Connect with us

E-Business

Don’t Turn out the Lights on Dark Web Marketplaces

Published

on

Alastair Paterson, CEO and Co-Founder, Digital Shadows
Kindly share this post

We’ve all heard the phrase: “When one door closes, a window opens.” You can bet that as you’re reading this, those engaged in cyber crime on the dark web are looking for that next ‘market place window’ to open.

The takedown of AlphaBay by an international law enforcement investigation, followed soon thereafter by the takedown of Hansa, has left many wondering about the future of dark web market places. An erosion of trust in these more established marketplace models will likely derail efforts by others to fill the void quickly.

But the fact remains, sellers still need to find customers and customers still need access to illicit goods and services. So what’s next for illegal, online trade?

As I’ve discussed before, it is important to remember that criminal activity isn’t limited to the dark web, particularly given the fact that some countries don’t extradite cybercriminals. This is especially the case with more sophisticated level Russian-speaking criminals.

With minimal consequences, bad actors have no incentive to hide. As a result, cybercrime is an Internet-wide problem, almost equally present on the deep and open web.

That said, it’s also safe to assume that disillusioned buyers are seeking alternative, more secure and anonymized methods for conducting online transactions via the dark web.

Despite the popularity and convenience of AlphaBay for selling drugs and credit card information, for years cybercriminals selling sensitive data or malware variants frequently opted for direct peer-to-peer (P2P) communication and relationships made on specialized forums.

The P2P model provides more control and helps safeguard against exit scams and loss of funds, which weighed heavily on vendors and customers.

We’re now seeing a more “formalized” approach to this method of trade. One of the first fully-decentralized P2P marketplaces is known as OpenBazaar, an open source project that allows the unrestricted sale of goods between anonymous buyers and sellers.

OpenBazaar is accessed through a front-end client that can be freely downloaded from the project website. All transactions are made using Bitcoin and are recorded on the project Blockchain as cryptographically signed smart contracts.

This addresses problems with user trust; if all transactions are permanently recorded, vendors who attempt to scam buyers can be more easily identified.

Furthermore, platform operators have no control over listings and the platform is split among many nodes, making it highly resilient to law enforcement takedowns or attacks by other criminal actors.

The success of these new marketplaces remains to be seen and depends on these five drivers:
1.    Adoption – Blockchain projects are not yet mainstream and are not widely understood. These platforms must become more commonly used before criminal actors will trust and embrace them.
2.    Content control – Lack of centralized control is a double-edge sword, it makes the platform resilient but it also means there is less control over the material uploaded, opening up the door to material that even criminal actors find objectionable. Marketplaces that implement some level of content control will be more attractive.
3.    Vendor attraction – Customers want to shop at marketplaces with successful vendors. Those market places that attract prominent vendors will naturally become more popular.
4.    Secure communications – Blockchain-based platforms publicly record all messages, complicating private messaging between users. Platforms that can integrate secure messaging systems without compromising performance will attract more criminal actors.
5.    User experience – As with all shopping experiences, marketplaces that can establish stable, feature-rich interfaces that seamlessly integrate payment platforms (in this case cryptocurrency platforms) will entice more users.

The emergence of decentralized marketplaces within the criminal ecosystem poses significant challenges for law enforcement agencies and private security vendors.

Although public blockchains can be freely mined for data, the very high volume of content is likely to make parsing this information and developing actionable intelligence very technically and logistically challenging.

Furthermore, previous law enforcement operations targeting criminal marketplaces or forums have tended to revolve around targeting site operators or geo-locating servers and conducting raids; neither of these would likely be effective for targeting a decentralized platform. In this scenario, it would be more effective to target individual prominent vendors or vendor networks and attempt to identify and locate them, admittedly a more piecemeal approach.

Decentralized marketplaces are not yet the dominant model, with many buyers and sellers having moved to Dream marketplace. However, there is growing interest in this model and we’ll be keeping tabs on what forms they will take, as well as how law enforcement and security researchers will overcome the challenges they present.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Business

NITDA DG Reaffirms FG Commitment to Responsible and Inclusive AI

Published

on

Kindly share this post

The Federal Government of Nigeria has reaffirmed its commitment to building a responsible, inclusive, and sovereign artificial intelligence ecosystem to enable Nigeria to transition from being a passive consumer of AI technologies to an architect and builder of indigenous AI systems.

This was said by the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi CCIE, while delivering a virtual address at the InnovateAI Conference held in Lagos.

The conference brought together policymakers, technology leaders, innovators, and stakeholders to discuss the future of artificial intelligence and its role in driving Nigeria’s digital economy and national development agenda.

Inuwa outlined Nigeria’s ambition to transition from being a consumer of artificial intelligence technologies to becoming a builder and owner of AI systems that reflect national values and priorities, in line with the National AI Strategy.

“Our goal is not just to use AI, but to architect and build our own AI systems in Nigeria,” he said, stressing that the country must take ownership of its AI future.

He noted that Nigeria’s approach to artificial intelligence extends beyond innovation to include governance, infrastructure, data sovereignty, and policy evolution.

According to him, “Responsible AI is never a finished job; it is an iterative journey. Our policies must evolve as the technology evolves, and we must avoid frozen laws by adopting living policies that adapt over time.”

He cited the implementation of the Digital Economy and E-Governance Bill as a key mechanism for generating insights that will help refine AI regulations and governance frameworks.

Inuwa also highlighted the challenge of data representation in global AI systems, noting that most models are trained on non-African datasets, which often results in bias against local dialects, cultures, and demographics.

“If a model shows bias against a local dialect or demographic, we cannot just patch it. We must reinvest in infrastructure to retrain it with inclusive and representative local datasets,” he stated.

He added that building national AI infrastructure is critical to achieving data sovereignty and ensuring that Nigeria is not merely an end user of foreign AI systems.

He further called for strategic partnerships with global technology companies and hyperscalers to build AI infrastructure in Nigeria while aligning with local values and national priorities.

“The world today is a global village. We need to work with global players, but they must understand our local nuances and help us build the infrastructure to retrain and develop AI models that reflect our context,” he said.

The NITDA Director General explained that adopting a comprehensive AI lifecycle approach, from responsible data collection and governance to deployment and continuous feedback, will enable Nigeria to move from reacting to AI developments to proactively designing indigenous AI systems.

“Without understanding how AI models are trained, how decisions are made, and how models are retrained, it will be difficult to build a responsible and trustworthy AI system,” he warned.

He reaffirmed that the Federal Government is intentional about promoting responsible AI and is working closely with the technology ecosystem to co-design national AI guardrails. He described platforms such as the InnovateAI Conference and other national AI dialogues as critical to shaping Nigeria’s AI future.


Kindly share this post
Continue Reading

E-Business

Mutual Benefits Assurance Settles ₦5.9bn Claims in January 2026

Published

on

Kindly share this post

Mutual Benefits Assurance, a leading Nigerian insurance company, has paid a total of ₦5,937,665,353.57 in claims to policyholders in January 2026 alone, underlining its strong financial capacity and unwavering commitment to prompt claims settlement.

Mutual Benefits Assurance Settles ₦5.9bn Claims in January 2026

Mutual Benefits Assurance

A breakdown of the figures shows that ₦3,426,602,834.28 was paid under its General (Non-Life) Insurance portfolio, while ₦2,511,062,519.29 was paid across its Life businesses, including Group Life and Retail Life policies.

The significant payout within a single month reinforces Mutual Benefits’ reputation as a dependable insurer that honors its obligations swiftly and responsibly.

Commenting on the development, Olufemi Asenuga, Managing Director, Mutual Benefits Assurance Plc stated that claims settlement remains the core promise of insurance and the ultimate test of an insurer’s credibility.

“Insurance is built on trust. Our ability to settle over ₦5.9 billion in claims in one month demonstrates not only our financial strength, but also our deep commitment to our policyholders. At Mutual Benefits, we do not just sell policies. We stand by our promises,” he said.

With over three decades of operations, Mutual Benefits has consistently positioned itself as a strong and well-capitalised insurer.

The company operates both Life and General Insurance businesses and remains fully compliant with regulatory capital requirements as stipulated by the National Insurance Commission (NAICOM).

The January payout reflects Mutual Benefit’s robust underwriting standards, prudent risk management practices and efficient claims administration framework.

It also aligns with the company’s broader record of substantial claims settlement in recent years, reinforcing its standing as a trusted brand in the Nigerian insurance industry.

Mutual Benefits employs over 5,000 staff, managed by seasoned management team and an experienced Board of Directors. Industry observers note that prompt claims payment remains one of the most critical differentiators in Nigeria’s competitive insurance landscape.

By consistently settling valid claims without delay, Mutual Benefits continues to strengthen customer confidence, deepen market trust and expand its footprint across retail and corporate segments.

As the company begins 2026 on a strong footing, it reiterates its commitment to innovation, service excellence and delivering value to policyholders and stakeholders alike. Mutual Benefits Assurance focused on its mission to provide reliable risk protection solutions while maintaining the highest standards of professionalism and integrity.


Kindly share this post
Continue Reading

E-Business

NITDA Warns Nigerians of Actively Exploited Microsoft Office Vulnerability

Published

on

Kindly share this post

National Information Technology Development Agency (NITDA) has issued an urgent cybersecurity warning about a serious Microsoft Office vulnerability (CVE-2026-21509) that attackers are actively exploiting.

NITDA Warns Nigerians of Actively Exploited Microsoft Office Vulnerability

This advisory, shared through Nigeria’s Computer Emergency Response Team (CERRT.NG), highlights the risks of this flaw and recommends immediate action to protect systems.

Microsoft has released quick security updates to fix this vulnerability, which has a severity score of 7.8, showing it is a serious risk. Attackers have already used it in targeted attacks.

CVE-2026-21509 affects multiple versions of Microsoft Office, including Office 2016, Office 2019, Microsoft 365 Apps, Office 2021, and later versions.

This flaw allows attackers to bypass security features meant to stop harmful Object Linking and Embedding (OLE) controls. OLE is an older Microsoft technology that can be used to embed links or content, but it has often been exploited by malware.

By exploiting this flaw, attackers can create specially designed Office documents.

When a user opens these documents, they can run malicious code or gain further access to the system.

Exploitation requires user interaction, meaning attackers often trick people into opening harmful Word, Excel, or other Office documents. Common methods include using email attachments or files from untrusted sources.

Because Microsoft confirmed that the vulnerability is being actively exploited, they have made emergency security updates available outside their usual schedule. Users and organisations should:

  1. Install the latest Microsoft Office security updates for all affected versions.
  2. Restart Office applications for Office 2021 and later to ensure that the updates take effect.
  3. Use registry-based settings for protection if updates can’t be applied right away.
  4. Follow good cybersecurity practices, like using endpoint protection and filtering emails.

Microsoft’s updates for Office 2021 and newer versions are automatically applied, but need a restart of the applications to be active.


Kindly share this post
Continue Reading

Trending