The highly anticipated airdrop from the crypto-mining app Hamster Kombat has sparked outrage among thousands of Nigerians. After five months of dedicated effort tapping to earn rewards, users were expecting significant payouts, with many dreaming of newfound wealth. However, upon the coin’s launch on Thursday, expectations quickly turned to disillusionment. Instead of the substantial rewards … Read more
Fintechs, including Opay and PalmPay, are discouraging crypto trading on their platforms. Their actions follow a CBN directive to the digital banks to stop onboarding new customers. There are concerns that the fintechs are being used for money laundering and terrorism financing. Eko Hot Blog reports that Nigerian fintech companies have cautioned their customers against … Read more
Sam Bankman-Fried ran FTX, a crypto exchange company, which collapsed in November 2022. The collapse left customers, investors and lenders short over $11 billion. The crypto mogul was accused of running down the company and has been imprisoned for his actions. Eko Hot Blog reports that crypto entrepreneur Sam Bankman-Fried was on Thursday sentenced to … Read more
EKO HOT BLOG reports that Crypto experts and enthusiasts have expressed concerns over the recent ban on Binance naira operations in Nigeria, warning that it could exacerbate youth unemployment in the country. In interviews with Punch, these experts urged the government to explore more effective ways of addressing Nigeria’s current foreign exchange challenges. EDITOR’S PICKS BREAKING: … Read more
The Nigerian government has been unfriendly towards cryptocurrency trading in the past. It had always warned that crypto assets are risky investments. The government took its most significant step against crypto trading today by banning the largest exchange in the world from operating in Nigeria. Eko Hot Blog reports that Nigeria’s Securities and Exchange Commission … Read more
IThe crypto winter is apparently not over yet. Coinbase announced Tuesday that it was laying off 950 people, about 20% of its staff. The job cuts come only a few months after another major round of layoffs. The crypto brokerage firm let 1,100 people go in June, about 18% of its headcount at the time. … Read more
Disgraced crypto boss Sam Bankman-Fried says he hopes to start a new business to make enough money to pay back victims of the FTX collapse. Eko Hot Blog reports that the 30-year-old faces several federal investigations into his former company’s handling of funds. EDITOR’S PICKS Colombia: Landslide Kills 3, Buries Several People Leaders Of South … Read more
FTX cannot find at least N1 billion of customer funds after filing for bankruptcy. Eko Hot Blog reports that at least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people who spoke with Reuters. EDITOR’S PICKS Stunning Downfall: Crypto Giant FTX Files For Bankruptcy 2023: Desist From Derogating … Read more
Crypto giant FTX has filed for bankruptcy after suffering a stunning downfall from grace. Eko Hot Blog reports that cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy in the United States (US). EDITOR’S PICKS Ukrainian Forces Enter Key City Of Kherson After Russian Troops’ Total Withdrawal Buhari Cries Out For Help: Direct More Money … Read more
Naira has crashed massively at the official investors’ and exporters’ window. Eko Hot Blog reports that the exchange rate between the naira and the US dollar closed at N416.67/$1 at the official Investors and Exporters (I&E) window. The exchange rate at the I&E window depreciated marginally on Thursday, 17th March 2022 by 0.04% to close at N416.67 compared … Read more
Crypto Market Liquidations have surpassed $881 Million as Alts post-double-figure losses. Eko Hot Blog reports that the bears have taken over the narrative in the cryptocurrency market as the market paints in their favourite colour, red. Data from Coinglass reveals that as Bitcoin took its nosedive towards $38,000 per coin, the total cryptocurrency market liquidation … Read more
Throughout 2021, the Central Bank of Nigeria (CBN) implemented various reforms and policies to ensure economic and financial stability. Eko Hot Blog understands that while it received kudos for some of its policies, the apex bank also received knocks from Nigerians. In this post, Eko Hot Blog looks at five major policies of the CBN that … Read more
Indonesian Islamic body forbids crypto as currency The use of crypto as a currency is prohibited in Indonesia, the world’s largest Muslim majority country EKO HO BLOG reports that the Indonesian Ulema Council (MUI), a leading group of clerics, has concluded that while using cryptocurrencies as a form of payment is prohibited in Islam, trading … Read more
Blockdata says that three main developments convinced many of the top banks to start providing crypto-related services to clients. A new report from blockchain research firm Blockdata suggests that over half of the world’s biggest banks are getting exposure in crypto and blockchain companies. READ ALSO: BREAKING: TALIBAN ENTERS AFGHAN PRESIDENTIAL PALACE AFTER GHANI FLEES … Read more
The report stated that, “Topping the list is the African nation of almost 200 million people, mainly on the younger, more tech-savvy side. With most Nigerians adept at sending money and paying through their phones, almost a third of Nigerians surveyed by Statista have used or owned crypto at some point.” A top cryptocurrency exchange … Read more
The federal government had, last week, suspended the activities of Twitter indefinitely over allegations that it poses a threat to Nigeria’s corporate existence Some Nigerians have berated the Minister of Justice and Attorney-General of the Federation (AGF), Abubakar Malami, for allegedly using a Virtual Private Network (VPN) to access his Twitter account and trading in … Read more
This follows last week’s declaration by the SEC that fintechs allowing Nigerians access to foreign securities were operating illegally. Nigeria’s Securities and Exchange Commission (SEC) says it is working with the Central Bank of Nigeria (CBN) for better understanding and regulation of cryptocurrencies in the country. SEC Director-General, Lamido Yuguda, said this at the 2021 … Read more