E-Financial
How Crypto Criminals Stole $700m from People – often Using Age-Old Tricks
There’s something uniquely agonising about having your cryptocurrency stolen. All transactions are recorded in a digital ledger, known as a blockchain, so even if someone takes your money and puts it in their own crypto wallet, it remains visible online.
“You can see your money there on the public blockchain, but there’s nothing you can do to get it back,” says Helen, who lost around $315,000 (£250,000) to thieves.
She likens it to watching a burglar pile up your prized possessions on the other side of an impassable chasm.
For seven years, Helen and her husband Richard (not his real name), both UK residents, had been buying and stacking up crypto coins called Cardano.
They liked the idea of investing in a digital asset that had the potential to rise dramatically in value, unlike funds saved in more conventional ways. They knew it was riskier, but they were careful to keep their digital keys safe.
But somehow hackers got into their cloud storage account, where they kept information about their crypto wallets and how to access them.
In February 2024, after a small test transfer, the criminals swiftly and silently transferred all the couple’s coins to their own digital wallets.
The couple then watched for months as their money was moved from one wallet to another, powerless to do anything. (The inherent contradiction with cryptocurrency is that all transactions are publicly trackable, but users can be publicly untraceable if they choose.)
Helen and Richard are not wealthy. She is a personal assistant, he is a composer, and they had high hopes for their Cardano investments.
“We’d been buying these coins for so long… We used every scrap of money we could find to buy more,” says Richard. “Aside from my parents’ deaths, this theft is the worst thing to happen to me.”
Ever since, Helen has been on a mission to recover their money. She obtained detailed reports from various police forces and the Cardano developers. Now, even though she has the criminals’ wallet addresses, there is nothing anyone can do to unmask them.
Their plan is to save up enough to engage private investigators to try to trace the hackers.
“It leaves you with a feeling of helplessness,” she says, “but I am going to keep trying.
An explosion in crypto crime
A survey carried out for the Financial Conduct Authority (FCA) in August 2024, suggested that approximately 12% of British adults owned crypto-assets – equivalent to about seven million people.
Globally, it has been estimated that 560 million people are now crypto owners. But as ownership rose, so did theft. The pandemic ushered in a surge in the value of crypto coins and, with it, an explosion in attacks on the industry.
And 2025 was another bumper year for crypto criminals, with total thefts standing at more than $3.4bn (£2.5bn), according to investigators at blockchain analysis firm Chainalysis. The annual figure has remained in the same ballpark since 2020.
Most of the money is being stolen through massive cyberattacks on crypto companies. For example, North Korean hackers swiped $1.5bn (£1.1bn) from crypto exchange Bybit in February 2025.
The losses in this case and the vast majority of others are covered by the deep-pocketed crypto firms, with little impact on individuals. But 2025 also saw an increase in the number of attacks on individual crypto investors.
Chainalysis research says these individual attacks rose from 40,000 in 2022 to 80,000 last year.
Hacking, scamming or coercing of individuals accounted for an estimated 20% of all crypto value stolen – estimated at $713m (£532m).
But the company adds that the number could be far higher, as not all victims will choose to report thefts publicly. When this happens, you could be left on your own.
Many thefts or scams in traditional finance are covered by banks or card companies. In the UK, you can complain to the Financial Ombudsman Service and may be compensated by the Financial Services Compensation Scheme.
“Crypto remains largely unregulated in the UK and high-risk,” says the FCA. “If something goes wrong, it is unlikely you will be protected so you should be prepared to lose all your money.”
A stark reminder of this comes if you search online for “Binance account hacked” – Binance is the world’s largest crypto exchange with a reported 1.4m UK users – but the page on its website offering advice to victims of theft is blocked in the UK.
The company has not been accepting new UK clients since 2023 because it is not authorised by the FCA to operate. Yet criminals don’t care where victims are, and people are being targeted all over the world indiscriminately.
Chainalysis has described these attacks on individuals as the “under-documented frontier for crypto crime”.
They put the volume of crimes down to the number of people entering the crypto world as investors, as the value of coins has risen, and argue that improved security practices at major services could have pushed “attackers toward individuals perceived as easier targets”.
Then there is the fact that the more crypto you hold and the more public you are about it, the more likely you are to be targeted – small-time holders (or hodlers, as the community calls them) are far less likely to be affected.
Burglaries, muggings and ‘wrench attacks’
As for the thieves, they could be anywhere.
In October, blockchain researchers from Elliptic, a crypto analysis company, warned that North Korean state-sponsored hackers are increasingly targeting wealthy cryptocurrency owners. There are plenty of young scammers and hackers from other countries, too.
In December in the US, 22-year-old Evan Tangeman pleaded guilty to being part of a group of crypto thieves calling themselves the Social Engineering Enterprise, who are accused of stealing more than $260m (£194m) between October 2023 and May 2025.
Prosecutors allege they targeted the crypto-rich using hacked databases, tricking victims into thinking they were cryptocurrency exchanges, and persuading them to transfer coins.
Members of the gang, who were all young men mostly in the US, are said to have spent the stolen coins on private jets, expensive cars and luxury handbags that they would give away at nightclubs.
In some cases, prosecutors say, the gang organised home break-ins to steal hardware containing the keys to crypto stashes.
Burglaries and muggings have become so common that there is now a term for them in the crypto community – “wrench attacks” – so called because criminals have been known to threaten victims with spanners.
Last April, crypto criminals in Spain tried to force a man and woman to part with their cryptocurrency.
Spanish police said the man was shot in the leg and he, along with his partner, were held captive for several hours while the criminals tried to access their crypto wallets. Eventually, the woman was released, but her partner remained missing, with his body later found in woodland.
Five people were arrested in Spain in connection with the case, while four others in Denmark were charged.
There have been several similar cases in France, including one when an attempted kidnap was captured on video.
Source.. BBC
The Bank of Industry, through BOI Financing SPV Plc, has opened subscriptions for its inaugural Series 1 Fixed Rate Bond worth up to N250bn under its $1bn multi-currency instruments programme, seeking to raise long-term capital to finance businesses across Nigeria’s priority sectors.
The offer, which opened on 5 August and closes on 11 August, is being arranged by Chapel Hill Denham as the lead issuing house. The five-year bond is priced within a yield range of 17.35 per cent to 17.50 per cent and will be listed on the FMDQ Securities Exchange.
According to the offer document, proceeds from the issuance will be deployed to finance eligible businesses and projects across sectors, including agriculture and food processing, healthcare, engineering and technology, renewable energy, petrochemicals, oil and gas, creative industries and solid minerals, in line with BOI’s development finance mandate.
The lender said the financing is expected to improve access to medium and long-term funding for Nigerian enterprises, expand productive capacity, create and preserve jobs, deepen local value addition, support import substitution, boost exports and strengthen domestic value chains.
BOI, Nigeria’s foremost development finance institution, said it has provided funding to more than one million businesses across the country and disbursed over N1.27tn between 2023 and 2025. The institution operates across 34 states and the Federal Capital Territory and is jointly owned by the Ministry of Finance Incorporated and the Central Bank of Nigeria.
The bank also highlighted its financial performance, reporting a 36 per cent compound annual growth rate in gross earnings between 2021 and 2025.
Interest income rose 64 per cent to N884bn in 2025 from N538bn in the previous year, while its capital adequacy ratio stood at 39 per cent, nearly four times the regulatory minimum of 10 per cent. Its non-performing loan ratio was 1.7 per cent, below the CBN’s prudential limit of five per cent.
The bond has been assigned AAA ratings by Agusto & Co. and Intelligence Africa, reflecting the issuer’s strong capitalization, profitability, liquidity and ownership structure.
The issuance is open to institutional and qualified investors with a minimum subscription of N5m and additional investments in multiples of N1m. Interest will be paid semi-annually at a fixed rate, while principal repayment will begin in the third year through equal semi-annual amortised instalments until maturity in 2031.
The bond is also exempt from tax, making it an attractive investment option for investors seeking stable returns amid expectations of declining interest rates.
E-Financial
SEC Unveils Probate/Unclaimed Monies Clinic to Help Families Recover Inherited Investments
Securities and Exchange Commission (SEC) has intensified efforts to reduce unclaimed funds and other dormant investment assets by launching a Probate/Unclaimed Monies Awareness and Investor Clinic aimed at helping beneficiaries recover inherited investments and strengthening investor protection in Nigeria’s capital market.
Speaking at the opening of the clinic in Abuja organised by the Commission in partnership with Meristem on Thursday, Dr. Emomotimi Agama, director-general, SEC, said the initiative was designed to bridge the gap between investors’ legal entitlements and their ability to access inherited assets.
He noted that many Nigerian families face prolonged delays in accessing shares, dividends and other investments after the death of loved ones because they are unfamiliar with probate procedures, documentation requirements and registrar processes.
“For many Nigerian families, the death of a loved one who held shares, dividends, or other investments marks the beginning of a long and often confusing journey,” Agama said.
Describing unclaimed funds and dormant assets as a persistent challenge, he said they represent “real money that belongs to real families, sitting idle, disconnected from the people it was meant to serve.”
According to him, the Commission is committed to closing the gap through policy initiatives and direct engagement with investors.
He explained that the clinic brought together the Federal Ministry of Justice, the Probate Registry, the National Population Commission and capital market registrars to provide practical guidance on probate procedures, required documentation and the recovery of inherited investments.
“Today is not simply an awareness session. It is a working clinic, designed to equip you with practical knowledge: how probate works, how to obtain the right documentation, and how to recover what is rightfully yours,” he said.
Agama stressed that SEC’s mandate to protect investors extends beyond the lifetime of shareholders.
“This Commission exists to protect your rights in the capital market, and that protection does not end when a shareholder passes on. It extends to ensuring their beneficiaries can access what is due to them without unnecessary hardship,” he added.
Also speaking, Ms. Nkechinyelu Okoye, acting chief executive officer, Meristem Registrars and Probate Services Limited, identified lack of awareness and poor estate planning as key reasons billions of naira in financial assets remain unclaimed.
“There are three categories of beneficiaries that we encounter quite often. The first are those who think only land, houses and other physical assets can be transferred legally from deceased loved ones. They do not realise that financial assets such as shares, fixed income investments and even money in savings apps also form part of an estate,” she said.
Okoye said another group consists of beneficiaries who are unaware their deceased relatives owned financial assets, while a third group knows the investments exist but does not understand the claims process or required documentation.
“I dare add a fourth category. These are investors who do not provide or update their KYC documents and, as a result, when they pass on, their loved ones have no idea they have investments to claim,” she said.
According to her, these factors have contributed to the rising volume of unclaimed dividends, dormant accounts and other abandoned financial assets.
“All of these categories contribute to the several unclaimed assets lying all around. Ultimately, financial resources that could have been beneficial to these beneficiaries remain inaccessible,” she said.
She described the investor clinic as more than an awareness programme, saying it would provide practical support to investors, beneficiaries, executors and administrators.
“Our goal is to empower investors, beneficiaries, executors, administrators and the general public with the knowledge they need to navigate probate and estate administration with greater confidence,” Okoye said.
She also urged investors to prepare valid wills, maintain accurate shareholder records and regularly update their Know Your Customer (KYC) information to make it easier for beneficiaries to access inherited investments.
“We want investors to appreciate the importance of preparing a valid Will, maintaining accurate shareholder records and ensuring that their affairs are properly organised. Taking these simple steps today can save families considerable stress and delay in the future,” she added.
The SEC said the clinic forms part of its broader investor protection strategy and provides participants with direct access to experts on tracing investments, verifying shareholder records, resolving probate-related issues and recovering unclaimed capital market assets.
Nigeria Deposit Insurance Corporation (NDIC) has reassured on the multiple layers of protection for the Nigerian banking industry with more than 98 per cent of depositors and 281 million accounts insured by the corporation.
Thompson Sunday, managing director, NDIC, gave the assurance in Lagos at the retreat for members of the House Of Representatives Committee on Insurance and Actuarial Matters.
He said that striking the right balance between innovation, consumer protection, and financial stability remains a key policy imperative.
The theme of the retreat was “Strengthening the Financial Safety Net in an Era of Banking Sector Recapitalisation and Fintech Innovation”.
He said the increasing digitisation of financial services has heightened exposure to cyber threats, fraud, data breaches, and operational risks.
He said that with banks’ adoption of emerging technologies, regulators and safety-net participants must remain proactive in identifying and mitigating these risks while encouraging innovation.
Sunday also highlighted the rapid growth of financial technology (fintech) which has revolutionised the way financial services are delivered.
He said: “Digital banking platforms, mobile money services, payment solution providers, and other fintech innovations have expanded access to financial services and accelerated progress toward financial inclusion. Millions of previously unbanked and underserved Nigerians now have access to formal financial services through digital channels”.
He said that as the banking industry adjusts to higher capital requirements and technological innovations reshape financial service delivery, adding that its imperativefor banks to reinforce rules that safeguard financial stability and protect depositors’ funds.
According to him, a strong and well-coordinated financial safety net system is necessary for maintaining stability and resilience in any modern financial system.
“It promotes public confidence, protects depositors, supports orderly resolution of distressed financial institutions, and helps prevent systemic crises. At a time when Nigeria is pursuing ambitious economic growth objectives, including the goal of attaining a one trillion-dollar economy in 2030, a robust and credible financial safety net is essential to maintaining depositors’ and investors’ confidence and enhancing financial system resilience,” Sunday said.
He said the recently concluded banking sector recapitalisation programme represents a significant milestone in strengthening the capacity of Nigerian banks to support economic development.
“Well-capitalised banks are better positioned to absorb shocks, finance large-scale investments, support enterprise growth, and withstand periods of economic uncertainty. However, while recapitalisation enhances the resilience of financial institutions, it must be complemented by effective regulation, sound governance practices, strong risk management frameworks and good compliance culture, all attribute of a reliable financial safety net,” Sunday said.
He said the stability of the financial system depends largely on the trust that depositors and investors place in financial institutions.
He said: “History has shown that where confidence is low, distress can spread rapidly, threatening the stability of, not only the financial system but the wider economy. It is, therefore, essential that institutions responsible for financial stability continue to strengthen measures that preserve and enhance public trust.
Also speaking, opening remarks, Ahmadu Usman Jaha, chairman, House Committee on Insurance and Actuarial Matters, said financial systems across the globe are being reshaped by rapid technological advancement, digital financial services, artificial intelligence, cybersecurity risks, and changing customer expectations.
He said Nigeria is undertaking one of the most significant banking recapitalisation exercises in its recent history, requiring banks to strengthen their capital base while remaining innovative, resilient and competitive.
“These developments present enormous opportunities for economic growth, financial inclusion and innovation. However, they also introduce new categories of systemic risks that require stronger institutions, modern regulatory frameworks, and robust financial safety nets capable of maintaining public confidence under all circumstances,” he said.
He explained that Nigeria’s banking industry continues to occupy a central position in our economy with banking sector assets running into several trillions of naira and serving tens of million of depositors across conventional banking channels and rapidly expanding digita platforms.
“Equally important is the rapid expansion of financial technology. While fintech innovation has significantly increased financial inclusion and payment efficiency, it also raises complex issues relating to cyber resilience, operational risk, consumer protection, digital fraud, and the scope of deposit insurance coverage. These are issues that require continuous legislative attention and collaborative policy responses,” he stated.
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