The Securities and Exchange Commission (SEC) of Nigeria has issued a public warning to Nigerians to desist from investing in AfriQuantumX, an online platform claiming to trade cryptocurrency and stocks, due to its unregistered status and features resembling a fraudulent Ponzi scheme. In a statement released on October 7, 2025, the SEC clarified that AfriQuantumX is not registered to operate in Nigeria’s capital market or solicit investments from the public. “Investigations have revealed that AfriQuantumX has been actively promoted on social media platforms and online forums. Furthermore, its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes,” the regulatory body said. The SEC cautioned that any individuals investing or engaging with AfriQuantumX do so at their own risk, warning of potential financial loss. This warning continues a trend by the SEC to protect Nigerian investors from unregulated online investment schemes. Earlier in 2025, the commission flagged several similar platforms, including Risevest, Pro-vest, PWAN MAX, and Silverkuun Investment Cooperative Society, all of which lacked proper registration and showed signs of fraud or risky operations. According to the SEC, dealing with unregistered entities exposes investors to risks such as fraud and the total loss of funds without legal recourse. The SEC urged Nigerians to always verify the registration status of any company offering investment opportunities by consulting its official portal at www.sec.gov.ng/cmos before investing. This verification procedure is crucial amid the growing popularity of online investment platforms in Nigeria, where many unregulated operators exploit the populace’s appetite for cryptocurrencies and easy returns. For Nigeria’s growing tech-savvy investor population, the AfriQuantumX warning underscores the importance of regulatory oversight in fostering a secure digital investment environment. With increasing fintech adoption and digital asset interest across Africa, safeguarding investment integrity is essential to maintaining investor confidence and supporting sustainable market growth. The SEC’s intervention serves as a timely reminder that the allure of highreturns from unregulated platforms often masks underlying risks. Nigerian investors are advised to exercise due diligence and prioritize platforms endorsed and supervised by regulatory authorities. As digital investment trends evolve, regulators and market participants will continue to grapple with emerging threats, highlighting the need for enhanced public education and technology-enabled oversight to protect Nigeria’s vibrant investment ecosystem. The SEC’s warning on AfriQuantumX marks another step in its commitment to shielding investors from fraudulent schemes in Nigeria’s capital market.
SEC Warns Nigerians of AI-Generated Fake Celebrity Endorsements in Investment Scams
The Securities and Exchange Commission (SEC) of Nigeria has issued a strong warning about a rising wave of artificial intelligence (AI)-driven scams wherein fraudsters are fabricating celebrity endorsements to lure investors into fraudulent schemes. These AI-manipulated endorsements, including deepfake videos of well-known politicians, celebrities, and TV personalities, are being widely circulated on social media platforms, including Facebook, Instagram, and Telegram, threatening unsuspecting Nigerians with false promises of guaranteed returns. On Monday, September 29, 2025, the SEC alerted the public to remain vigilant against illegal investment platforms such as CBEX, Silverkuun, and TOFRO, which falsely advertise AI-powered trading systems promising unrealistic profits but operate without regulatory approval or registration. The Commission emphasized that these platforms are not regulated by the SEC and carry significant investment risks. “Scammers are exploiting AI to fabricate endorsements and testimonials that appear genuine. This has made traditional fraud detection methods less effective, hence the need for tech-enabled regulation and greater public awareness,” stated a representative of the SEC. In addition to ramping up surveillance systems that use advanced technology to detect fraudulent activities in real time, the SEC is working closely with the Central Bank of Nigeria and the Nigerian Financial Intelligence Unit for data sharing and coordinated enforcement actions. The Commission has also engaged social media companies to remove misleading advertisements and cautioned influencers about collaborating with or promoting unlicensed investment schemes. “Any influencer or blogger found complicit in promoting illegal platforms will face regulatory sanctions or prosecution,” the SEC warned.
Lagos trader escapes Bybit scam linked to North Korean hackers
A Lagos-based crypto trader narrowly avoided losing his digital assets after receiving a convincing call from fraudsters impersonating Bybit customer support. Ewgi, known online as Ssaasquatch, shared his frightening experience on X, drawing attention to the escalating dangers in the cryptocurrency world. The caller, posing as a polished Bybit agent, greeted him by full name and account ID, warning that a hacker in Slovakia was attempting to drain 1 BTC from his wallet. The scammer even referenced a transaction Ewgi carried out earlier that day in Lagos, heightening the call’s believability. My heart was racing. It felt way too real. They knew just enough to scare me…get yourself a hardware wallet – Ewgi He Praised Tangem’s portability, stressing the importance of keeping keys offline to thwart remote hacks. Suspicion eventually took hold when the caller stumbled while discussing his current balance, vaguely mentioning only “inflows and outflows”. Ewgi demanded her identity, at which point the call abruptly ended. Realizing the danger, he promptly transferred his funds to a Tangem hardware wallet and alerted the crypto community on X. Recall, Daily Tech Nigeria reported about the Bybit’s record-breaking February 21 hack, where North Korea-linked Lazarus Group exploited vulnerabilities to siphon $1.5 billion. Among the stolen assets were user details, KYC documents, and transaction records, now circulating for mere pennies on dark web marketplaces. Cybercriminals leverage this data to orchestrate sophisticated scams, contacting victims with precise personal information to build trust before attempting to steal assets or credentials. A recent report from Calcalistech revealed AI-powered vishing rings targeting crypto executives globally. Traders increasingly share stories of narrowly evaded calls, with some opting to abandon centralized exchanges altogether. Even high-profile losses, such as a $1.3 million scam suffered by a THORChain co-founder, underline the widespread nature of the menace. Bybit has responded with measures including anti-phishing codes and peer-to-peer escrow protections. However, users report frustrations stemming from slow dispute resolutions and scams exploiting complaint systems, resulting in further financial damage to victims. Forbes warned against blind signing and unsolicited requests, while The New York Times attributed Bybit’s breach to overlooked security flaws in free wallet services. With Web3-related losses totaling $1.6 billion this year, vigilance is paramount. Bybit stresses that no genuine representative will call unexpectedly or demand sensitive information. Yet scammers persist, continually refining tactics using pilfered user data. For traders like Ewgi, always verify through official platforms, move funds to secure cold storage solutions, and maintain cautious awareness. In the high-stakes realm of digital currency, vigilance transcends advice, it ensures survival.
Crypto project uses Kenya’s former PM in deepfake controversy
A post appeared briefly on former Kenyan prime minister Raila Odinga’s verified X account on September 18, promoting a new cryptocurrency named Kenya Token ($KENYA). The message, which was soon deleted, claimed the token would launch shortly and place Kenya at the forefront of Africa’s crypto revolution. Alongside the text was a video seemingly showing Odinga endorsing this digital currency. The post read, We are pleased to announce that [Kenya] token will soon launch. Kenya is stepping up to lead Africa into the crypto revolution, embracing digital finance and shaping a more crypto-friendly future However, Odinga has yet to make any official statement, and reports suggest the promotion was unauthorized, with the video being a fabricated deepfake. A similar event occurred earlier this year in Tanzania, where billionaire Mohammed Dewji’s X account was compromised to promote a counterfeit token called $Tanzania. A fabricated video showed Dewji apparently backing the scam, and despite swift account recovery and warnings, nearly $1.48 million had already been defrauded. It was later revealed that the team behind Kenya Token unveiled a basic version of their website last Thursday, branding it as the “official digital token” of Kenya. The platform promised staking options, allowing investors to hold the token and earn interest. Currently, as at the time this report was published, the associated Telegram group has around 1,620 participants, but as the token is yet to launch officially, no contract address exists, making actual adoption difficult to measure. Many experts have dismissed the venture as fraudulent, due to lack of any prior activity before September 17, suggesting it was hastily assembled without meaningful groundwork. It remains uncertain if those managing the token still control Odinga’s X profile to further manipulate public perception. According to 2024 data from Chainalysis, high-yield promises are a frequent lure in crypto scams, with nearly half arising from projects offering unrealistic rewards with no practical utility. Other common deceitful methods include pig-butchering and rug pulls. Kenya has also been embroiled in controversy over another similarly named token. On July 11, anonymous developers introduced the Kenya Digital Token (KDT or $KDT), portraying it as a means for civic engagement and allowing participants to “buy into Kenyan heritage”. From the outset, skepticism arose due to the absence of a white paper or pre-sale, critical tools investors use to assess projects. An anonymous insider stated that when the token launched in July, there were clear warning signs like no white paper and bot activity. He added that the crypto community alerted these issues, pushing the developers to stay active in forums and gradually make improvements to gain credibility. The KDT team later published a white paper, framing the token as a non-investment venture that lets users earn tokens by engaging in community activities like scanning QR posters, participating in educational drives, or sharing updates online, with earnings vested over 36 months. Nonetheless, these tokens are also available for purchase on decentralized exchanges, effectively making them speculative assets, which critics argue may be a tactic to sidestep regulatory oversight while permitting market trading. $KDT operates reveals modest usage, with around 2,800 holders, under $200,000 in liquidity, and a total token supply of one million. A red flag is the concentration of 60% of tokens in a single wallet, a classic indicator of potential rug-pull risk if the holder dumps a large stake after price increases, possibly causing investors significant losses. These events emphasize the risks inherent in the crypto market worldwide, particularly where regulation remains limited. The Virtual Asset Service Providers (VASP) Bill in Kenya, designed to regulate the sector extensively is due for its second parliamentary reading on September 23 as lawmakers return from recess.
Cyberattack disrupts Collins Aerospace systems, delays flights at key European airports
A cyberattack on Collins Aerospace’s technology caused interruptions in passenger services at several major European airports on Saturday, leading to delays and cancellations. The cyber intrusion targeted Collins Aerospace, a subsidiary of RTX that provides critical software used by airlines and airports worldwide. Heathrow Airport, London’s busiest, confirmed that technical difficulties with Collins Aerospace’s platform halted normal check-in and boarding processes. Similarly, Brussels and Berlin airports experienced operational setbacks, forcing their staff to switch from automated to manual systems. Brussels Airport reported the incident began Friday night, rendering self-service check-in and baggage handling unavailable, which severely impacted flight schedules. Berlin Airport warned travelers to expect extended waiting times as efforts to restore systems continued. RTX, the parent firm, acknowledged the digital disruption in a statement, describing it as a cyber-related issue localized at select airports, primarily affecting electronic customer check-in and bag drop procedures. The company assured quick remedial action while noting manual alternatives were mitigating the fallout. Notably, Frankfurt and Zurich airports were unaffected by the breach. Among airlines, EasyJet confirmed normal operations without anticipating weekend disturbances, while Ryanair and British Airways were yet to comment. Poland’s Deputy Prime Minister for Digital Affairs reassured that Polish airports remained secure from this incident. Passengers using affected hubs received advice to verify their flight status directly with airlines ahead of travel, as delays and cancellations were expected until full system recovery.
UK detains Nigerian suspect in $235,000 Pennsylvania University fraud case
A Nigerian citizen, Farouk Adekunle Adepoju, has been detained in the United Kingdom following a request by the United States to extradite him over allegations of wire fraud and computer fraud involving more than $235,000. According to the U.S. Department of Justice (DOJ), Adepoju was arrested by UK officials on September 15, 2025, and is awaiting extradition to face a seven-count indictment in Pennsylvania’s Western District. Court documents allege that Adepoju employed sophisticated cyber methods to defraud a Pennsylvania university out of $235,266.80 between March and April 2023. He reportedly gained unauthorized access to the email system of a construction company involved in campus work, manipulated the email account settings, set up a fake domain, and impersonated a company employee to deceive university staff into redirecting payments to his fraudulent bank account. These illicit transfers have not yet been recovered. Acting U.S. Attorney Troy Rivetti indicated that Adepoju exploited advanced digital tools to illegally access business accounts, thereby targeting a regional university. The Pittsburgh FBI Field Office, leading the investigation, stated that business email compromise schemes remain among the costliest threats facing organizations. Adepoju faces six counts of wire fraud, each carrying up to 20 years in prison, plus one count of computer fraud, punishable by up to five years. The final sentencing will depend on federal guidelines and the defendant’s history. The prosecution is handled by Assistant U.S. Attorney Mark V. Gurzo with assistance from the DOJ’s Office of International Affairs.