₦airaland Forum

That's my town. Oga o

iwaeda:
Egbon, ekun o, this town is not far from Agbamu and Iludun. People should protect themselves.

Nigerian Revenue Service(formerly FIRS) To Tax Crypto Airdrops, Bounties, Mining and Staking.

Starting from January 1st , 2026, virtual asset taxation will commence in Nigeria.

The sale, exchange or transfer of virtual assets on CENTRALIZED exchanges will be taxed.

But taxing MINING or STAKING activities that generate income?

How? Did I read that correctly? Crypto mining in Nigeria? LOL! How can the government tax an activity that is "virtually non-existent"? Even if it does, it's been largely driven underground.

Am I right in understanding that The Nigerian Revenue Service is planning to tax mining activities despite the absence of supportive regulations and challenges with the national grid?

And STAKING? The NRS is planning to tax protocol-level staking activity when it's no longer deemed as a security under the same Howey Test that Nigerian regulators copiuosly inserted into their tax law.

Taxing bounties and airdrops is taking too far. Yes, it's true that many Nigerian are bounty and airdrop hunters in the web3 space. But these are not significant earnings that should trigger tax events. Crypto is a survival tool in Africa . Overregulation will kill innovation.

For the Nigerian Revenue Service (NRS) to strictly apply the Howey Test to determine what qualifies as a security is a fatal flaw for a simple, yet critical, reason: the test is outdated and ill-suited for the unique nature of digital assets.

The U.S. is moving away from the Howey Test because its rigid application stifles innovation. The lack of clear rules forces innovators to operate in a "regulation by enforcement" environment, where they can be sued at any time without clear guidance.

This is exactly what the new U.S. laws like the CLARITY Act of 2025 are designed to solve.

Kindly have a review, Mr.Taiwo Oyedele

#cryptotax #nigeria

100%

duro4chang:
Are you an igbomina man? I be igbomina man. Isin LGA

HRM Oba (Dr.) Abdulfatai Olabode Jimoh Fiwajoye I, the Eleju of Igbonla Kingdom, died in the early hours of Sunday, May 18, 2025, leaving a significant void in Igbonla Kingdom and the Irepodun Local Government Traditional Council of Kwara State.

The HRM Olupo of Ajase-Ipo mourned his passing, describing the late monarch as an upright, resourceful, and honest royal father whose legacies will endure.

An Associate Professor, Oba Abdulfatai’s death is a profound loss to the Igbomina/Ekiti Traditional Rulers Forum and his community. May his soul rest in Al-Janatul Firdaos.

Alaafin Aole Arogangan was one of the most famous Alaafins that reigned at Oyo Ile. He succeeded Alaafin Abiodun. On ascension, as was the custom, Aole was asked to name his enemy, and without hesitation, he mentioned the Baale of Apomu and gave the order for his head to be brought to him. The background to this was that when Aole was an Akeyo( a prince), he attempted to sell his friend into slavery at the popular Apomu market but as soon as word reached the Baale of Apomu he ordered the arrest of Aole. Upon finding out that the culprit was an Akeyo, the Baale’s judgement was that he should be flogged, not put to death.

Aole, a young and handsome prince, who ascended the throne upon the sudden death of his predecessor, Alaafin Abiodun,had vowed that the Baale of Apomu must be punished for this humiliation.

Word quickly reached Apomu that Alaafin Aole had sent a punitive expedition against their chief, and fearing for his life, the Baale fled to the Ooni of Ife, his overlord, whose orders he had obeyed, seeking his royal protection. It's interesting to note that Apomu was an ancient town under the suzerainty of Ife but had been earmarked for destruction by Aole.

All efforts to save the life of the Baale of Apomu failed. Even the Ooni, in whose custody he had sought refuge, COULD NOT SAVE HIM. In order to save his town and his people, the Baale of Apomu committed SUICIDE and his head was cut off and sent to Oyo to APPEASE the offended monarch( Aole Arogangan).

That's HOW POWERFUL AND DREADED the Alaafins were. So, the next time you are arguing about who is more powerful between the Alaafin and the Ooni of Ife, don't get it twisted or mixed up. Throughout the bloody and brutal history of Ootu Ife, the Alaafins wielded REAL POLITICAL POWER; commanded the best cavalry in West Africa and built a vast empire whose vestiges can still be seen today.

Note: this piece is not an attempt to undermine the spiritual supremacy of the Oonis over Ootu which also includes the Oyo Yorubas, but rather to set the historical record straight regarding political power.

In a stunning blow to the cryptocurrency industry, Bybit, one of the world’s leading crypto exchanges, has confirmed a massive security breach that resulted in the theft of approximately 401,347 ETH, valued at over $1.4 billion USD.


The incident, which unfolded on February 21, 2025, is now being hailed as the largest cryptocurrency hack in history, surpassing previous records and exposing persistent vulnerabilities in the digital asset ecosystem.

On-chain investigators and Bybit’s leadership have since linked the attack to the notorious North Korean cybercriminal organization, Lazarus Group, raising alarms about the growing sophistication of state-sponsored threats in the crypto space.

The Breach: How It Happened

The hack targeted Bybit’s Ethereum (ETH) multi-signature cold wallet during a routine transfer to its warm wallet. According to Bybit CEO Ben Zhou, the attackers employed a highly deceptive tactic, utilizing a “masked UI” to trick the wallet’s signing team.

Zhou explained in a statement posted on X at 10:44 PM WAT on February 21, “It appears that this specific transaction was masked; all the signers saw a fake UI that displayed the correct address, and the URL appeared to be from Safe.”

Unbeknownst to the team, the transaction granted the hacker control over the cold wallet, enabling them to drain its entire ETH holdings to an unknown address in a matter of minutes.

On-chain analytics have since traced the stolen funds, revealing that the hacker began swapping assets like mETH and stETH for ETH on decentralized exchanges (DEXs). This rapid movement underscores the attacker’s intent to liquidate and obscure the funds as quickly as possible.

Lazarus Group Connection Confirmed

Prominent crypto sleuth ZachXBT, in collaboration with Chainalysis Forensics, uncovered compelling on-chain evidence tying the Bybit exploit to the Lazarus Group, a North Korean hacking collective infamous for targeting cryptocurrency firms.

Arkham Intelligence corroborated these findings, awarding ZachXBT a $50,000 bounty for his definitive proof linking the attack to the group.

The evidence also connects the Bybit hack to a recent exploit of the Phemex exchange, suggesting a coordinated campaign by Lazarus.

If confirmed, this would position North Korea as one of the largest holders of ETH globally, surpassing even Ethereum co-founder Vitalik Buterin and the Ethereum Foundation.

The Lazarus Group’s involvement highlights the escalating threat of state-backed cyberattacks in the crypto sector, with Chainalysis noting that 2024 has already seen $2.2 billion in stolen funds—a 21.1% increase from the previous year.

Bybit’s Response: Transparency and Damage Control

Bybit’s leadership has been swift and transparent in addressing the crisis, setting a new standard for exchange responses to security breaches. Within 30 minutes of the hack’s detection, CEO Ben Zhou took to X to confirm the incident and reassure users of the exchange’s financial stability.


“We have fortunately worked quickly and extensively with on-chain analytics providers to identify and demix the implicated addresses,” Zhou stated in a follow-up post at 11:07 PM WAT on February 21.

In a livestream held on February 22, Zhou provided further updates: Approximately 80% of the hacked ETH has been secured through rapid response efforts.

Bybit will not purchase ETH on the spot market to replenish losses but will instead rely on bridge loans from partners to stabilize operations.

Zhou emphasized there is “no issue of a bank run,” urging calm among users.

Additionally, Bybit detected the hacker attempting to transfer Bitcoin (BTC) via Chainflip, a cross-chain bridge. In response, the exchange is preparing to launch a bounty program to incentivize the identification and blacklisting of recipient wallets across exchanges, aiming to hinder the attacker’s ability to spend the stolen funds.


Industry Implications

The Bybit hack has reignited debates over the security of centralized exchanges (CEXs), which Chainalysis reports have seen a resurgence in attacks in 2024 after years of hackers focusing on decentralized finance (DeFi) protocols.

The breach’s scale—representing nearly 19% of the total value stolen in crypto hacks this year—underscores the need for enhanced security measures, particularly around multi-signature wallets and UI verification processes.

Posts on X reflect a mix of shock and concern within the crypto community. One user noted, “This just proves that on-chain security isn’t locked at the most,” while another praised Bybit’s handling of the situation, stating, “The way Ben Zhou is giving all the updates to the community is exemplary.”

Meanwhile, speculation about broader market impacts is rife, with some suggesting the influx of stolen ETH could influence crypto-traditional finance correlations in the coming weeks.

Looking Ahead

Bybit has committed to further updates as the situation evolves, with Zhou promising detailed recovery actions and preventive measures in future communications.

The exchange’s collaboration with on-chain analytics firms and its call for industry-wide wallet blacklisting signal a proactive approach to mitigating the damage.

However, the incident serves as a stark reminder of the crypto sector’s ongoing battle against sophisticated cyber threats, particularly from groups like Lazarus.


As the investigation continues, On-Chain will monitor developments closely, providing updates on fund recovery efforts, the bounty program, and any additional insights into the Lazarus Group’s operations.


For now, the Bybit hack stands as a sobering milestone in crypto history—one that may reshape security protocols and trust in centralized platforms for years to come.

Source : https://on-chain-media.io/article/bybit-billion-dollar-hack-lazarus-group

I saw a post that predicted the phasing out of fintech in 2-3 years due to the rise of cheaper and more efficient alternatives offered by payment stablecoins. Before I delve into the reason why I am inclined to agree with this I should like to say that it might interest you to know that in 2024, Stripe, one of the biggest payment giants in the world puchased Bridge, a startup stablecoin company, for $1 billion. Bro, do you know what it means to buy out a startup company for such an insane amount?

I believe that Fintech has seen it better days and may be entering a survival phase as more and more finance firms gravitate towards stablecoins, whose market capitalization has exceeded $200 billion. The top payment companies in the world such as PayPal, and Revolut have also launched their own stablecoins, entering a market hugely dominated by USDT and Circle's USDC.

To the Nigerian budding fintech entrepreneur, if your ambitious fintech company will offer no better alternative, please do something else. The world already knows that our most successful tech story is Fintech but it's sad to announce to you that our flag bearers , Flutterwave, Paystack, Remita, Paga,etc. will stand little chance or no chance to survive the payment Tsunami in offing. Fintech is dead.

A Washington pastor, Francier Obando Pinilo, has been accused of orchestrating a fraudulent cryptocurrency investment scheme, defrauding church members and others of $5.9 million.

Pinilo allegedly lured victims by promising guaranteed high returns of up to 40% monthly through his crypto business, Solano Fi, which investigators later revealed was a sham.

Arrest and Allegations

Pinilo, leader of the Tiempo de Poder Church in Pasco, was apprehended at his Miami residence on December 5 following a federal indictment.

He faces 25 counts of wire fraud and one count of operating an unregistered money-transmitting business.

Prosecutors claim the pastor leveraged his position of trust and authority to exploit unsuspecting congregants and other individuals with limited knowledge of cryptocurrency.

According to court documents, Pinilo operated his Solano Fi investment program like a Ponzi scheme, using funds from new investors to pay earlier participants.

The pastor allegedly fabricated online account statements to convince victims of non-existent profits while funneling the majority of the money into personal accounts.

Details of the Scheme

The fraudulent activities reportedly spanned from November 2021 to October 2023. Pinilo targeted Spanish-speaking individuals through church services, public gatherings, and social media platforms such as Facebook and Telegram.

At various events, he pitched his investment scheme, portraying it as a way to uplift individuals from poverty.

Church members, in particular, were promised substantial and risk-free returns. Some victims were urged to recruit new investors as a condition for withdrawing their funds, reinforcing the Ponzi-like structure of the scheme.

The fallout has left victims grappling with significant financial losses. One congregant, speaking anonymously, expressed dismay at being deceived by someone they trusted. "He preached about faith and honesty while taking our hard-earned money," the victim stated.

Legal Repercussions and Broader Implications

If convicted, Pinilo could face up to 20 years in federal prison for each count of wire fraud. The Commodity Futures Trading Commission (CFTC) has also filed a civil lawsuit against him, citing violations of federal commodities laws.

U.S. Attorney Vanessa Waldref criticized the pastor's actions, highlighting the growing prevalence of cryptocurrency scams.


A Wake-Up Call for the Crypto Industry

This case underscores the need for increased vigilance in the cryptocurrency space. Experts warn investors to thoroughly vet opportunities and seek advice from credible sources to avoid falling prey to similar schemes.

Regulatory bodies like the CFTC are ramping up efforts to combat crypto-related fraud, but the evolving nature of these scams continues to challenge enforcement

As the legal proceedings unfold, investigators are delving deeper into the extent of Pinilo's operations and potential accomplices.

Meanwhile, the Tiempo de Poder Church has ceased operations, leaving many of its former members seeking answers and closure.

The case serves as a stark reminder of the importance of due diligence and skepticism in the face of investment opportunities that seem too good to be true.

Source:

https://www.on-chain-media.io/article/washington-pastor-defrauds-congregants-of-59m-in-fake-crypto-scheme

Earlier today, former POTUS Barrack Obama unveiled his favorite music list for 2024, with Active by Asake and Travis Scott making the list.

Why are you getting yourself worked up over people who celebrated James Ibori after he was released from jail?

And most people believed this 🤥🤥

Fact is most you broke ass niggas in that shithole are better avoided like a plague than tolerated.

Everyone is a potential leech waiting for the right opportunity to strike. Not to mention that it's far too dangerous to stay around people whose entire existence is given to the vain pursuit of money. The lust for riches, which has done tremendous damage to your psyche, is why I describe that country as a mental asylum.

I hate every living thing in that country. It takes divine wisdom to navigate all the challenges that country throw at you.

A Federal High Court in Abuja, Nigeria, has ordered the release of the detained Binance executive Tigran Gambaryan on the grounds of his deteriorating health condition.

This latest development would allow Tigran to leave the country for medical treatment after spending several months in the country's Kuje Prison.

Tigran Gambaryan was arrested in February alongside Nadeem Anjarwalla, Binance Regional Manager for Africa, by the Office of National Security Adviser(ONSA), headed by Nigeria's former anti-graft chairman Nuhu Ribadu, on the allegations of currency manipulation, money laundering and tax evasion.

While Nadeem escaped from detention in March, Tigran remained in what is reported to be one of the country's worst prisons in Abuja, the federal capital, battling a deteriorating health.

The decision to release Tigran is in connection with the federal government's plan to give the Economic Financial Crime Commission the full range to prosecute Binance Holdings Ltd in its own name and as the only party in the suit brought against it February, the government prosecutor told the local press.


Source:

https://www.on-chain-media.io/article/freedom-at-last-nigeria-drops-money-laundering-charges-against-detained-binance-executive-gambaryan

Omo ofo akuse

EreluRoz:
oniranu

Oloriburuku. When ur papa never ever touch 1 million for him life. Poor 🐀

EreluRoz:
You are lying Jhubril

PressMyButton:
$26billion passed through that rogue platform. Every single penny must be recovered.

You must be very daft to believe that 💩💩💩. Even after Binance came out with overwhelming evidence of the total volume processed in Nigeria. To be clear, your shithole is not even one of the top ten countries where Binance has significant interest in.

Make i brag small. From copywriting only, I make over 2 million naira monthly. With this Kain money, abroad no even da enter my eye.

If you have bought the recently launched $DAVIDO memecoin with the expectation to cash out any time soon, I'm here to tell you that you have been scammed by the Afro-pop musician popularly known as Davido. The crypto industry is the most fertile ground for scams today and it's nobody's fault that you are always losing your hard-earned money to scammers.

You have no one but yourselves to blame when you fail to do your own research before investing in any crypto project. This is not to conclude that DYOR(Do Your Own Research)is everything in crypto but it's the most crucial step you can take before jumping right into it. It's a simple LOOK- BEFORE-YOU-LEAP approach!

Now back to Davido. For those who don't know him from Adam, he is a popular Nigerian-American born musician with over 13 million followers on Instagram. Joining the latest celebrity craze, he launched a memecoin $DAVIDO on the Solana network on the 29 of May, 2024. In the last 24 hours, the token's value increased substantially with a market capitalization of $10 million.

In the last 8 hours, it's now down to $2.1 million, signaling how fast it has dipped. Daily Coin reported that DAVIDO was the first to dump his own memecoin cashing out the sum of $473,000 within an extremely short window of time, leaving the rest of his naive investors to stare in utter confusion.

This is how to be a crypto scammer and DAVIDO has just made history as one. The FBI, SEC, EFCC, NIGERIA SEC need to look into this gigantic fraud. One of the earliest signs of a crypto scam or what is also called a rug-pull is the quick exit of the launchers of a crypto token or memecoin. If it is discovered that US investors are affected by this scam, the SEC will come after DAVIDO as it is against the US securities laws to outrightly offer cryptocurrencies as though they were securities.

What is Nigeria doing to protect its own citizens ? As far as I am concerned, Nigeria has failed to protect thousands of naive and stupid people who filled their bags with $DAVIDO. The Nigeria SEC should look into this as they come to the realization that the country needs to have a regulated market for crypto offerings.

Una papa. Thank God my money grow in the US. Hopeless kwantry. Mtchww

Ole Oloriburuku. These minions should never have been born.

You are a senseless b**tard. What this dude is saying is that the EFCC is making a ridicule of its fight against corruption by scapegoating Bobrisky. It can happen to commoners like yourself. We are in a democracy. Abuse of power has no place

helinues:
What nonsense is Chidi supporting?

Perhaps may be there are lots of Bobrisky likes in his family

Modified: judging by some of the comments on this thread, we might have more Gaybriels than initially thought in Nigeria

I so fucking hate this shithole and all the faeces throwing chimps occupying its space. Give it 100 years and what will be left of it will be relics of its corruption and backwardness. What a sick nation !

Whereas in the UAE, it costs $8k-$13. When I tell you that this country is done for una no go gree. I have kept my sanity in the last couple of years, silently built my AI company in America and as CEO wey I be I am planning to gtf out of this hellhole.

Omo so I rich like this with my 10m . Modupe temi o

The gambling sector in the United States reached unprecedented heights in 2023, with a staggering $66.5 billion in recorded wagers, as reported by Forbes.


This figure marks a historic pinnacle for the industry, showcasing its robust growth and enduring popularity among American consumers. Notably, this surpasses the record set in the preceding year, underlining a consistent upward trajectory.


The $66.5 billion revenue encompasses various segments of the gambling industry, including commercial casinos, which played a significant role in driving the overall figure.


However, it is anticipated that once the revenue data from tribal-owned casinos is delineated separately later in the year, the combined total is expected to soar even higher, nearing the $110 billion mark for U.S. operators in 2023.

Crypto Gambling: An Emerging Frontier

An emerging force in this thriving landscape is crypto gambling, which made notable contributions to the record-breaking figures of 2023. The recent Super Bowl 58 between the Kansas City Chiefs and the San Francisco 49ers witnessed a surge in crypto betting among enthusiasts.

Cryptocurrencies, such as Bitcoin (BTC), emerged as favored assets for these wagers, reflecting a growing trend of integrating digital currencies into the gambling realm.


Noteworthy instances, like pop star Drake's substantial Bitcoin win during the 2023 Super Bowl, further underscore the evolving dynamics of crypto gambling.


The $66.5 billion milestone represents a significant 10% increase from the previous year, as highlighted by the American Gaming Association. This surge in revenue reaffirms the insatiable demand for gaming experiences among American adults, spanning traditional casino settings to online platforms.


Bill Miller, the association's president and CEO, emphasized this trend, noting the soaring popularity of gaming across various channels.


Jurisdictions Matter in Crypto Gambling


Crucially, the decision by several jurisdictions to legalize gambling has been instrumental in driving the industry's growth.


States such as Kentucky, Nebraska, Massachusetts, Maine, and Ohio took significant strides in expanding their sports betting markets in 2023, further fueling the sector's upward trajectory.


The record-breaking $66.5 billion in gambling revenue for 2023 reflects the robustness and dynamism of the American gambling industry.


With continued innovation, evolving consumer preferences, and favorable regulatory environments, the sector is poised for sustained growth in the years ahead.

Source: https://www.on-chain-media.io/article/gambling-boom-americans-wager-record-breaking-665-billion-in-2023

Oloriburuku people. I think say na Binance cause the free fall of the Naira. Mtvheew.