the Blockchain Africa Conference, is scheduled for 16-17 March 2023.

This year’s event would be a hybrid edition is holding in Johannesburg, South Africa and virtually across the globe.

The objectives of the conference are to provide a contextual understanding of blockchain technology and the available opportunities for Africa, as well as

to offer well-structured content that will meet the needs of different stakeholders across various industries.

It is also a great platform for networking opportunities centred around creating business partnerships and collaborations expected to provide employment opportunities and foster economic growth and development.

Over 1000 participants from around the world will be attending the conference debates and panel discussions.

I Code Java (ICJ)

I Code Java is Africa’s longest-running Java and Kotlin Conference. Global speakers and Java experts are hosted during the conference to discuss coding, amongst other tech-related matters.

I Code Java Conference will be held in two different South African cities at different times this year. The first conference is scheduled for 10 and 11 May 2023 in Cape Town, while the second is for 11 – 12 October 2023 in Johannesburg.

ICJ has always been a community-driven event which focuses on coding, architecture and developing leadership skills. Developing strong fundamental skills to further your career. Full-time African students have the opportunity to attend the conference for free, as 20% of the tickets have been set aside to support them.

Read also: UCT, GESDA Host Youth In Science And Diplomacy Discourse At WSF

BIM Africa Summit (BAS) 2023

Codenamed BAS 2023, this year’s BIM Africa Summit is a platform to interact with industry stakeholders and share strategies centred on boosting Africa’s development. The summit will exhibit innovation and new technologies in the built environment.

The 2023 edition will be hosted in Marrakech, Morocco, on the 18th and 19th of May, 2023.

It will focus on the digital development of the built environment for a sustainable Africa. There will be discussions and showcases on disruptive technologies from concepts in Laser scanning, 3D printing, Robotics, Digital Twinning, Artificial intelligence, African smart cities, and the Internet of Things to exploring on-demand software and hardware tools to collaborate and deliver the Africa that we want.

There will be over 1,000 exhibition visitors, 200 delegates, 60 exhibitors and 9 Award Categories.

These African technology conferences will expand the minds of participants in the various tech niches as well as other stakeholders that require such services, which ordinarily would cut across multiple sectors. So, make an effort to attend at least one.
January 7, 2023
Binance introduces Apple Pay and Google Pay options
Binance, the world’s biggest cryptocurrency exchange by trade volume, has launched Apple Pay and Google Pay. With this update, users of the platform will be able to buy cryptocurrency using two of the most widely used payment methods worldwide.

Binance Build updated through Twitter. The feature works well, according to users. Binance’s latest step to make the exchange more accessible and mainstream for crypto investing.

Read also: NALA enables Apple Pay payments from the UK and US

Why Binance needs Apple Pay and Google Pay

The banking industry has experienced tremendous recent growth in payment platforms. More people than ever are using these applications, and they have been steadily incorporated into the bitcoin space.

The most widely used mobile wallets on the market are Apple Pay and Google Pay, and Binance’s most recent update will make it easier for more customers to buy cryptocurrency. Additionally, a significant market share of consumers would become interested in purchasing digital currencies as a result.

Apple Pay has 43.9 million users. Comparatively, Google Pay has 25 million users, ranking #1 and #2 in digital wallet users, respectively.

These mobile wallets further increase cryptocurrency’s general accessibility. This update’s simplicity could attract the most crypto customers.

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Binance’s Google Pay/Apple Pay Guide

The following procedures can be followed to purchase digital assets from Binance using Google Pay and Apple Pay.
- Open the Binance app. Choose [Trade] or [Buy crypto using Apple Pay or Google Pay].
- Select [Fiat] and your currency on the trading menu bar. Next, press [Buy Crypto].
- Select the cryptocurrency you want to buy and input the fiat amount. The system will show you how much crypto you can get. Select “Buy.”
- Select [Google Pay] or [Apple Pay] and touch [Confirm] to buy cryptocurrency with Google Pay or Apple Pay.
- Check the costs and payment information thoroughly, then confirm your order within a minute. The quantity of cryptocurrency you will receive will be recalculated based on the most recent market price after one minute. To view the updated order total, tap [Refresh]. Please be aware that the cost for each transaction is about 2%.
- You’ll be taken to the transaction page for Google Pay or Apple Pay. To confirm the payment, adhere to the on-screen instructions.
- Tap [View Wallet] to view your transaction history after the transaction is complete.
January 2, 2023
105 Programmers Graduate From The Africa Blockchain Center

The Africa Blockchain Center has announced the graduation of 105 blockchain developers under its Blockchain Programming training course.

The graduation occurred today after the students had engaged in a 6-month training, with the 105 graduates pooled from Kenya, Nigeria, Tanzania, Zambia, South Africa and the Benin Republic.

The CEO of Africa Blockchain Center, Jefferson Mkungusi, emphasised that Africa has great unexploited potential in the area of web3 development.

According to the CEO, “The youth that we have trained will be able to build innovative solutions that will enable Africa to leapfrog to a new era. The potential that blockchain has in solving some of the challenges that are facing Africa is massive, and we have not even scratched the surface.”

He also revealed the centre’s plan to empower thousands of more Africans in the next few years.

“We aim to train 10,000 blockchain programmers, power 25,000 business leaders and executives on blockchain readiness, incubate 50 blockchain startups and launch robust solutions for the market in the next five years,” Mkungusi said.

Read also: NASD Plc And Blockchain Firms Launch Certification Program For Digital Assets

The Blockchain Programming Course Highlights

The course, facilitated by a global expert network, is a hands-on training programme that teaches the learners the core fundamentals of blockchain technology. It also exposes the students to decentralised systems and takes them through the various blockchain programming protocols with specifications on Cardano, Algorand and Ethereum.

Key learning points from the training that the learners were exposed to covered Decentralisation in Information Systems, Principles of Decentralization, History and operating Principles of Bitcoin, as well as Blockchain Technology Fundamental structures. The students also learned about Decentralization as an approach in Information Systems, Introduction to Asset Tokenization, Cryptography in decentralised systems, Application of decentralised approaches to system designs, Alternative digital currencies and tokenization, Introduction to Smart Contracts, Features and roles of cryptographic commitments in accounting systems and Development of existing blockchain-based systems (Cardano, Ethereum, Algorand, IoTEX).

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Blockchain Industry Challenges

He explained that the global blockchain sector is struggling to find qualified personnel as demand for blockchain solutions rises. In the global blockchain industry, there is a mismatch between the supply and demand for talent, according to a recent study by LinkedIn Corp. and OKX utilizing data collected from 180 countries between January 2019 and June 2022. Qualified applicants are in short supply.

According to the report’s data, the number of LinkedIn users working in the blockchain industry increased by 76% from January to June of this year, but talent growth is declining in the nations that create the majority of blockchain professionals.

Speaking further, Mkungusi explained that “there is not enough talent because of how novel the technology is.” The technology was conceptualized hardly 13 years ago, and it has been the subject of speculation for years with no established pipeline for blockchain talent in place. “We see the sector’s rapid expansion and aim to become a sector partner when it comes to blockchain capacity.”

Recruiters and hiring managers may not know what to look for (or the red flags) due to their own lack of experience and knowledge, so many people enter the blockchain to pass the time while developing their skills informally online.

“There has been a 17% increase in the last few years on projects utilizing blockchain.” From acquiring infrastructure for transparency in information sharing to digital asset deployment and many other use cases, blockchain is earning its seat at the revolutionary-tech table. “The newly trained ABC cohort will therefore add value to the blockchain ecosystem as they are open to new opportunities to support organizations in need of blockchain expertise in Africa and globally.” Concluded Mkungusi.

The Africa Blockchain Center welcomes blockchain stakeholders who want to join their ecosystem and gain in-depth knowledge of the functional and technical aspects of blockchain technology, as well as access the capacity needed to implement blockchain solutions in their businesses and industries.

December 25, 2022
Block provides $2million to an African bitcoin mining company

Stillmark and Jack Dorsey’s Block, Inc. led a seed funding round that brought in a total of $2 million for the Bitcoin mining startup Gridless. The company recently made the announcement that it had achieved its goal of bringing electricity to off-the-grid areas in Kenya.

The CEO of Gridless, Erik Hersman, was quoted as saying once that “Africa needs affordable electricity.” By supplying individuals who are trying to establish mini-grids to distribute renewable energy with resources, we have successfully filled a need and made it possible for them to serve more people in a shorter amount of time. Because of this investment and the caliber of the partners who are coming on board with us, we now have the financial backing and the strategic backing we need to accelerate the rollout of our product.

Three out of the five contracts that were initially started in rural Kenya by Gridless and the African hydroelectric energy company HydroBox are currently active and providing electricity.

Read also: 10 Best Bitcoin Wallets in Nigeria (Updated 2022)

Background On Gridless

Gridless is a company that began operating in 2022 that operates bitcoin mining operations in conjunction with micro and small-scale renewable energy sources in locations all over the world where extra power is squandered. Gridless is able to finance the development and operation of these facilities in remote areas that lack access to more common sources of commercial and industrial funding. Gridless acts as the “anchor tenant” of the data center, which enables the company to do so.

Gridless, a generator of hydroelectric electricity in Africa, has awarded HydroBox contracts for five prototype projects to be carried out in rural Kenya during the company’s first year of operation. At the moment, three of these ventures are operational, and there are plans to extend their reach into other areas of East Africa in the near future.

By the year 2020, more than half of the people living in Africa did not have access to contemporary forms of electrical power. Despite the enormous demand for their products and services, mini-grid energy providers sometimes struggle to sustain a profitable business.

The company believes, on the basis of their research, that bitcoin mining may play an important role as a buyer of first and last resort in the process of supporting environmentally friendly energy generation and increasing the amount of electricity available to local residents in the region.

The Chief Executive Officer of Gridless, Erik Hersman, stated that “Africa needs inexpensive electricity.” “As a result of our efforts to provide assistance to developers of renewable energy mini-grids, these businesses have been able to expand more swiftly, improve their capacity for self-sufficiency, and connect with tens of thousands of new customers. We are feeling good about accelerating the deployment of our product as a result of this finance and the caliber of the partners who are joining us.” In addition to that, he stated.

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Gridless Priority and Goals

Gridless asserts that it would prioritise community utilization of the electricity generated at its bitcoin mining facilities. Electricity is provided to businesses that contribute to the growth of the community, such as cold storage containers for the area’s farmers, charging stations for the batteries of electric motorcycles, and public hotspots with free Wi-Fi access for the general public. Once these requirements have been satisfied, the leftover electrical capacity will be put to use in the operation of the company’s data centers for computational mining.

Gridless will be able to continue expanding its bitcoin mining activities across the continent as a result of this latest round of financing.

December 22, 2022
NASD Plc And Blockchain Firms Launch Certification Program For Digital Assets

National Association of Securities Dealers (NASD) Plc has entered into a partnership with Blockstation Inc., Sophus Consulting, and blockchain technology company TK Tech Africa Limited to release a certification program.

NASD is an Over-the-Counter securities exchange for the trading of unlisted securities and is collaborating on an accredited certification program for financial professionals.

In an official statement, NASD Plc stated that all stakeholders, including NASD staff, depository corporations, broker-dealers, and security issuers, will be targeted by a future certification project and fully online training offered by Blockstation. It was also noted that certification is necessary for licensed financial institutions to deal in blockchain-based digital assets.

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NASD Plc And Blockchain Certification Program

NASD Plc explained that the certification program is undergoing final adjustments before being made available to all market participants early in the coming year.

Eguarekhide Longe, the Managing Director and CEO of NASD, said this about the partnership: “We will make sure that our professionals in the securities industry get the regulatory knowledge and hands-on technological experience they need to drive a safe and legal digital asset marketplace in Nigeria.”

On Blockstation’s part, the Chief Executive Officer, Jai Waterman, said the crypto company “was instrumental in our efforts to develop the new digital market rules; they are the natural fit to deliver these essential training materials”, “We believe deeply that education is mission critical for professionals planning to participate in the digital asset space.”

The CEO added that “blockchain transformation in the traditional market is approaching with speed and great fervor.” “We must place emphasis on education in order to empower existing key stakeholders and support the growth of SMEs.”

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About Blockchain

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.

A blockchain is a network of computers that share a digital ledger of transactions. This ledger is copied and sent to all of the computers on the network. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralized database managed by multiple participants is known as distributed ledger technology (DLT).

Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.

December 20, 2022
Telegram hacks target wealthy crypto funds

The Microsoft (MSFT) Security Intelligence team has discovered that hacker DEV-0139 has been using Telegram group chats to target wealthy cryptocurrency funds.

Investment funds and rich traders find it very difficult to deal with cryptocurrencies due to exchange fees. They must be improved to lessen the impact on margins and profits as they are identified as a cost. The majority of costs are a result of fees that cryptocurrency exchanges impose on transactions.

Read also: Cybercrime Ravages Cryptocurrencies

Hackers target Telegram conversations

Hackers seek to exploit this issue to steal crypto-target money. DEV-0139 joined several Telegram channels with prominent investors and exchanges for communication. They targeted these group members. The Microsoft research assessed OKX, Huobi, and Binance exchanges.

DEV-0139, portraying themselves as exchange workers, invited the targets to a totally different chat group and pretended to solicit comments on the transaction fee models adopted by various cryptocurrency exchanges. They then began a debate to develop mutual solidarity and use their extensive industry expertise and swift zeal to entice victims progressively.

DEV-0139 then emailed a weaponized Excel file with legitimate bitcoin exchange fee information to boost their credibility.

The Excel file used a malicious program to retrieve data and drop another Excel sheet. In invisible mode, this sheet downloaded a picture file with three executables: a legitimate Windows file, a malicious DLL file, and an XOR-encoded back door.

DLLs contain code and data that multiple programs can use. XOR encryption, on the other hand, is hard to brute-force. Using the back door, the hacker accessed the infected system remotely. DEV-0139 may have run other campaigns using similar methods, according to Microsoft.

Microsoft stated:

“To find the targets, the threat actor looked on Telegram for people who were in cryptocurrency investment groups. In this attack, DEV-0139 got in touch with their target on October 19, 2022, by creating a second Telegram group called NameOfTheTargetedCompany> > OKX Fee Adjustment and inviting three employees.

“The threat actor used information from employees of the company OKX to make fake profiles. The report says, “The screenshot below shows the real accounts and malicious accounts for two of the users in the group.”

The Explosive Growth of Blockchain Funding and Cryptocurrency in Africa

Crypto Investors Need Caution

Investors in cryptocurrencies should take note of this strong warning as attackers are prowling the market in search of opportunities. The market has suffered greatly as a result of several catastrophic and unheard-of occurrences. The sector’s many turns have left traders bewildered and apprehensive.

The information that these attackers used Telegram conversations is a strong indicator and cautionary note for cryptocurrency traders who are careless and oblivious to suspicious activity. Investors in cryptocurrencies need to be vigilant and always prepared to scrutinize any offer or move in order to avoid incurring needless losses.

December 12, 2022
Bitget Registers In Seychelles, Plans To Grow By 50% Globally

Leading global cryptocurrency exchange, Bitget announces that it has registered in Seychelles to facilitate its global expansion.

The cryptocurrency exchange, which operates in a decentralized manner without a specific headquarters, with regional hubs in strategic markets, has plans to set up more regional hubs in the future. So far, the leading cryptocurrency exchange has gone from a team of 450 in June 2022 to over 800 currently, a 78% growth within 4 months, and will continue to increase another 50% of its headcount till it reaches the new target.

The exchange has also updated its recruitment plan with a new target of 1200 team members by the first quarter of 2023, increasing its workforce by another 50% from its existing size to meet user demand and support business growth better than ever. Bitget, earlier in June this year, originally announced that the company would double its workforce to 1000 employees by the end of 2022. To fulfil the growing user demand and business development better, Bitget has further raised its target to grow its workforce to 1200 by the first quarter of 2023.

In view of its expansion, currently, the team is looking for talented engineers and product, marketing and branding team members to deliver the best social trading experience for its users.

Read also: Nigeria, Binance, and Talent City Partner for Crypto City

This new registration in Seychelles is under the International Business Companies Act of 2016. Along with the registration in Seychelles, Bitget has also established regional hubs in Asia’s and Latin America’s markets and plans to consolidate its global presence with more regional hubs, such as ones in the African and European regions.

In this regard, Gracy Chen, Managing Director of Bitget, says,

“We see Seychelles as a friendly region for the crypto community. We have been working for several months on this registration and are happy to announce the development now. The registration in Seychelles offers a constructive environment for Bitget, enabling us to unlock collaborations with partners and strengthen banking relationships, along with our expansion with different partnerships, such as the Argentine football legend Lionel Messi and the Italian football club, Juventus. With a global footprint, Bitget fully embraces the concept of Web3, allowing the team to work in a decentralized way without a specific headquarters. We believe doing this can help us attract talent across borders as we are hyper-focused on growth and scaling up. It is crucial for us to recruit high-calibre candidates globally and set up regional hubs to aid local communication and coordination in strategic markets simultaneously.”

On the topic of expansion, Chen adds, “Our recruitment always aligns with our global expansion and long-term strategy, and we will continue to hire despite current market sentiment. Capable and suitable talent will help Bitget build a safe and reliable platform, which will gain stronger traction among users in the fiercely competitive industry and eventually lead to a more trustworthy and robust platform that better serves the community.”

In the past few weeks, Bitget has taken a procession of initiatives to build up trust and confidence among its users and the crypto industry. The exchange is also increasing its hiring plans, not showing any signs of being affected by the recent turmoil.

Bitget Introduces the $5 million fund

Recently, Bitget established the ‘Builders Fund’, a $5 million fund dedicated to supporting and helping traders and partners affected by the collapse of the FTX cryptocurrency exchange.

Basically, those who have suffered losses from the largest collapse in the history of centralized crypto exchanges will be able to apply to receive relief funds made available by Bitget. The requirements for applying for the fund are:

* be a partner with an affiliate account on FTX;

* have more than USDT 50,000 in assets or a monthly transaction volume of more than USDT 10 million (including spot and futures) on FTX in the past 30 days.

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About Bitget, the leading cryptocurrency exchange

Bitget, established in 2018, is one of the world’s top five leading cryptocurrency exchanges with innovative products and social trading services as its key features and is currently serving over 8 million users in more than 100 countries around the world. The exchange is dedicated to providing one-stop and secure trading solutions to users and intends to expand crypto adoption through collaborations with creditable partners, including legendary Argentinian footballer Lionel Messi, Italian leading football team Juventus, PGL Majors official e-sports crypto partner, and the leading e-sports organization, Team Spirit.

November 29, 2022