Category: Cybercrime

  • Russian hackers break into Microsoft system 

    Russian hackers break into Microsoft system 

    Microsoft says that Russian government-backed hackers called Midnight Blizzard broke into its system and caused a breach. The company warns that all organisations are now at risk from well-resourced nation-state threat players. 

    In a recent statement with the U.S. Securities and Exchange Commission, the company said this.

    Microsoft said hackers got into corporate email accounts and read people’s messages on its top leadership team and in legal, cybersecurity, and other departments. It said the hackers were able to get some emails and documents linked to them out of its system. 

    Microsoft claimed that the hackers who accessed its system from late November 2023 to January 12, 2024, wanted their data. 

    Read also: Microsoft, Vodafone to power up digital transformation in Europe, Africa

    The filling 

    According to the SEC filing, Microsoft’s security team detected a nation-state attack on our corporate systems on January 12, 2024, and immediately activated our response process to investigate, disrupt malicious activity, mitigate the attack, and deny the threat actor further access. 

    Microsoft has identified Midnight Blizzard, the Russian state-sponsored actor known as Nobelium, as the threat actor. As part of our Secure Future Initiative (SFI), we are publishing this update to confirm our commitment to responsible disclosure.

    In late November 2023, the threat actor used a password spray attack to compromise a legacy non-production test tenant account and gain access to a tiny percentage of Microsoft corporate email accounts, including those of our senior leadership team and cybersecurity, legal, and other employees and exfiltrated some emails and attached documents. 

    Microsoft said its investigation shows the attackers initially targeted email accounts for Midnight Blizzard information.

    According to the company, employees whose emails were accessed are being notified. 

    Customers not affected 

    The company said the attack was not caused by a product or service vulnerability because customers were unaffected. Microsoft has no evidence that the threat actor accessed client environments, production systems, source code, or AI systems. Microsoft said it would alert consumers of any action needed. 

    “Well-resourced nation-state threat actors like Midnight Blizzard continue to threaten all organisations. 

    At Secure Future Initiative (SFI), we announced late last year that threat actors funded by nation-states are changing the balance between security and business risk. The traditional calculus is no longer sufficient. 

    Microsoft found it necessary to move quickly after this occurrence. We will instantly apply our current security requirements to Microsoft-owned older systems and internal business processes, even if they interrupt them, the company said. 

    Microsoft acknowledged that this will likely cause some disruption as it adjusts to this new reality, but it is a necessary move and the first of many to adopt this attitude. 

  • Iranian cyber-espionage group targets African telecom firms

    Iranian cyber-espionage group targets African telecom firms

    In a notable development, the cyber-espionage group MuddyWater, linked to Iran’s intelligence service, has extended its operations to Africa, specifically targeting telecommunications companies in Egypt, Sudan, and Tanzania. Symantec’s threat intelligence analyst, Marc Elias, indicates that this marks the first documented instance of MuddyWater’s activities on the African continent, diverging from its prior focus on the Middle East.

    Read also: African Telecom CEOs urge policy changes for digital growth

    Espionage and Potential Geopolitical Connections

    While the recent attacks in November did not exhibit evidence of data theft, analysts, including Elias, suggest that the primary objective was likely espionage. Notably, MuddyWater has been associated with cyber-espionage activities, with previous campaigns involving entities in the Middle East. The move to African telecom companies may be indicative of the group’s adaptability in aligning its cyber operations with evolving geopolitical events.

    One notable observation is the potential link between MuddyWater’s activities in Africa and the ongoing conflict between Israel and the Palestinian group Hamas, reportedly supported by Iran. Elias pointed out, “The targeted country that most stood out was Egypt, which has a border with Gaza and Israel and is quite involved in the ongoing war.” This suggests that MuddyWater may be adjusting its tactics based on broader regional conflicts.

    Unveiling New Tactics: MuddyC2Go and Targeted Tools

    The recent campaign revealed new tactics employed by MuddyWater, introducing a toolset known as MuddyC2Go. One distinctive feature is the use of a PowerShell launcher—a legitimate Microsoft software often misused by hackers for deploying malware. Elias emphasized, “And if we look at past operations of Iranian groups, a disruption attack could also be possible.” Discovered in November, this toolset may have been in use since 2020 for attacks in the Middle East, allowing the threat actor to gain remote access to victim systems.

    In addition to the new toolset, MuddyWater utilized other tools such as SimpleHelp, a legitimate remote device control and management software. This tool can run constantly as a system service, providing attackers with persistent access to compromised devices, even after a reboot. The toolset also included Venom Proxy, a publicly available software enabling control of devices within an organization’s intranet.

    Nigeria tops global chart in Cyber threats

    Telecom Sector: A High-Value Target for Cyber-Espionage

    The choice to target telecommunications companies aligns with broader trends observed in cyber-espionage activities. Researchers at Cisco Talos highlighted, “Telecommunication companies have a huge amount of visibility into national and global internet traffic and are of high value, especially for state-sponsored groups.” MuddyWater, active since at least 2017, has consistently demonstrated an interest in telecom organizations. This underscores the strategic importance of the sector in gathering intelligence.

    The targeting of African telecom companies by MuddyWater signifies a strategic expansion of its scope, raising concerns about the increasing sophistication and adaptability of cyber threat actors. As these activities unfold, it underscores the critical importance for organizations in the region to bolster their cybersecurity measures to mitigate potential risks and safeguard sensitive information.

  • Fake News causes disturbance in cryptocurrency industry

    Fake News causes disturbance in cryptocurrency industry

    A recent incident that sparked a short-lived 10% Bitcoin rally due to fake news has raised concerns in the cryptocurrency industry.

    This sector is eagerly anticipating mass-market Exchange-Traded Funds (ETFs) that could potentially revitalise its fortunes.

    On a Monday morning, Bitcoin’s value quickly surged, only to be swiftly reversed. This sudden fluctuation was triggered by an erroneous news report that claimed BlackRock Inc. had received approval to launch a cryptocurrency spot ETF.

    While the news itself was fake, the real financial consequences were significant. Data from tracker Coinglass revealed that over the past 24 hours, more than $85 million worth of trading positions, primarily held by traders betting on lower prices, were liquidated.

    Read also: How to avoid fake Elon Musk profiles, scamming TikTok crypto enthusiasts

    Misinformation in cryptocurrency sector

    Misinformation is not uncommon in the cryptocurrency industry, a sector notorious for attracting fraudsters and digital enthusiasts. This episode, however, adds to the ongoing debate surrounding whether the market has accurately factored in the potential arrival of an ETF tracking the largest digital coin, Bitcoin. It also accentuates regulators’ concerns that retail investors may lack basic protections in the cryptocurrency market, a factor that has previously made the Securities and Exchange Commission (SEC) hesitant to broaden market access.

    Michael O’Rourke, Chief Market Strategist at JonesTrading, highlighted the challenge of safeguarding investors in a largely unregulated space, one that attracts dubious operators and rampant speculation. The recent fake news incident about the Bitcoin ETF’s approval underscored these challenges.

    According to O’Rourke, “The fake news about the Bitcoin ETF being approved highlights the challenge of protecting investors in an unregulated environment that attracts shady operators and rampant speculation.”When the fake news propagated, Bitcoin’s price surged above $30,000, reaching its highest level since July. The cryptocurrency then reversed these gains and settled around $28,300 after BlackRock announced that its ETF application was “still under review” by regulators.

    This incident occurred during a period of heightened expectations that a spot-Bitcoin ETF will soon become available to American investors. Issuers have been working on getting a US spot-Bitcoin ETF launched for approximately a decade, but have faced numerous obstacles. Regulators have cited market manipulation and scams as reasons for past denials.

    However, despite these challenges, companies are continuing their efforts to tap into what could potentially amount to billions of dollars in investments. Many issuers have spent years working on their applications and strategies to appease regulators. With industry giants like BlackRock, Invesco, and Fidelity involved in the race, many analysts believe that the chances of approval have increased.

    The frenzy on that particular Monday also underscores that the potential approval of a Bitcoin ETF has not yet been fully priced into the market. Given Bitcoin’s rapid 10% rise, it is clear that the cryptocurrency market is primed for false starts. The stakes are high, as such an approval would open up the cryptocurrency market to a broader base of investors.

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    Bitcoin’s value in 2023

    Todd Sohn, ETF and Technical Strategist at Strategas Securities, noted that Bitcoin’s value has remained relatively stagnant since March, indicating that a genuine ETF approval is not yet fully priced in. He suggested that if a fake headline could drive a 6-10% increase, an actual ETF approval could lead to even more significant gains.

    Roxanna Islam, Associate Director of Research at VettaFi, concurred, stating that the market would likely see a stronger and more sustained rally once spot-Bitcoin ETFs receive actual approval. She noted that the recent rally was based on uncertain news that was disproven shortly after its release, leaving the market without adequate time to react.

  • NITDA reveals plans for 2023 Cybersecurity Awareness Month

    NITDA reveals plans for 2023 Cybersecurity Awareness Month

    In keeping with its purpose, the National Information Technology Development Agency (NITDA) has launched events to mark this year’s Cybersecurity Awareness Month.

    In collaboration with CISCO, the agency trained 3242 on fundamental and advanced cybersecurity skills the previous year.

    Every October, there is a month set out worldwide for education and awareness-raising about cybersecurity.

    The global collaboration between public and commercial sector organizations on awareness initiatives enters its 20th year this year.

    Read also: NITDA to bridge digital divides, promote digital literacy in Nigeria

    NITDA Plans 

    According to a statement released on Monday and signed by Mrs. Hadiza Umar, Head of the Agency’s Corporate Affairs and External Relations, NITDA has planned a number of programs to mark the 2023 National Cybersecurity Awareness Month that are specifically aimed at educating the public about cybersecurity threats and the precautions we must take to protect ourselves in the ever-expanding digital space.

    This year’s commemoration will have the theme “See Yourself in Cyber,” which emphasizes that everyone is accountable for cybersecurity.

    “The main purpose of this awareness campaign is to encourage the adoption of safe cyber hygiene. To achieve this effectively, citizens need to accept, understand and be willing to apply these security measures to stay secure”, Umar said.

    The focus of  celebration

    This year’s awareness campaign focuses on sensitising citizens to identifying and countering the following: 

    Digital Misinformation and Disinformation.

    Social media attacks (Authentication and Social Engineering attacks). 

    Phishing (Phishing scam websites, Email phishing/Business email compromise). 

    Cyber bullying. 

    Online responsible behaviour. 

    Ransomware attacks.

    NITDA is forming partnerships with key stakeholders to carry out grassroots awareness programs with the goal of educating the general people about the cyberthreats that they face and the steps they may take to protect themselves.

    To be more specific, the Agency is working along with Galaxy Backbone to distribute information flyers that have been carefully developed for organizations that are part of the public sector.

    “The Agency has, in conjunction with O-range Cybersecurity Training Service Limited, conducted Cybersecurity Training in Ilorin, Kwara State, where more than 5,000 youths from various states participated”, Umar explained.

    NITDA warns against digital security threats in Nigeria

    Further Details 

    The NITDA-Cisco Cybersecurity Awareness Training aimed at training 4,000 youths in Ethical Hacking, Endpoint Security, Network Defense, and Cyber Threat Management. The call for application was opened on the 2nd October while the portal for the virtual training will be opened on 18th October 8, 2023; 

    A two-day Innovation Challenge on Cybersecurity programme, designed to identify and showcase innovative technologies on cybersecurity with special focus identifying solutions that can be adopted in the public sector. So far, over 3,000 applications have been submitted; and 

    General Awareness programme focusing on sensitising the public on NITDA’s initiatives and services such as: 

    Trustmark system for online trading. 

    Free Web Application Firewall for all MDAs. 

    Public Key Infrastructure (PKI). 

    Free Vulnerability Analysis and Penetration Testing (VAPT) for MDAs; and 

    Monitoring of MDAs portals, social media monitoring and recovery, digital forensics, Cyber drill, and Cybersecurity Training.

    “We therefore call on private and public sector organisations as well as the public to join us in ensuring that the Nigerian Cyberspace is safe and secure. Together, we can make the Nigerian cyberspace and the world at large safe and secure for all.”

  • Open AI allows ChatGPT voice chats

    Open AI allows ChatGPT voice chats

    Open AI, ChatGPT’s parent company, is rolling out a voice chat function. Open AI’s latest blog article says so. This development comes shortly after it was revealed that the AI platform had seen a third consecutive month of declining traffic.

    The AI startup claimed ChatGPT is adding speech and visual capabilities. These features allow users to hold a vocal discussion or show ChatGPT what they’re talking about, creating a more intuitive interface.

    “You can now talk to your assistant using voice. The blog post suggests talking to it on the way, asking for a bedtime story, or settling a dinner table disagreement.

    Read also: OpenAI launches ChatGPT enterprise package 

    The new voice capabilities use a new text-to-speech engine that Open AI claims can generate human-like sounds from text and a few seconds of sample speech. Users can utilize pre-recorded voices or record their own, which the system will learn quickly.

    “The new voice technology can create realistic synthetic voices from a few seconds of speech. We created each voice with expert performers. Open AI also transcribes your speech into text using Whisper, our open-source speech recognition system.

    The company will launch the functionality in two weeks. Go to Settings, choose New Features on the mobile app, and enable voice conversations. Tap the headphone button in the top-right corner of the home screen and select one of five voices.

    While the business expects the breakthrough to enable many creative and accessibility-focused apps, it warns that malevolent actors might mimic public personalities or conduct fraud. Thus, it powers a particular use case with the technology.

    “For this reason, we are utilising this technology to power voice chat, a particular use case. We worked with voice actors to build voice chat. We collaborate similarly with others. Spotify is using this technology to pilot their Voice Translation tool, which enables podcasters to reach more listeners by translating podcasts into other languages in their voices.

    5 ChatGPT plugins for students, blogger, others

    Other Open AI features

    The Open AI AI solution will include voice and image capability and conversation. Users can talk to ChatGPT about their plans or daily routines with the tool. You may upload a photo of your closet on ChatGPT and ask for ideas about dressing.

    Voice and image expand ChatGPT’s use. Please take a picture of a landmark while travelling and discuss its appeal live. To decide what to make for dinner, take images of your fridge and pantry at home and ask questions for a recipe. After supper, help your youngster with a maths issue by snapping a photo, circling the problem set and having it share tips with you, says the blog post.

    Open AI said vision-based models face significant issues, from hallucinations about humans to relying on the model’s picture interpretation in high-stakes settings. It stated it vetted the model with red teamers for radicalism and scientific competency and a varied range of alpha testers before broader deployment.

    “Our research enabled us to align on a few key details for responsible usage,” it stated.

    The business stated that ChatGPT is not always accurate and has taken technical precautions to limit its ability to analyze and make direct remarks about people.

    Whether these additional steps will stop the bleeding and boost company visits is unknown. However, it introduces a thrilling new AI battle.

  • Kaspersky appoints new GM for Africa

    Kaspersky appoints new GM for Africa

    Andrew Voges will take over the role of General Manager for Africa at Kaspersky, according to a recent announcement made by the company. 

    Voges’ immediate objectives will be to accelerate growth in the enterprise segment, consolidate the company’s channel presence, formulate strategies to onboard more partners and customers within the B2B framework and strengthen customer satisfaction.

    This is in light of the rapidly changing digital landscape, the rise in ransomware attacks, and the need for the protection of IT assets in the continent.

    Voge has had important spells in a number of technology organizations, including Quest Software, Check Point Software Technologies, and Cisco Systems, throughout the course of his professional career. As the new general manager, he will have his headquarters in Johannesburg and will report directly to the management team at the company’s worldwide headquarters.

    Read also: Kaspersky provides threat intelligence to INTERPOL to curb cybercrime

    Remarks from Andrew Voges

    “Africa offers untapped potential. Kaspersky has demonstrated strong performance in Africa in 2022: there was a 16 per cent increase in B2B sales in the region,” remarked Voges.

    “My vision as GM is to foster unparalleled customer satisfaction and carve out a resilient ecosystem here.” he said. “Our focus will be on strengthening our technical infrastructure and intensifying our partnerships to make Kaspersky’s world-class security solutions more accessible in Africa.”

    “Another priority will be to implement the company’s Cyber Immune approach to protect organisations, including those in critical sectors, even more effectively. Being part of a pioneering cybersecurity company like Kaspersky, committed to global cyber safety, is an honor.” he added.

    Remarks from Kaspersky 

    In response to the revelation, Kirill Astrakhan, Executive Vice President of Corporate Business at Kaspersky, offered the following statement:

    “Africa is a strategic region for us, and Kaspersky has been growing here for almost 15 years.Andrew’s extensive experience and understanding of the local market make him the perfect fit for the regional GM role as we plan to further strengthen our position in Africa, reach out to new clients and partners, and increase our sales and share.”

    “His insights will be instrumental in helping us to further develop our enterprise market presence and initiate fresh avenues of business growth. We wish Andrew the best of luck in his new position.”

    The future plans

    Additionally, Kaspersky will place a priority on research and development in order to solve the specific problems posed by the region. They have, over the course of the past several years, been working to broaden their product ecosystem and, in particular, their enterprise security portfolio by adding solutions that are founded on superior threat intelligence in order to provide their customers with improved levels of protection.

    The cyber immunity method is the company’s new strategy for navigating the digital transformation landscape. This strategy entails developing solutions that are extremely difficult, if not impossible, to compromise while simultaneously reducing the amount of potential security flaws.

    Kaspersky launches new online cybersecurity course

    About Kaspersky

     Kaspersky Lab is a Russian international company that makes security and virus protection software. It is based in Moscow, Russia, and is run by a holding company in the UK. Eugene Kaspersky, Natalya Kaspersky, and Alexey De-Monderik started it in 1997. Eugene Kaspersky is the CEO right now.

    The company’s Anti-Virus protects you from all kinds of dangers to your computer’s security. Kaspersky Anti-Virus has a number of features and protection parts that work together to provide full protection. Each kind of threat has its own security component that deals with it.

    The Lab makes and sells security goods and services like antivirus, internet security, password management, endpoint security, and more. It is the third largest consumer IT security software company and the fourth or fifth biggest endpoint security vendor.

  • South African firms grapple with escalating cybercrimes

    South African firms grapple with escalating cybercrimes

    In the ever-evolving landscape of cybercrimes, South African companies find themselves in a precarious situation, often awakening to the harsh realities of digital vulnerabilities only after falling victim to cyberattacks. This trend underscores the pressing need for proactive cybersecurity measures to shield both public and private enterprises in the country.

    The surge in cyber crimes has emerged as a daunting challenge for South Africa, with businesses and government institutions finding themselves squarely in the crosshairs of malicious actors. A striking example of this vulnerability unfolded in 2021 when the Department of Justice and Constitutional Development became the unfortunate target of a ransomware attack. This incident, however, was just the tip of the iceberg.

    Compounding the Department’s woes, the Information Regulator subsequently imposed a hefty R5 million fine due to their failure to renew antivirus software, which could have detected and thwarted the impending attack. This costly oversight underscores the need for a paradigm shift in how South African entities approach cybersecurity.

    Read also: Kaspersky provides threat intelligence to INTERPOL to curb cybercrime

    In a bid to shed light on the state of cybersecurity practices within South African firms across various market segments, Aon South Africa’s 2023 Cyber Risk Survey offers invaluable insights. This comprehensive survey endeavors to chart a course for the future by comprehending the rapidly evolving landscape of cyber risks, the corresponding solutions, and the legislative policies surrounding them. It serves as a beacon of forward-looking guidance tailored to the South African business landscape.

    Zamani Ngidi, Cyber Solutions Senior Client Manager at Aon, commented on the survey’s significance, stating, “The survey offers commentary on the future direction of cybersecurity, given the rapidly evolving manner of the risk, its solutions and legislative policies, to provide forward-looking guidance to businesses from a South African perspective.”

    The findings of the survey reveal a multifaceted cybersecurity landscape within South African companies:

    Cyber Incidents

    Alarmingly, 22% of respondents reported falling victim to cyber incidents in the past five years, underscoring the omnipresent threat.

    Cyber Risk Management Tools


    A notable 67% of participants have deployed cyber risk management tools, a step in the right direction towards safeguarding digital assets.

    Board-Level Cyber Champions


    However, only half of the respondents, a meager 50%, have a dedicated board-level cyber champion, highlighting a concerning gap in governance.

    Cyber Insurance


    Encouragingly, 72% of participants have opted for cyber insurance, recognizing the importance of financial protection in the face of cyber threats.

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    More on the security concerns

    A glaring concern highlighted by Aon revolves around the reactive nature of many companies’ approach to cybersecurity. Zamani voiced this concern, stating, “We question whether companies that have suffered a cyber-attack would have better cyber risk management practices in place than those who did not suffer an attack.”

    Surprisingly, the survey findings seem to suggest that companies struck by cyberattacks tend to swiftly bolster their defences. Among the 22% of respondents who experienced a cyber incident, all subsequently implemented comprehensive cyber-related covers and tools, setting them apart from their counterparts, where mitigation controls witnessed less than 50% adoption.

    Furthermore, the survey’s data reveals a disparity in cybersecurity readiness based on the revenue bracket of companies. It is evident that smaller enterprises, with revenue less than R100 million, exhibit a lower propensity for employing cyber risk management tools, standing at just 43%, compared to the robust 80% adoption rate observed among companies with over R100 million in revenue.

    Ngidi offered insights into these disparities, suggesting two potential scenarios: smaller companies might perceive proactive risk management as cost-prohibitive, or there may be a misconception that cyber risks are primarily the concern of larger, more financially endowed entities.

    In essence, South African companies are navigating treacherous cyber waters, often waking up to the perils of digital vulnerabilities only after experiencing a cyber incident. The Aon South Africa 2023 Cyber Risk Survey serves as a clarion call for a proactive approach to cybersecurity, urging businesses of all sizes to fortify their defenses against the ever-present and ever-evolving threat of cybercrimes. Failure to do so may leave them vulnerable to the staggering costs, both financial and reputational, that can accompany a cyberattack.

  • Patricia converts customers balances to native tokens

    Patricia converts customers balances to native tokens

    The renowned Nigerian cryptocurrency exchange, Patricia, has made a momentous declaration regarding the introduction of its very own indigenous token, aptly named the Patricia token (PTK). The indigenous token, purportedly a stablecoin with a fixed value tied to the US dollar ($1 = 1PTK), will replace the existing bitcoin (BTC) and naira balances of customers.

    Within the corporate declaration shared on X (previously known as Twitter), it was expounded that the exchange’s operational activities shall be transitioned to a novel platform named Patricia Plus application.

    This statement follows the company’s declaration of being subjected to a breach, resulting in the tragic depletion of financial resources. Although it has been explicitly stated that no customer funds have been impacted, users of the platform have actually encountered an inability to access their funds since the month of April.

    The pronouncement made by Patricia has elicited speculation that insinuate the possibility of the organisation orchestrating an exit scam, thereby abandoning clients who find themselves in a predicament where their funds are ensnared within the confines of the platform, rendering them stranded.

    Read also: Patricia partners with Deimos to strengthen asset protections

    Discussing about Native tokens

    Native tokens are digital assets that possess an inherent connection to a specific cryptocurrency exchange. Illustrative instances encompass Binance’s BNB, Quidax’s QDX, Bundle’s BDX, and FTX’s FTT.

    What could be the rationale behind Patricia’s decision to initiate the launch of a native token?

    Cryptocurrency exchanges have initiated the introduction of native tokens for a multitude of purposes, including the provision of incentives to users as a means to stimulate trading activities, a boost of liquidity levels, the promotion of communal ownership of the exchange, and the utilization of such tokens as a strategic approach for fundraising plans, among various other rationales.

    Based on Patricia’s recent financial predicaments, one can deduce that the inception of the native token was orchestrated as a strategic measure for raising funds.

    As per the Founder of Hyperspace Technologies, Oluseyi Akindeinde, the strategic deployment of native tokens serves as a viable mechanism for procuring financial resources for numerous exchanges. Upon the initiation of these tokens, the exchange duly retains a substantial portion of said tokens, thereby signifying that in the event of a surge in token value, the company stands to accrue a greater monetary gain.

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    What to watch out for with the token launch

    The token is not yet listed on any cryptocurrency exchanges.

    No major cryptocurrency databases like CoinMarketCap or Coingecko list the token. These aggregators compile data on a token, including its market price, the total amount of tokens in circulation, the contract address, and the blockchain on which it was first issued.

    Akindeinde, however, noted that it would take some time for freshly released coins to be included on aggregators.

    It’s not on any public blockchain at this time.

    PTK is not supported by major blockchains where trading platforms are releasing their own coins. For example, PayPal’s freshly released stablecoin, PYUSD, may be found on the Ethereum blockchain, where it was introduced.

    According to a person with knowledge of the situation, Patricia’s token has not yet been released and will only be used to record debt on her books.

    Balance conversion without user permission

    Patricia said on X that it would transfer all outstanding funds to PTK. Customers weren’t consulted beforehand, and now they’re worried they won’t be able to convert their tokens into dollars or other cryptocurrencies.

    If consumers are able to withdraw funds, a spike in withdrawals will prompt PTK to de-peg, leaving customers who were unable to withdraw funds stuck.

  • Interpol blocks 208 accounts, arrests 103 for Cyber fraud in West Africa

    Interpol blocks 208 accounts, arrests 103 for Cyber fraud in West Africa

    208 bank accounts have been frozen, and 103 people with connections to online financial fraud have been arrested in relation to organized crime in West Africa, according to Interpol

    More than two hundred bank accounts that were linked to the illegal proceeds of online financial crime were frozen as a result of the operation, according to the international criminal police agency that published the information.

    It was stated that several kingpins were detained because the criminal networks they oversaw were seen to pose a threat to world security.

    It was highlighted that the crackdown, which was given the code name Operation Jackal and took place between the 15th and the 29th of May, was a targeted strike against Black Axe and other similar West African organised crime groups and was carried out by police forces, financial crime units, and cybercrime agencies that were activated across 21 nations around the world.

    Interpol made a remark that highlighted the results of the raid: “€2.15m seized or frozen, 103 arrests, 1,110 suspects identified, and 208 bank accounts blocked.” 

    On the organisation’s website, the Director of Interpol’s Financial Crime and Anti-Corruption Centre, Isaac Oginni, said, “Organised crime is mostly driven by financial gain and Interpol is committed to working with our member countries to deprive these groups of their ill-gotten assets.”

    “This successful operation involving so many countries clearly shows what can be achieved through international cooperation, and will serve as a blueprint for concerted police action against financial crime in the future.”

    Read also: Fraudsters reveal alarming Cyber Security flaws in Nigerian banks

    Interpol’s earlier arrests 

    The International Police have issued an arrest warrant for a Nigerian businesswoman named Ese Cynthia Daniel in connection with an alleged fraud involving N750 million.

    The declaration was made in response to a warrant of arrest that had been granted to the Nigeria Police Force by a Magistrates Court in Lagos State. 

    The warrant was numbered CR: 3000X/ICPO/ADM/LD/VCP/Vol. 4/93 and was published in an INTERPOL bulletin.

    According to the report, Ese, a resident of Delta State, had a plot to defraudly convert the amount in Lagos between January 24 and January 26, 2023, and the bulletin mentioned that Ese was involved in the plot.

    The suspect is believed to have received the aforementioned sum under the guise of offering to pay the sum in United States dollars; however, the suspect ultimately refused to do so and fled to London.

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    Content of the bulletin

    The bulletin read, “The above named person is hereby declared wanted by the Nigeria Police Force.”

    “A warrant of arrest issued by the Magistrate Court of Lagos. She is wanted by the police for the offences of conspiracy, fraudulent conversion of funds to the tune of N750million on 24th–26th January, 2023 in Lagos, Lagos State, Nigeria.” 

    “The suspect obtained the sum of N750million under the pretence of paying United States of America dollars, but she declined and absconded to London.”

    “She is from Delta State, Uhorobo by tribe, Business woman, Aged 44 Years, 5 8ft Height. Medium Build, Oval Face, Long Broad Nose, Small Mouth, Thin Lips, Good Teeth. Black Eyes, Dark in Complexion, Pointed Chin, Black Hair, Small Head, High Forehead, Fraudster in Habits. Always dress in English, Home Address: Close 302, Terrace 4, Banana Island, Ikoyi, Lagos. Nigeria, and also resides at No. 1, Magnolia Road, Chiswick, London WA430Y.” 

    “If seen arrest and hand over to the nearest Police Station or to the office of the Assistant Inspector General of Police (INTERPOL) Head of National Central Bureau (NCB), Force Headquarters, Shehu Shagan Way, Abuja. or Call 07060498408.”

  • Buguard secures $500k in seed round to fund growth

    Buguard secures $500k in seed round to fund growth

    Buguard, a cybersecurity firm based in Egypt, has successfully completed a Seed investment round, raising a total of $500,000 to defend clients from cyber assaults emanating from the dark web and support development plans.

    The cybersecurity company Buguard, which is based in Egypt, has successfully raised $500,000 in seed round funding. Along with involvement from angel investors, the investment round was led by A15, which is the premier venture capital firm in the MENA region. The money will be used by Buguard to expand its personnel, with a particular emphasis on product, sales, and channel relationships.

    Initially established by Youssef Mohamed As of the year 2021, Buguard provides its customers with offensive security services designed to defend them against cyberattacks emanating from the dark web. These services include penetration testing and vulnerability assessment, phishing simulation, compromise assessment, threat intelligence, and red teaming. 

    Read also: Fraudsters reveal alarming Cyber Security flaws in Nigerian banks

    Remark from Buguard’s founder

    While speaking about the raise, Youssef Mohamed, founder and chief technology officer of Buguard, expressed his delight and shared that the dangers that lurk on the dark web are extremely real, constantly evolving, and continually increasing. Any firm has the potential to become a victim, so every business must always be prepared.

    In addition to having a subscription-based, software as a service (SaaS) product called Dark Atlas that is more comprehensive and in-depth than any other available alternative solutions, our team at Buguard is comprised of some of the most accomplished security researchers and engineers in the world.

    His exact words were, “We are delighted to announce our fundraise, and I thank A15 for its great support. The world of dark web cyber threats is very real, dynamic and growing. Any company can be a victim and one must be prepared. Our team at Buguard is hand-picked and includes some of the world’s leading security researchers and engineers, coupled with a subscription-based, SaaS product—Dark Atlas—that goes broader and deeper than existing alternative solutions.”

    The recent rise in the number of cyberattacks worldwide has also affected Africa. As of February 2023, nearly 90 percent of firms operating in Africa did not have any form of cybersecurity standards in place. As a result, these organisations were increasingly susceptible to various types of cyberattacks, including hacking, phishing, and malware attacks. 

    According to data provided by IBM, the average cost of a data breach has reached an all-time high of $4.35 million. The most prevalent reason for a data breach is the fraudulent use of credentials that have been stolen or otherwise compromised. 

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    More Remarks

    Karim Beshara, A15 General Partner remarked, “We have been very impressed by the domain expertise exhibited by Buguard’s security researchers and engineers and are very excited to partner with Youssef and Buguard’s best-in-class team. Threats posed by ever evolving cybercriminal tactics are a serious threat to businesses, both large and small. It is becoming increasingly important to take proactive measures to protect against these threats. Buguard does just that through its security services and Dark Atlas.”

    According to Youssef Mohamed, the Founder and Chief Technology Officer of Buguard, the company’s present priority is to strengthen its footprint in the GCC region first before contemplating any expansion ambitions. 

    This assertion was made by Mr Mohamed: “We are already globally facing clients across the world, but our immediate strategy is to grow even stronger in the GCC. We look forward to expanding into Saudi Arabia during 2023 and using our proceeds to help fulfil our significant growth potential.”