Cross Collateralization In Web3: Key To Capital Efficiency
Learn how Cross-collateralization in web3 is potentially redefining lending and borrowing in this digital economy.
Learn how Cross-collateralization in web3 is potentially redefining lending and borrowing in this digital economy.
In the rapidly evolving world of technology, blockchain has emerged as a powerful catalyst for change with immense potential in various sectors. Recognizing this transformative force, the National Information Technology Development Agency (NITDA) has taken proactive steps to facilitate the adoption of blockchain technology in Nigeria.
According to the company, the device is not like other mixed reality headsets or products in the market. The spatial computer easily creates a life-like virtual atmosphere while keeping you in the real world.
Kenya leads Africa's financial revolution with the Pan-African Payment and Settlement System (Papss), enabling local currency trade and promoting economic independence across the continent
MACD, a finance indicator, gauges price trends—like a money compass steering financial decisions amid volatility.
The arrest of Wilfred Bonse, a former gubernatorial aspirant, has brought to light a shocking revelation regarding his involvement in the Patricia Technologies’ cybersecurity breach. The Nigeria Police Cybercrime Centre, responsible for this significant development, uncovered the intricate web of financial fraud that transpired within the crypto exchange. The initial loss of ₦607 million ($750,000) takes on a new dimension as it is revealed that politicians, unwittingly or not, played a role in the laundering of the stolen funds.
Bonse confronts charges of criminal conspiracy, unauthorized system modification, and fund diversion, accentuating the gravity of his cybersecurity breach involvement.
Bonse actively laundered ₦50 million, intricately tied to the ₦607 million cyber heist, meticulously tracing the funds through cryptocurrency to his bank. This revelation adds a layer of intensity to the unfolding saga, emphasizing the deliberate actions taken by Bonse in furtherance of the cybercrime.
While the arrest of Bonse is a pivotal moment in the ongoing investigation, the path to restitution remains challenging. Hanu Fejiro, CEO of Patricia Technologies, acknowledges that the recovered amount represents only a fraction of the total losses incurred. However, there is optimism that this breakthrough will provide a measure of relief to the defrauded Patricia users. This development occurs concurrently with the company’s commitment to reimburse affected customers, despite reports of delays. Ongoing reimbursements and the arrest heighten anticipation, underscoring the meticulous nature of cryptocurrency legal proceedings in this evolving narrative.
In summary, the arrest of Wilfred Bonse not only exposes a complex web of political involvement but also emphasizes the gravity of his role in the Patricia Technologies’ cybersecurity breach. Narrative reveals complicity, active cyber heist role, and challenges in the journey to recovery and restitution, providing a gripping account.
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