My people I go like make una share una thoughts on this matter. This na story of how a hacker breach the security systems of access bank come steal about $10.4 millon (8 billion naira). The hacker move the stolen money to Binance exchange where him use am buy USDT from different traders. Access bank follow the money trail come see say the hacker send some amount of money to different accounts, so them come place lien on these accounts after them receive a court order. Also, them send messages to other banks to freeze the account of users where the hacker send the funds to.
BITTER TRUTHS
Now, wetin happen come dey make me see how:
1. non proactive our banking sector dey because e take Access bank 8days to freeze an account, which for me take too much time as e give the hacker enough time to cover him tracks.
Quote
"On May 2, Henry Tivlumum bought crypto from me on the Binance platform worth N5.5 million,” he told FIJ.
He paid the sum in tranches: N4.5 million into my Access Bank account and N1 million into my Kuda Bank account.
Surprisingly, eight days after the transaction, I noticed a lien on my Kuda and Access Bank accounts.
He paid the sum in tranches: N4.5 million into my Access Bank account and N1 million into my Kuda Bank account.
Surprisingly, eight days after the transaction, I noticed a lien on my Kuda and Access Bank accounts.
2. Backwardness of our country in terms of blockchain education because no information from Accessbank whether dem contact Binance exchange to see if the USDT dey there so that Binance go freeze am.
I doubt if the hacker go dey that stupid to leave the USDT on Binance exchange. After buying USDT from the traders, it's either him send am to him personal wallet or buy Bitcoin with it. If him send the USDT to him personal wallet, access bank go fit contact Tether to freeze the funds, but if him buy Bitcoin, dem no go fit really do anything than to the monitor the address. If him buy Bitcoin and send am to a mixer, the fund is gone forever. On a second thought, I come dey reason why the hacker buy USDT at the first place when him supposed buy Bitcoin and mix am. E fit be say the hacker don jonse and na something wey Access bank supposed capitalize on, instead dem dey busy dey chase and freeze innocent traders accounts upandan.
LESSONS LEARNT
One of the bad sides of P2P trades be say you kno no who you dey transact with as the person fit be fraudster, kidnapper, drug trafficker etc. wey dey try to hide funds, but one of the ways we fit avoid this kind type of wahala na:
1. Make we dey look for traders with good reputation and good trading history.
2. Make we no dey carried away by juicy rates, make we dey shine our eyes.
https://news.bitcoin.com/nigerian-bank-reportedly-freezes-accounts-belonging-to-500-usdt-traders/
FIJ Nigeria