Crypto Wallets

Challenges in Monitoring Cryptocurrency Wallets in Nigeria

Friday. August 16 at 4:00 AM

1 min. read

The Nigerian government claimed to have blocked funds linked to #EndBadGovernance protests, but some cryptocurrency wallets associated with the movement are still active. Despite freezing 83 billion Nigerian naira ($52 million) in cryptocurrencies and fiat, discrepancies were found in the government's claims. Wallets on KuCoin and MEXC exchanges continued transactions, including a suspicious transfer of 78 million naira ($50,000). The Economic and Financial Crimes Commission (EFCC) is investigating the funds for money laundering and terrorism financing. The situation raises concerns about the government's transparency and effectiveness in regulating cryptocurrency transactions. The challenges in monitoring these wallets underscore the complexities governments face in overseeing decentralized and anonymous blockchain transactions. The #EndBadGovernanceInNigeria movement also highlighted the need for regulatory reforms in the cryptocurrency industry to address governance issues and benefit the economy.

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Security Audit Confirms Liminal's Infrastructure Integrity Post WazirX Breach

Tuesday. September 10 at 11:00 AM

Grant Thornton, a leading global auditor, has verified the security of Liminal's infrastructure after an extensive review prompted by the WazirX hack. Liminal conducted an internal investigation and engaged independent auditors to assess potential vulnerabilities following the breach on July 18. The audit found no compromise in Liminal's frontend, backend, or UI. The platform, offering self-custody wallet services, was deemed secure. Liminal's investigation revealed that the breach likely originated from WazirX's infrastructure, not theirs. Despite being cleared in the audit, Liminal is enhancing security measures as a precaution. The company emphasizes its commitment to security and transparency, promising updates to clients. AJ, a seasoned journalist, specializes in financial journalism and crypto reporting. CryptoSlate provides comprehensive crypto news, insights, and data, focusing on Bitcoin, macro, DeFi, and AI. Readers are advised to conduct their own research before engaging in cryptocurrency activities.

Crypto Wallets

Mastercard Expands Support for Self-Custodial Crypto Wallets

Thursday. September 5 at 5:30 PM

Global payment giant Mastercard is broadening its backing for non-custodial cryptocurrency wallets through a new partnership that empowers users to utilize crypto while maintaining control over their funds. Following a successful trial of a crypto debit card with MetaMask in August, Mastercard's latest collaboration with Mercuryo, a European crypto payments infrastructure provider, aims to bridge the gap between traditional finance and crypto. The partnership introduces a new euro-denominated debit card that allows users to spend cryptocurrencies like Bitcoin from self-custodial wallets at over 100 million merchants in the Mastercard network. Self-custody is a fundamental principle of cryptocurrency, offering a way to store assets without relying on centralized entities. Mastercard's commitment to supporting self-custodial wallets is reinforced by its collaboration with Mercuryo, as stated by Christian Rau, Mastercard's senior vice president of crypto and fintech enablement.

Crypto Wallets

SEC Charges Galois Capital for Failing to Protect Customer Deposits During FTX Collapse

Wednesday. September 4 at 3:30 AM

The SEC has charged Galois Capital Management for not safeguarding customer deposits during the FTX collapse. Elon Musk introduced Colossus, an AI training system, linked to a $235 million wallet. WazirX hack moved over $6 million in Ether to Tornado Cash. Galois failed to properly custody investors' assets, holding funds with FTX during its collapse. Despite regulatory challenges, there are 12 qualified digital asset custodians in the US. Musk's Colossus is now the most powerful AI training system, surpassing others in GPU power. A wallet connected to the WazirX hack laundered $6.5 million through Tornado Cash. The hacker transferred 2,600 ETH to Tornado Cash to conceal stolen funds. WazirX allowed users to withdraw 66% of their INR token balances ahead of schedule.

Crypto Wallets

Introducing DeTrust Wallet: A Game-Changer in Crypto Inheritance

Tuesday. September 3 at 1:30 AM

UBD Network has launched DeTrust Wallet, a Web3 wallet enabling decentralized cryptocurrency inheritance. The wallet offers multisignature capabilities, including delayed asset transfers. CEO Ruslan Tugushev emphasized the importance of crypto inheritance, citing a survey showing concerns among high-net-worth families. DeTrust Wallet's decentralized trusts automatically transfer assets to a backup wallet after a period of inactivity, reducing risks of loss. Compared to traditional trusts costing over $50,000, these solutions are cost-effective. Users can create detailed inheritance plans and separate funds for specific allocations. The launch follows Coinbase's introduction of a smart cryptocurrency wallet for mass adoption. DeTrust Wallet is set to revolutionize the crypto inheritance niche, providing secure wealth transfer across generations.

Crypto Wallets