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The Nigerian SEC has issued a warning to influencers about a new three-year prison term for promoting unlicensed cryptocurrencies. This move is part of a broader effort to tighten regulations on crypto, which includes banning anonymous coins and enforcing stricter controls on asset promotions.
The Nigerian Economic and Financial Crimes Commission has arrested 792 individuals linked to a massive cryptocurrency romance scam operation, which involved foreign nationals training locals to defraud victims online. This crackdown follows a similar operation in Hong Kong, where 27 people were arrested for a deepfake romance scam that defrauded victims of approximately $46 million. Authorities emphasize that foreign criminals are exploiting Nigeria's reputation to conduct their schemes, but enforcement actions are intensifying to combat these frauds.
Nigeria's anti-corruption agency has arrested 792 individuals in Lagos, suspected of operating a large crypto romance scam known as "pig butchering." The operation involved foreign crime groups, primarily from China and the Philippines, recruiting local accomplices to defraud victims, mainly from the U.S. and Europe, through social media. The scheme highlights the growing trend of organized crime expanding into regions with weaker cybersecurity enforcement.
Emerging markets, particularly Nigeria, South Africa, and the Philippines, are leading global cryptocurrency adoption, with ownership rates at 73%, 68%, and 54%, respectively. The survey indicates that many view digital assets as solutions to local economic challenges, despite concerns about market volatility and scams. Additionally, blockchain is seen as a potential tool to enhance transparency and combat AI-driven misinformation.
Solana has emerged as the fastest-growing blockchain ecosystem for developers, surpassing Ethereum for the first time in nearly a decade, with 7,625 new developers joining in the past year. The network boasts over 2,000 monthly active developers and significant growth in decentralized finance, handling 81% of DEX transactions and 64% of NFT minting. Despite Solana's rise, Ethereum remains the largest ecosystem overall, with a notable drop in its developer activity.
Solana has emerged as the fastest-growing blockchain for new developers, achieving an 83% annual growth rate and onboarding more new developers than Ethereum for the first time since 2016. With significant adoption in emerging markets like India, Solana's low fees and robust ecosystem support position it as a key player in the evolving blockchain landscape. While Ethereum remains the dominant force globally, Solana's rapid growth indicates a shift in developer preferences and regional dynamics.
Cryptocurrency ownership is rising globally, with notable increases in Mexico (8%), the Philippines (7%), and South Africa (7%). Emerging markets lead the trend, particularly Nigeria at 84%, while less than one-third of respondents in several developed countries own digital assets. Despite the growth, negative perceptions persist, especially in Europe, where cryptocurrencies are often associated with speculation and scams.
Cryptocurrency ownership is surging globally, particularly in emerging markets, with notable increases in Mexico (8%), the Philippines (7%), and South Africa (7%). Over half of respondents in Nigeria, South Africa, Vietnam, the Philippines, and India own crypto wallets, while interest in investing remains high in Asia and Africa, contrasting with skepticism in Europe and North America. Demographic disparities exist, with younger men showing greater understanding of cryptocurrency compared to women and older individuals.
[SEC]
Global awareness of cryptocurrencies has surged to 93%, with 42% of respondents owning digital assets, particularly in Nigeria (73%) and South Africa (68%). Despite growing interest, barriers like market volatility and scams persist, while concerns about privacy and trust in traditional finance remain high. The potential of decentralization and blockchain technology is recognized, yet understanding of these concepts is limited, highlighting an ongoing education gap.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
nigerian sec imposes jail term for promoting unlicensed crypto assets
16:29 17.12.2024
Nigeria arrests nearly 800 in major cryptocurrency romance scam crackdown
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16:23 17.12.2024
nigeria arrests nearly 800 in major crypto romance scam crackdown
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emerging markets lead global cryptocurrency adoption and awareness growth
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Solana surpasses Ethereum as fastest-growing blockchain for new developers
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global surge in cryptocurrency ownership despite market challenges and skepticism
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emerging markets drive global cryptocurrency adoption despite ongoing challenges
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emerging markets drive significant growth in global cryptocurrency adoption
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global crypto awareness rises to 93 percent as trust in finance declines
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