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Alarm! Cryptocurrency Spam Increases by 3,894% in 2 Years – LunarCrush

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Cyber Security - Investors King

Prominent Cryptocurrency intelligence provider, LunarCrush has revealed that spam in the cryptocurrency industry jumped by an estimated 3,894% in 2 years.

The firm which has been diligent in collecting specific cryptocurrency data since 2019 has stated that not only has the spam rate increased but it’s also “the fastest growing metric on social media.”

The report which was published on May 25 was titled ‘The beginning of the end for bots and spam‘. It stated that “more spam accounts than you would think are actually people. This is why it is so hard for a bot that was written to detect spam, to actually catch spam. It takes little effort for even the least tech-savvy person to outsmart a bot trying to stop them in their mission”.

A close study of the report by Investor King showed that Twitter, the social media platform mostly used by the cryptocurrency industry, experienced a 1,374% jump in spam volume over the past two years,

LunarCrush CEO, Joe Vezzani, told Quantum Economics founder, Matti Greenspan in his crypto newsletter, that the alarming rate of spam and bot on Twitter reduces the social media platform’s value.

“For a web2 platform like Twitter, there is a direct incentive to turn a blind eye to fake accounts because it increases the value of their platform. In web3, if you have a tokenized incentives system, you want to have as many real users as possible who are holding the asset long term rather than trying to extract value from the community.”

Tesla CEO, Elon Musk has vowed to reduce the alarming numbers of spam and scam bots. However, Twitter takeover is presently on hold due to the same reason, high spambots. Despite Twitter claiming that spam and fake accounts on the platform are about 5%, Elon Musk has argued otherwise, saying it is probably 20% and “could be *much* higher.” 

Musk plans to crack down on spam bots that have plagued the platform and suggested that the company’s claim of 95% genuine users is too high.

Until there is a reduction in the number of bots and spams on Twitter, cryptocurrency investors are advised to be on the lookout and stay vigilant.

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Cryptocurrency

Cryptocurrency Presents a New Shift for Wealth Creation in Nigeria, Says Patricia CEO

Expert in the cryptocurrency industry has said it provides a new form of wealth creation that is bigger than what the country has ever experienced for Nigeria’s younger generation

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Visa CryptoSpend- Investors King



Expert in the cryptocurrency industry has said it provides a new form of wealth creation that is bigger than what the country has ever experienced for Nigeria’s younger generation, Hanu Fejiro, Chief Executive Officer (CEO) of Patricia, a cryptocurrency exchange company, stated.

He explained that with crypto trading, NFTs, and gaming guilds where people play games and earn money, there’s a major shift in wealth creation and huge opportunities for the younger generation.

Speaking at the 2022 Technext Conference titled “Blockchain and DeFi – Beyond the hype”, the CEO said the Federal Government needs to pay adequate attention to the blockchain industry and come up with acceptable policies to ensure its success for the nation’s benefits.

According to him, Nigeria is currently ranked fourth globally in terms of cryptocurrency transactions with over 22 million Nigerians effectively trading in the market despite the ban by the Central Bank of Nigeria 

He said “Today, Nigeria is the fourth country in the world with the most crypto transactions. And that’s not a joke.




“You know, America is leading, but America has regulation. America has had regulation for the past 2 to 3years now. Now, Nigeria with no regulation is 4th in the world with about 22 million crypto users.

“Crypto is too huge an industry not to pay attention to really, and I think that the government needs to get aligned. There needs to be a handshake.”

In addition, Fejiro said that the Federal Government needs to support this industry and allow it to grow, to enable them to access the potential opportunities it has to offer to not only the citizens but the economy of the country at large.

He said, “They say the youths are the future. What are the youths doing today? Music, sports, and crypto. There needs to be government support for these industries to grow.

“There needs to be free trade zones made especially for crypto; there is need for public policies.

“We need to move away from the idea of fossil fuel in terms of crude oil and focus on human capital as our main resource right now.

Now, everybody wants to go to Canada, go to the UK, we are losing the most important thing that we have which is human capital. So the minute we can turn things around as a government, Nigeria will become the real giant of Africa.”




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Cryptocurrency

Binance to Pay White Hat Hackers $1 Million for Bug, Up to 10% for Catching Hackers

Following the breach in its security protocol and the eventual transfer of 2 million Binance coins estimated at about $570 million, the world’s largest cryptocurrency platform has announced plans to start paying white hat hackers.

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Binance - Investors King






Following the breach in its security protocol and the eventual transfer of 2 million Binance coins estimated at about $570 million, the world’s largest cryptocurrency platform has announced plans to start paying whitehat hackers who helped identify loopholes in its technology and those that help arrest criminal hackers that unlawfully breaks into its platform.

In a long blog post released sequel to the theft, Binance management explained that the hackers exploited the native cross-chain bridge between BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC), known as “BSC Token Hub.”

Therefore, were able to move a total of 2 million BNB. The leading exchange platform claimed the exploit was carried out by a sophisticated forging of the low-level proof into one common library.

However, despite the fact that it runs a decentralised blockchain developed to run without external interference, it was able to contain the situation by contacting 26 BNB Smart Chain active validators out of the 44 spread in various time zones.

While this delayed the company’s efficiency in arresting the situation, it was able to minimize losses, Investors King understands. Binance reported that only BNB coins valued at $100 million were transferred to hackers’ wallets.

“Decentralized chains are not designed to be stopped, but by contacting community validators one by one, we were able to stop the incident from spreading. It was not that easy as BNB Smart Chain has 26 active validators at present and 44 in total in different time zones. This delayed closure, but we were able to minimize the loss,” Binance said.

Therefore, in an effort to avoid a similar situation going forward, Binance has announced two key changes; to start compensating white hat hackers that helped identified loopholes that can be exploited by criminals like other top exchange platforms like Coinbase.

It would be recalled that Investors King reported that the Aurora platform paid two white hat hackers $2 million for helping to identify what could have been a disaster for the organisation.

Binance will start paying $1 million per bug once its on-chain governance votes.

Also, the company plans to pay as much as 10% of the recovered funds as a bounty to those that helped in catching criminal hackers.

Moving forward Binance said “Looking at the broader picture, we have seen a series of attacks on targeting vulnerabilities in cross-chain bridges. We will openly share the details of the postmortem and all lessons on how to implement more advanced security measures to shore-up these vulnerabilities.

“A new on-chain governance mechanism will be introduced on the BNB Chain to fight and defend future possible attacks.”




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Cryptocurrency: Hackers Steal $100 Million Worth of Binance Coins (BNB)

The world’s biggest cryptocurrency exchange by trading volume, Binance was hacked in the early hours of Friday.

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Binance CEO






The world’s biggest cryptocurrency exchange by trading volume, Binance was hacked in the early hours of Friday.

Investors King learnt that there was a cross-chain breach on the Binance protocol which led to a heist of about $100 million worth of Binance Coin (BNB). Subsequently, all operations on the Binance Exchange were suspended to contain the breach. 

The halt in operation, therefore, raised several concerns in the crypto community with many people being worried about what will happen to their funds.

A statement released by the management which confirmed the attack read “We want to confirm that we coordinated with validators to temporarily suspend BNB Smart Chain (BSC) after having determined an exploit on a cross-chain bridge”.

However, Binance CEO Changpeng Zhao ‘CZ’ later tweeted about eight hours after the halt in operation, saying “The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly”. 

Before the Binance validator was suspended, the hackers had already managed to move 2 million BNB, to their wallets but couldn’t get it all out by the time Binance suspended all deposits and withdrawals on its platform.

The company further stated that a team of developers is already investigating the breach.

This is a developing story. More details will be provided soon. 




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