Friday, December 3

Tag: Bitcoin

EFCC arrests man for $200,000 Cryptocurrency fraud in Lagos
News

EFCC arrests man for $200,000 Cryptocurrency fraud in Lagos

Operatives of the Economic and Financial Crimes Commission, EFCC, Lagos Zonal Command, have arrested one Precious Ofure Omonkhoa for an alleged bitcoin investment scam. Omonkhoa was arrested on November 8, 2021 in the Ikoyi area of Lagos, following credible intelligence received by the Commission about his illegal activities. A statement released by the antigraft agency says Omonkhoa allegedly posed as Moshem Cnich, a Swedish national, to defraud unsuspecting victims of their hard- earned money by claiming that he runs a bitcoin scheme, where people invest money to make huge returns. ''Preliminary investigation also revealed that the suspect engaged in a dating scam and had defrauded two victims in Canada. Upon his arrest, the suspect confessed to have laundered the proceeds ...
Nigerian car dealer to face 20 years in US prison as he’s charged with money laundering and investment fraud
News

Nigerian car dealer to face 20 years in US prison as he’s charged with money laundering and investment fraud

The founder and CEO of Big-T Autos, Tochukwu Abel Edeh, has been arrested in the United States of America and charged over alleged money laundering. The 31-year-old was arrested on September 2, 2021 and indicted in federal court in Boston on Thursday, September 30. He allegedly operated an unlicensed money transmitting business to launder the proceeds of online investment fraud schemes, according to the US Department of Justice. The defendant allegedly conspired with others, in or around 2015, to launder and transmit proceeds of Ponzi-style investment fraud schemes based in Nigeria. A statement by the U.S. Attorney's Office, District of Massachusetts, reads: "A Nigerian national was indicted today in federal court in Boston in conn...
E-Naira: Things to know as CBN launches Nigeria’s digital currency
News

E-Naira: Things to know as CBN launches Nigeria’s digital currency

The Central Bank of Nigeria (CBN) will launch a digital currency, e-Naira in October to coincide with the nation’s independence anniversary. Governor Godwin Emefiele has assured that the advantages of the Central Bank Digital Currency (CBDC) are enormous. The apex bank chief urged Nigerians to embrace the e-Naira and explained it is safer than cryptocurrencies. Things to know and the benefits: Digital currency is the electronic form of fiat money issued by governments. However, many confuse it with cryptocurrency which is a store of value secured by encryption. The central bank of a country supervises digital currency. Cryptocurrencies are not regulated by any government, reason why authorities warn against bitcoin, ethereum and the likes. According to The Atlantic Counci...
Bitcoin Plunge: $98bn Wiped Off Crypto Market in 24 Hours
News

Bitcoin Plunge: $98bn Wiped Off Crypto Market in 24 Hours

Bitcoin and other digital coins are currently on a free fall. Bitcoin in particular has now dipped below $30,000 value for the first time since June 22. This is after it reached an all-time high of approximately $65,000 in April. Findings show that the current worth of 1 bitcoin is $29,860 (N12,260,000). Other digital coins are recording dip. CoinMarketCap said about $98billion was wiped off the entire cryptocurrency market in 24 hours as of Tuesday morning. The plunge is the effect of a huge sale of shares and bonds in global stocks. The Dow Jones Industrial Average had its worst day on Monday since October 2020. “There’s been a broad sell-off in global markets, risk assets are down across the board,” said Annabelle Huang, partner at Amber Group. The crypto expe...
El Salvador Approves Bitcoin as Legal tender
News

El Salvador Approves Bitcoin as Legal tender

In a first of its kind move, El Salvador has approved bitcoin as legal tender, the county's president said. This makes El Savador the first country in the world to adopt a cryptocurrency for everyday use. Lawmakers in the Central American nation’s Congress passed a bill late Tuesday, June 8, that will eventually allow the digital currency to be used for many aspects of daily life, from property purchases to tax contributions. "The #BitcoinLaw has just been approved by a qualified majority" in the legislative assembly, President Nayib Bukele, 39, tweeted after the vote late Tuesday. "History!" the 39-year-old president added With 62 out of 84 possible votes, lawmakers voted in favor of the move to create a law to adopt bitcoin, despite concern about the potential impact on ...
Elon Musk’s cryptic tweets crash Bitcoin again
Business

Elon Musk’s cryptic tweets crash Bitcoin again

Tesla boss Elon Musk was at it again this time firing off a few cryptic tweets that appeared to lament a breakup with Bitcoin. The leading cryptocurrency slipped 4% on Friday after the tweets. Tesla’s big position in bitcoin and Musk’s large personal following often set crypto markets on edge whenever he tweets. And the price fell after he posted “#Bitcoin”, a broken-heart emoji and a picture of a couple discussing a breakup. Musk followed that up by posting a breakup comic strip and replying “nice” to an illustration of rival crypto dogecoin posted by crypto exchange Coinbase. It was unclear what, if anything, any of the tweets meant. Musk has previously said Tesla would not sell its bitcoin, but his tweets were enough to unsettle markets still fragile following May’s cr...
EFCC Cautions Nigerians Against Bitcoin, Forex Trading, Others
News

EFCC Cautions Nigerians Against Bitcoin, Forex Trading, Others

The Economic and Financial Crimes Commission (EFCC) has warned Nigerians against what it described as any investment that promises returns that looks too good to be true. “Though risk-taking is considered by some as the oxygen that drives investment decisions, the commission warns the public against taking unmitigated risk in desperation to earn a windfall. “Investment in Bitcoin, for instance, is a high risk activity as the terrain is largely unregulated, and prone to fraud,” the anti-graft agency said. EFCC spokesman, Wilson Uwujaren, who gave the warning in Abuja, said the commission was alarmed at the rate Nigerians send petitions to the anti-corruption agency on fraudulent investments that promise high return with little risks to investors.
Southampton Players To Receive ‘Bitcoin Bonuses’ After ‘Biggest Sponsorship Agreement’ In Club’s History
Sport

Southampton Players To Receive ‘Bitcoin Bonuses’ After ‘Biggest Sponsorship Agreement’ In Club’s History

Southampton players will reportedly have the option to be paid bonuses in Bitcoin as part of a new sponsorship agreement. The Saints have struck a a three-year deal with Coingaming Group, following on from a one-year term with the company to have Sportsbet.io, one of their brands, on the front of their shirts in 2020/21. The deal with is said be worth £7.5 million a year, making it the most lucrative sponsorship contract in the club's history. And as per The Athletic, another key feature of the arrangement means Saints players will be able to be paid performance-related bonuses in Bitcoin. Achievements such as qualifying for Champions League or winning a domestic trophy could see members of Ralph Hussenhuttl's squad take home a healthy bonus that is paid entirely in the crypt...
Tesla vehicles can now be bought using bitcoin, Musk says
Tech

Tesla vehicles can now be bought using bitcoin, Musk says

Tesla Inc chief Elon Musk said on Wednesday that a Tesla vehicle can now be bought using bitcoin and the option will be available outside the United States later this year. “You can now buy a Tesla with bitcoin,” he tweeted on Wednesday. “Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.” Last month, Tesla revealed it had purchased $1.5 billion of bitcoin and would soon accept it as a form of payment for cars, sending the price of the world’s most popular cryptocurrency soaring. Musk, who has been promoting cryptocurrencies through his Twitter account, had last month criticized conventional cash, saying when it “has negative real interest, only a fool wouldn’t look elsewhere.” He had said that the difference with cash made it “adventurous en...
Cryptocurrency: Nigerians Are Free To Use Bitcoin – CBN
Business

Cryptocurrency: Nigerians Are Free To Use Bitcoin – CBN

The Central Bank of Nigeria (CBN) said there was no time the bank banned the activities of Cryptocurrencies in the country. The Governor of the bank, Godwin Emefiele, disclosed this in Abuja at the 30th seminar for Finance Correspondents and Business Editors organised by the bank. Emefiele, who was represented by Adamu Lamtek, Deputy Governor, Corporates Services, said what the bank did was to protect the banking sector from the activities of Cryptocurrencies and not a ban on its activities. "The CBN did not place restrictions from use of Cryptocurrencies and we are not discouraging people from trading in it. What we have just done was to prohibit transactions on Cryptocurrencies in the banking sector."
Ado-Ekiti Poly Rector Flees After Investing N1Billion Meant For Lecturers’ Salaries In Bitcoin
Education

Ado-Ekiti Poly Rector Flees After Investing N1Billion Meant For Lecturers’ Salaries In Bitcoin

The rector of Federal polytechnic, Ado-Ekiti is currently on the run after investing about N1 Billion meant to pay salaries of lecturers into Bitcoin. The lecturers have reportedly began strike action by closing down the gate of the school in protest of N1 Billion salaries arrears owed by the rector. Students have also shown displeasure over the rector’s action, as the federal government is being called upon to intervene.
Bitcoin Can Be Used For ‘Illegal’ Purposes – US Regulators
Business

Bitcoin Can Be Used For ‘Illegal’ Purposes – US Regulators

Bitcoin tumbled Tuesday from its record-breaking run after US Treasury Secretary Janet Yellen warned that the “highly speculative” unit could be used for “illicit” purposes. At about 1500 GMT, the digital currency slid 12.57 percent to $47,946, while rival Ethereum declined 15 percent to $1,539. Tesla boss Elon Musk — whose company has invested heavily in bitcoin — tweeted Saturday that the prices of both cryptocurrencies “seem high”. Yellen hit out Monday over bitcoin, claiming it was inefficient and required a vast amount of energy — and she expressed fear it was used for “illicit” reasons. “I don’t think that bitcoin… is widely used as a transaction mechanism. To the extent it’s used, I fear it’s often for illicit finance,” she said at an event hosted by the New York Tim...
India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets
Business

India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets

India has become the second country to outrightly ban Bitcoin and other cryptocurrencies. This is coming after the Central Bank of Nigeria instructed all financial institutions in the country to block the accounts of all individuals and entities linked to cryptocurrency transactions. There has been a lot of drama surrounding India’s cryptocurrency stance. In 2018, the Reserve Bank of India issued a ban on all cryptocurrency transactions. The ban was lifted by the country’s Supreme Court in March 2020. In December 2020, government officials hinted that they were considering taxing Bitcoin transactions by up to 18%. Barely a month later and there were rumours that the country was mulling over banning all private cryptocurrencies. Apparently, officials were serious about banning ...
Reno Omokri Promises To Pay Buhari ₦1 Billon In Bitcoin If He Can Do This
Politics

Reno Omokri Promises To Pay Buhari ₦1 Billon In Bitcoin If He Can Do This

Reno Omokri shared a photo of former president Goodluck Jonathan doing a kick. Reno has promised to give President Buhari ₦1 billion, in Bitcoin if he can do the kick the same way Jonathan did it. Sharing the photo on his Twitter handle, Reno wrote; Dear General @MBuhari, I will pay you ₦1 billion, in #Crypto #Bitcoin, if you can do this kick! #BuhariTormentor
Tesla Buys $1.5 Billion Worth Of Bitcoin, Says May Accept It For Payment For Car
Business

Tesla Buys $1.5 Billion Worth Of Bitcoin, Says May Accept It For Payment For Car

Telsa (TSLA) revealed in a securities filing that the electric car company has purchased $1.5 billion worth of Bitcoin and expects to accept the cryptocurrency for its products in the future. “In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, we may invest a portion of such cash in certain specified alternative reserve assets. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy,” the company wrote in a 10-K filing with the SEC. According to the fling, Tesla said it expects to begin accepting Bitcoin as a form of payment for its products “in the near future,” where it’s permitted....
115 Mothers Arrested In Abuja Human Milk Factory, Where Customers Pay With Bitcoin
Crime

115 Mothers Arrested In Abuja Human Milk Factory, Where Customers Pay With Bitcoin

The Nigerian authorities rescued 115 mothers in Abuja, whose breast milk was being harvested every day and then turned into different dairy products like cheese, butter, and fresh milk. Some of these girls were as young as 16, the oldest being 22, and most of them were reported missing in the last 3 years. Police suspect that their capturers recorded everything they did to them for the past three years and uploaded it to the dark web to entertain their clients. The girls were raped and impregnated live on the internet, and after giving birth, they milked them like cows every day, and their milk was processed using some of the latest technology in the dairy industry. 3 starving cows were kept as a front in case police started to look into the place. The majority of products from t...
‘I Built This House With My Money, Not With My Body’ – 31-Year-Old Landlady
Lifestyle

‘I Built This House With My Money, Not With My Body’ – 31-Year-Old Landlady

“My life has had many ups and downs, twists and turns. Someday I will tell my story. “Today, I want to celebrate the woman I have become, it took years of hard work, dedication and perseverance. Behind the scenes there have been many battles, depression, frustration, suicidal thoughts, but through it all God had mercy on me and saw me through. You can now add Landlady to my many titles. “I Ibubeleye, built this house from start to finish with my own money. No man, no woman gave it to me, I didn't use my body, I used my skills, my brains and with encouragement from good friends and family and the grace of God, it was made possible.” Revealing the source of the money she used in building the house, Ibubeleye said: “The money for this house was built 100% from funds from Trading Bi...
David Barral becomes first-ever footballer to be bought with Bitcoin
Sport

David Barral becomes first-ever footballer to be bought with Bitcoin

  Former Real Madrid B and Levante striker, David Barral has become the first-ever player to be purchased using cryptocurrency. The 37-year-old Spaniard officially signed for Spanish third division team DUX Internacional de Madrid on Tuesday, January 19, in a deal funded entirely through the use of bitcoin. The transfer fee is yet to been disclosed with the deal yet to be acknowledged by authorities. The club owned by footballers Borja Iglesias and Thibaut Courtois, said in a statement: 'David Barral new player of DUX Internacional de Madrid, welcome to the infinite club!' the club shared on its social media pages. 'He becomes the first signing in history in cryptocurrencies. Thanks to Criptan, our new sponsor, for making it possible.' The striker added: 'Glad to j...
Use #4000 To Get 2.5 Million Using Eutherium
Tech

Use #4000 To Get 2.5 Million Using Eutherium

Just like Erik Finman at age 12 who bought 1,000 dollar worth of Bitcoin at $10 each in 2009 with his grand mum's money; by late 2017 when Bitcoin was over $18,000 each, he became the world youngest Bitcoin Millionaires. We might not be young like Erik Finman as at when he saw the bitcoin dream...but one thing is certain, "we have the Ethereum dream in our hands if we have by chance of Omission or Commission heard about the ETHEREUM MILLION MONEY SMART CONTRACT PROJECT. WHY DO YOU NEED TO MAKE A LOT OF MONEY? It's easier to change the world with a lot of money than without money. Imagine how billionaires like Bill Gates and multi-millionaires like Ellen De Generes change lives, start foundations and movements all with one cheque. Don't forget that when you succeed big, at the v...
Bitcoin Investment Opportunity. Bitcoin Employment/ Career Opportunity
Lifestyle

Bitcoin Investment Opportunity. Bitcoin Employment/ Career Opportunity

  JOBS! JOBS!! JOBS!!! THIS IS A TESTED AND TRUSTED ONLINE JOB/INVESTMENT OPPORTUNITY. Always remember these- NO PAIN-NO REWARD, NO VENTURE-NO SUCCESS. THIS IS THE BITCOIN GOLDEN OPPORTUNITY WHERE YOU CAN EITHER INVEST IN BITCOIN AND EARN PROFIT DAILY OR CHOOSE TO START A CAREER IN THE BITCOIN INDUSTRY AND WORK FOR YOUR SELF WHILE YOU STILL GET PAID DAILY, FUNDS ARE PAID DIRECTLY INTO YOUR STIPULATED BANK ACCOUNT IN NAIRA OR DOLLARS, DEPENDING ON YOUR PREFFERED CHOICE. LUKILY YOU CAN BENEFIT FROM THE ANNIVERSARY PROMO CURRENTLY IN PLACE. Hello Dearest Investor, INTRO- Welcome yourself to this great Bitcoin investment Platform, we always have the latest and the most reliable information in the Bitcoin industry. BITINVEST WORLD is quite clear and intuitive. We have...
I Paid $15,000 In Bitcoin To My Daughter’s Kidnappers – PDP Chieftain, Umar Ardo
Crime

I Paid $15,000 In Bitcoin To My Daughter’s Kidnappers – PDP Chieftain, Umar Ardo

A chieftain of the Peoples Democratic Party, Dr Umar Ardo, whose daughter, Aisha, was kidnapped Saturday, said he paid $15,000 to secure her release. He told Daily Trust yesterday that he was contacted by one of the kidnappers on Sunday at about 9:56 am who said his daughter would return to him safely if he cooperates with them. “I then said okay I will cooperate and negotiate with you on one condition; that is if you give me two promises. One, that you will not harm my daughter, by which I meant you won’t kill her. Secondly you will not molest my daughter by which I meant you won’t rape her. “But if you cannot promise me these two then you can as well do what you want to do with her. The caller then said Dr I see you are a gentleman and I am also a gentleman. I give you these...
Facebook set to introduce cryptocurrency for WhatsApp
News

Facebook set to introduce cryptocurrency for WhatsApp

Facebook is set to introduce cryptocurrency for WhatsApp, so as to enable users of the popular messenger application send and receive money. Although the focus will be the Indian market, the cryptocurrency will be a special cryptocoin, “stablecoin” which has its value as the U.S. dollar. According to the report, Stablecoin is so chosen because it is able to protect users from volatility, a problem Bitcoin and other cryptocurrencies have been having. Bloomberg reports that Facebook’s statement reveals that it is “exploring ways to leverage the power of blockchain technology” which had the head of Facebook’s Messenger, David Marcus, explaining in May this year, “I’m setting up a small group to explore how to best leverage Blockchain across Facebook, starting from scratch.”...
Cryptocurrency: How Price Drop Affects Exchanges
News

Cryptocurrency: How Price Drop Affects Exchanges

It may be easy to convince anyone that a cryptocurrency exchange made loads of profits in 2017, given the remarkable upward price jumps the market witnessed. But with the market capitalisation down and prices of cryptocurrencies dropping drastically in 2018 from what it used to be, it becomes difficult to see how exchanges are not counting huge losses. A report by Bloomberg estimated that the top ten cryptocurrency firms were generating as much as $3 million in fees a day or heading for more than $1 billion per year as at 2017 which was significant considering that the market did not even exist until 2009. According to the report, based on daily trading volume and fees listed, annual revenue for the top exchanges goes into the billions of dollars. CRYPTOCURRENCY Coinbase, one ...
Bitcoin Falls Below $5,000 For First Time Since Oct 2017
Uncategorized

Bitcoin Falls Below $5,000 For First Time Since Oct 2017

The value of bitcoin slipped Monday below $5,000 (4,367 euros) for the first time since October 2017 as volatility returned to the cryptocurrency market. Bitcoin Data compiled by Bloomberg showed the world’s most popular virtual currency losing about 10 percent of its value from Friday evening to stand at $4,958.36 at 1635 GMT. It rebounded slightly to trade at $5,065 at 1710 GMT. The rout on the crypto market began on Wednesday and also affected widely traded currencies such as Ethereum and Ripple. Bitcoin opened trading on Wednesday at $6,326 and has since seen its market capitalisation fall to less than $100 million for the first time in over a year. The still-nascent market is not completely transparent and analysts have struggled to understand what prompted the latest sel...
Being Duped Was My worst Experience But I’m Not Depressed – Yung6ix
Celebs

Being Duped Was My worst Experience But I’m Not Depressed – Yung6ix

Nigerian rapper, Yung6ix recently revealed in an Instagram post that he recently lost a lot of money on his bitcoin investment. This according to him was his worst life experience, although he was not depressed about the incident. However, in a chat with Sunday Scoop, Yung6ix said he has the ability to make the money over and over again and so had no reason to enter into depression. “It was a sad experience and I’m just trying to let go at the moment. It was the worst experience ever. However, I am not depressed. I made the money I lost and I can make it over and over again. The hustle doesn’t stop. If you give into challenges, you will fall. But if you brace up and face them, you will rise way higher than you were before,” he said. Offering advice to people from his experience, the r...
Bitcoin Value Falls Lowest Level Since Mid-November
News

Bitcoin Value Falls Lowest Level Since Mid-November

The value of Bitcoin has dropped below $6,000 – the lowest level since mid-November. The digital currency fell as low as $5,920 on Tuesday – down 13% on the previous day – before recovering slightly, according to Bitstamp Exchange. Bitcoin surged in value during 2017, starting the year at around $900 and topping $20,000 in December. But it has since tumbled sharply, dipping below $8,000 on Friday amid worries about a global regulatory clampdown. In the UK, Theresa May has said Britain should take a serious look at digital currencies such as Bitcoin because of the way they can be used by criminals. Lloyds Banking Group and Virgin Money have banned customers from using credit cards to buy Bitcoin and other cryptocurrencies. Lloyds said it had taken action on fears that some...
New Cryptocurrency That Will Kill Of Bitcoin
Business, Tech

New Cryptocurrency That Will Kill Of Bitcoin

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Nigeria Experiences Spike In Bitcoin Adoption
News

Nigeria Experiences Spike In Bitcoin Adoption

Nigeria has witnessed a recent spike in bitcoin adoption, with the P2P markets setting a new record for trading volume thus far during the week of the 16th of December. Nigeria comprises the most recent African nation to experience a spike in cryptocurrency adoption, with Zimbabwe’s bitcoin prices having been among the highest worldwide for a large portion of 2017. Nigeria’s local bitcoin markets have established a record high for trading volume, with nearly 1,950,000,000 Nigerian Naira worth of BTC exchange hands so far during the week of the 16th of December. According to cryptocompare, Nigerian Naira/BTC trade comprises the 23rd largest bitcoin market by national currency as of this writing, seeing 101.45 bitcoins traded in the last 24 hours. The Naira/BTC trade accounts for approxim...
Bitcoin Suffers Dramatic Price Plunge In Asia
News

Bitcoin Suffers Dramatic Price Plunge In Asia

Bitcoin prices plunged about 15 percent in Asian trade Wednesday before recouping some of the losses as investors apparently took fright at news that a South Korean exchange had been hacked. The unit, which hit a record $19,500 at the start of the week, took a hit as it emerged that South Korean exchange Youbit had been hacked, leading the firm to say it will close and start bankruptcy proceedings, according to Bloomberg News. Separately, US authorities on Tuesday suspended trading in a popular Bitcoin-related stock, citing concerns about market manipulation. The Crypto Company’s share price had risen 1,700 percent between the end of September and Monday evening before the Securities Exchange Commission intervened to halt trades until January 4. “Both the news of South Korea’s exchange...
Bitcoin Smashes Through $5,000 Barrier For First Time
News

Bitcoin Smashes Through $5,000 Barrier For First Time

Bitcoin smashed through the $5,000 barrier for the first time ever on Thursday, jumping as much as 7 percent to chalk up its biggest daily rise in over two weeks. Bitcoin, the original and still the biggest cryptocurrency, has been on a tear recently, rallying nearly 75 percent in barely a month. It has chalked up a more than fivefold increase in price since the start of the year.

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