Cryptocurrency exchange Bybit has been hit by one of the largest hacks in history, losing over $1.4 billion worth of Ethereum and related tokens. The attack targeted a cold wallet, exploiting advanced phishing techniques to manipulate smart contract logic and drain funds. Bybit CEO Ben Zhou explained that hackers used a sophisticated “masked” transaction method to deceive signers into approving malicious operations without realizing it. This allowed them to gain control of the cold wallet and transfer all its contents to an unknown address. The hack sent shockwaves through the crypto market, causing Ether’s price to drop by about 4% initially before rebounding slightly due to speculation about potential buybacks. However, after clarifications from Bybit that no large-scale ETH purchases were planned, market sentiment turned bearish amid concerns over selling pressure from the hacker. Despite this setback, Bybit remains solvent with all client assets fully backed. The stolen funds are being tracked across multiple wallets by blockchain security teams.
EFCC returns over $120,000 and N70 million to fraud victims from the US, Spain, and Switzerland
The Economic and Financial Crimes Commission (EFCC) has returned $120,548.43 and N70,602,841.46 to victims of fraud from the United States, Spain, and Switzerland. The restitution, which also included luxury vehicles and real estate documents, was handed over to representatives of the victims at the EFCC headquarters in Abuja on Friday. Speaking at the event, EFCC Chairman Ola Olukoyede reaffirmed Nigeria’s commitment to combating financial crimes and ensuring justice for victims. “We don’t just recover; we restitute. Once proceeds of crime are recovered, the most responsible thing to do is to return them to the victims,” he said. He also called on foreign countries holding Nigeria’s recovered assets to expedite their return. Among the restituted items were $1,300 and N30 million handed to Maria Velasco, Spain’s Acting Ambassador to Nigeria, for a Spanish victim; $100,011.43 given to Florent Geel of Switzerland for a Swiss national; and funds alongside property transferred to Charles Smith of the FBI for American victims. The EFCC emphasized that this action demonstrates Nigeria’s dedication to international collaboration in fighting financial crimes while restoring confidence in its anti-corruption efforts.
Twenty foreign nationals charged by EFCC with cybercrime in plot to destabilize Nigeria’s economy
The Economic and Financial Crimes Commission (EFCC) has arraigned 20 foreign nationals before the Federal High Court in Lagos on charges of cybercrime and attempts to destabilize Nigeria’s economy. The defendants include 15 Filipinos, one Indonesian, and four Chinese nationals, who were part of a larger group arrested in December 2024 during a raid on the Big Leaf Building in Victoria Island. The EFCC accused the defendants and a linked company, Genting International Co. Limited, of orchestrating schemes involving identity theft by recruiting Nigerian youths to impersonate foreign nationals for financial gain. These activities allegedly violated sections of the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015 (as amended in 2024). During the court session presided over by Justice Musa Kakaki, all defendants pleaded not guilty to the charges. The prosecution requested their remand in custody pending trial, a motion opposed by defense counsel Bridget Omoteno and B.A. Ukpai, who sought time to explore a plea bargain. However, Justice Kakaki ordered their remand and adjourned the trial to March 18 and 20, 2025.
Nollywood funding cutback as Netflix commits $1 billion to Mexican film industry
Netflix has announced a massive $1 billion investment in Mexico’s film and television industry over the next four years. This exciting development was revealed by Netflix co-CEO Ted Sarandos during a press conference alongside Mexican President Claudia Sheinbaum. This new commitment marks a significant shift for the streaming giant, especially after it recently scaled back its funding for original content in Nollywood, Nigeria’s thriving film industry. Over the past eight years, Netflix had invested around $23.6 million in Nollywood, but concerns have arisen among Nigerian filmmakers about the future of their projects with the platform. Despite the cutbacks, Netflix reassured that it is not completely stepping away from Nollywood. The company expressed its willingness to consider acquiring projects that meet its standards, although the reduction in original productions has left many industry stakeholders worried. Netflix’s deepening investment in Mexico isn’t entirely surprising. The company first launched its services there in 2011 and produced its first international series, Club de Cuervos, in 2015. Since then, Netflix has established its Latin American headquarters in Mexico City and expanded its local workforce from just 30 employees to nearly 400. Sarandos emphasized the special connection Netflix has with Mexico, noting that productions like Roma and Guillermo del Toro’s Pinocchio have garnered critical acclaim and Oscar recognition. He stated, “This country holds a special place in Netflix’s history,” highlighting the success of various series that have resonated with audiences both locally and globally. As part of this investment, Netflix plans to inject $2 million into upgrading facilities at Churubusco Studios, a historic film studio in Mexico City. Additionally, the company is committed to nurturing emerging talent by allocating over $1 million to programs that support creatives behind the camera. While Netflix’s expansion into Mexico is promising for local creators and production companies, the decision to pull back on African content funding raises questions about the future of streaming investments on the continent
Streaming giants like Netflix face pressure to fund South Africa’s network upgrades
South Africa’s leading telecom operators, Vodacom and MTN, are calling on streaming giants like Netflix and YouTube to contribute financially toward the maintenance and expansion of the country’s network infrastructure. This push comes under the “Fair Share” model proposed by the Association for Communications and Technology (ACT), which seeks to address the growing strain on telecom networks caused by surging data demand. Streaming platforms, categorized as over-the-top (OTT) services, rely heavily on telecom infrastructure to deliver content but currently do not contribute directly to its upkeep. Vodacom and MTN argue that while OTT players invest in undersea cables, the burden of building and maintaining local networks falls disproportionately on telecom operators. With data traffic driven largely by streaming services, telcos face unsustainable costs despite significant investments in infrastructure. One of the key concerns raised is rural connectivity. Vodacom highlighted that network operators already shoulder social obligations, license fees, and taxes while working to close the digital divide. However, they believe OTT platforms should also fund network expansion in underserved areas since they are major drivers of internet traffic. The ACT is advocating for a regulatory framework to ensure fair contributions from OTT platforms. This would help balance costs between telecom operators and streaming services, fostering sustainable growth in the industry. The goal is to encourage further investment in network infrastructure, ultimately improving connectivity and service quality for users. While telcos argue that OTT platforms benefit disproportionately from their networks, streaming giants contend they already invest significantly in international bandwidth. The debate mirrors global discussions about how to equitably share the costs of internet infrastructure. If implemented, this policy could reshape South Africa’s digital ecosystem, ensuring both telcos and OTT platforms play a role in supporting the country’s connectivity needs.
Brigadier general expresses disappointment over Canadian visa denials as Nigeria’s Invictus Games team returns with medals.
The Nigerian Military delegation to the Invictus Games 2025 in Vancouver, Canada, has returned home, bringing with them six medals despite facing significant challenges. The team’s journey was marred by the Canadian High Commission’s denial of visas to seven athletes, hindering their participation. Despite the setback, the 14 athletes who were able to compete showcased remarkable resilience, securing gold, silver, and bronze medals and making Nigeria the only African nation to participate in the prestigious event for wounded military personnel. Brigadier General Tukur Gusau, Director of Defence Information (DDI), had previously stated his disappointment that seven athletes who had the potential to excel were denied visas. The remaining team members, including three officers, the team captain, and the physiotherapist, were also denied visas. Despite these challenges, the CDS, Gen. Christopher Musa, received the victorious Invictus team upon their return from Canada. Team Nigeria also won a silver medal in sitting volleyball after a narrow defeat to Brazil. Prince Harry, the Duke of Essex, watched the final game. He praised the competitors’ physical and mental fortitude and acknowledged the Games’ impact in uniting people from around the world. The Invictus Games concluded with a closing ceremony featuring performances by Barenaked Ladies, Jelly Roll, and The War and Treaty. In spite of it all, Nigeria’s Invictus Games team has proven that resilience and determination can overcome even the toughest obstacles. Their achievements serve as a reminder of their courage, not just on the battlefield but also on the global sports stage.