Blockchain security firm PeckShield disclosed the exploit on Sunday, saying the attacker increased the price of Tonic by about 300 times within 20 minutes before using the inflated tokens to secure loans on the platform.

The incident triggered panic among Tectonic users and prompted validators governing the Cronos blockchain to halt trading activity after the attack was detected.

According to data from DeFiLlama, the total value of crypto assets deposited on Tectonic plunged from approximately $122 million to about $3 million following the breach.

Of the more than $74 million in assets borrowed by the attacker, only about $6 million was successfully transferred to the Ethereum network before the Cronos blockchain was paused, limiting further movement of the funds.

Crypto.com CEO Kris Marszalek said the incident did not affect the company’s centralised exchange and that customer funds held on Crypto.com remained safe, according to Bloomberg.

Marszalek said an investigation was underway and that the company was working with Cronos Labs on efforts to roll back the blockchain to its state before the incident. No timeline was provided for restoration of the network.

Crypto.com did not independently disclose the total amount affected, instead referring to public statements from Marszalek and the Cronos team.

Security researchers described the incident as an economic attack rather than a conventional software exploit involving a coding vulnerability.

Aneirin Flynn, CEO of cybersecurity firm FailSafe, said the attacker exploited weaknesses in Tectonic’s risk controls by artificially inflating the price of a low-value token and using the resulting paper value to borrow other assets.

The incident highlights the risks facing decentralised finance platforms, where inadequate collateral and price-oracle controls can allow attackers to manipulate asset values and extract liquidity without directly compromising the underlying code.

The Tectonic attack is the latest in a series of major decentralised finance exploits recorded in 2026. In April, an attack on a restaking protocol resulted in losses of nearly $300 million and triggered a liquidity crisis on Aave, one of the largest decentralised lending platforms.

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A few years ago, cryptocurrency occupied the fringes of Nigeria’s financial system. It was associated largely with traders, technology enthusiasts, and some young risk-takers willing to experiment with emerging financial tools. Today, that reality has changed dramatically.

I have associates who are freelancers who receive salaries in stablecoins, entrepreneurs who pay foreign suppliers through digital assets, and young professionals who quietly keep part of their savings in USDT rather than in naira accounts. For many of them, stablecoins are no longer speculative investments. They have become practical financial instruments for everyday life.

This growing adoption explains why the International Monetary Fund’s recent recommendation that Nigeria place stablecoins and other crypto assets under formal regulatory oversight deserves serious attention. The IMF’s call is not simply another warning about cryptocurrency. It is recognition that digital assets have become significant enough to warrant inclusion in discussions about financial stability, monetary policy, and economic governance.

The IMF’s concerns are coming at a time when Nigeria’s cryptocurrency market has become one of the largest in the world. Over the years, the country has consistently ranked among the leading nations in global crypto adoption. According to blockchain analytics firm Chainalysis, Nigeria recorded $95.5 billion in crypto transaction volume between 2020 and 2026.

The reasons behind this growth are not difficult to understand.

For much of the past decade, Nigerians have navigated periods of high inflation, foreign exchange shortages, and currency depreciation. Businesses have struggled to access foreign currency for imports. Freelancers working for international clients have often faced payment challenges.

In response to these challenges, stablecoins emerged as a practical solution for many users.

Unlike cryptocurrencies such as Bitcoin, whose prices fluctuate significantly, stablecoins are designed to maintain a relatively stable value by being pegged to assets such as the United States dollar. To many Nigerians, a stablecoin wallet effectively functions as a digital dollar account that can be accessed without the restrictions associated with traditional banking systems.

As a result, adoption has expanded far beyond the small community of early crypto enthusiasts.

Recent surveys have highlighted just how widespread this trend has become. Studies by BVNK, Artemis, and YouGov found that around 80 percent of Nigerian crypto users already hold stablecoins, and 95 percent of respondents expressed a preference for receiving payments in stablecoins rather than local currency. Such findings suggest that digital dollar-denominated assets are no longer niche products. They are increasingly becoming part of everyday financial activity.

Yet the IMF’s concerns are not without merit.

As stablecoin adoption expands, so too do potential risks. Large-scale movement of funds into dollar-backed digital assets could reduce the effectiveness of monetary policy and increase currency substitution. Regulators also worry about money laundering, terrorist financing, consumer protection, and the possibility of illicit financial flows moving beyond the reach of traditional oversight mechanisms.

Importantly, these concerns are not unique to Nigeria.

Across the world, governments are grappling with how to regulate an industry that evolves faster than conventional policymaking processes. The European Union has introduced comprehensive crypto regulations through its Markets in Crypto-Assets framework. The United States is actively debating stablecoin-specific legislation. Financial centres in Asia are also developing dedicated regulatory structures for digital asset providers.

The global conversation has therefore shifted. The question is no longer whether stablecoins should be regulated. The real debate is how to regulate them without undermining the benefits that have driven adoption in the first place.

Although Nigeria itself has not been standing still, the country’s approach to cryptocurrency has evolved considerably since the Central Bank of Nigeria’s controversial restrictions on banking relationships with crypto businesses in 2021. Those measures did not eliminate crypto activity. Instead, peer-to-peer transactions flourished as users sought alternative ways to access digital assets.

The lessons from that period appear to have influenced subsequent policy decisions.

Since then, regulators have gradually moved toward a more structured approach. The Securities and Exchange Commission has developed frameworks for digital asset operators, while initiatives such as the cNGN stablecoin project demonstrate growing interest in creating regulated alternatives within the digital finance ecosystem.

This shift reflects a broader recognition that outright resistance is unlikely to succeed in a technology-driven environment. Innovation tends to find pathways around restrictions when there is strong demand. Effective regulation, therefore, requires engagement rather than prohibition.

However, creating an effective regulatory framework will require more than the involvement of financial regulators alone.

The conversation is often framed as purely a central bank or securities commission issue. That is incomplete.

The National Information Technology Development Agency (NITDA) plays a critical supporting role in shaping Nigeria’s digital ecosystem. While it does not regulate financial assets directly, it influences the infrastructure and governance environment in which digital finance operates.

This is important because the challenge before policymakers is not merely financial. It is technological. Understanding blockchain systems, stablecoin architecture, cybersecurity risks and digital identity requirements demands expertise that extends beyond traditional financial supervision. Collaboration between financial regulators, technology agencies and industry stakeholders will therefore be critical.

At the same time, policymakers must avoid a common mistake that has affected technology regulation in many jurisdictions. Excessive restrictions can push legitimate activity into informal channels, making oversight even more difficult. Nigeria’s experience following the 2021 restrictions offers a useful lesson.

Ultimately, the stablecoin debate is about trust.

Millions of Nigerians did not adopt stablecoins because regulators encouraged them to do so. They adopted them because these digital assets addressed real economic challenges. They offered easier access to international payments, faster cross-border transfers, and a perceived hedge against currency volatility.

That reality is precisely why policymakers must approach regulation with care.

The IMF is right to argue that a rapidly growing segment of the financial system cannot remain outside regulatory oversight indefinitely. Consumer protection, financial integrity, and systemic stability are legitimate public interests that governments must safeguard.

However, regulation alone will not determine the future of stablecoins in Nigeria.

The greater challenge is creating a framework that protects users without stifling innovation, combats illicit activity without discouraging legitimate use, and strengthens confidence without undermining the technological progress that has made Nigeria one of Africa’s leading digital economies.

Nigeria is no longer deciding whether stablecoins matter. That question has already been answered by millions of users.

The real test now is whether regulation can catch up with reality.

Shuaib S. Agaka is a tech journalist and digital policy analyst based in Kano.

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The losses were driven by dozens of attacks on cryptocurrency exchanges and decentralised finance (DeFi) platforms, with the largest breach occurring at Dubai-based crypto exchange Bybit. Hackers stole about $1.4 billion in digital assets in the incident, making it the biggest known crypto theft to date.

Blockchain analysis firms and the U.S. Federal Bureau of Investigation attributed the Bybit hack to North Korean state-sponsored hackers, who have been the most prolific crypto thieves in recent years.

Before the Bybit incident, the largest crypto thefts were the 2022 hacks of the Ronin Network and Poly Network, which resulted in losses of $624 million and $611 million, respectively.

Blockchain analytics firms Chainalysis and TRM Labs both estimated total crypto thefts in 2025 at $2.7 billion. Chainalysis also recorded an additional $700,000 stolen from individual crypto wallets. Web3 security firm De.Fi, which runs the REKT database tracking crypto thefts, reported a similar figure.

North Korean hackers accounted for the majority of the stolen funds, taking at least $2 billion in crypto this year, according to Chainalysis and Elliptic. Elliptic estimates that North Korea has stolen roughly $6 billion in cryptocurrency since 2017, with the proceeds believed to help fund the country’s nuclear weapons programme.

Other major hacks in 2025 included a $223 million breach at decentralised exchange Cetus, a $128 million attack on Ethereum-based protocol Balancer, and a theft of more than $73 million from crypto exchange Phemex.

The latest figures continue an upward trend in crypto-related cybercrime. Hackers stole $2.2 billion in digital assets in 2024 and $2 billion in 2023, highlighting persistent security challenges in the sector.

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The strategic rollout provides Nigerian fintechs and large enterprises with access to Bitget’s advanced trading infrastructure, liquidity solutions, and white-label crypto exchange services, opening new growth opportunities for businesses seeking to scale within the digital finance space.

According to Bitget, the institutional suite will empower Nigerian firms with secure, customizable, and highly scalable crypto trading tools. This comes as Nigeria continues to lead the continent in mobile payments, decentralized finance (DeFi), and blockchain-based services.

Industry analysts see Bitget’s entry as timely, given the country’s booming fintech sector and the increasing demand for reliable, enterprise-grade blockchain solutions that can foster trust and transparency.

The move is expected to accelerate Nigeria’s journey towards becoming a major hub for digital assets and blockchain innovation, providing local players with the technical tools needed to compete globally.

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Investing in Cryptocurrency can be rewarding but it comes with risks. You have to always approach it with caution, education, a long-term perspective and deep knowledge of how the platform works. These are some things you need to know before investing:

1. Do Your Research: Never invest in a cryptocurrency based solely on hype or someone else’s recommendation, you should understand the project’s purpose, technology, team and research extensively where your interest lies.

2. Start Small and Diversify: Cryptocurrency is highly volatile, so, always begin with an amount you can afford to lose. Diversify your portfolio across different cryptocurrencies to reduce risk and avoid investing all your funds in one coin or project.

3. Use Secure Wallets and Exchanges: Store your crypto in secure wallets (hardware wallets for long-term storage). Avoid keeping large amounts on exchanges, as they are vulnerable to hacks. Make sure you enable two-factor authentication (2FA) for added security.

4. Avoid Emotional Trading: Fear of Missing Out (FOMO) and panic selling can lead to poor decisions. Stick to your investment plan and avoid making impulsive trades based on emotions.

5. Keep Learning and Adapting. The cryptocurrency space is evolving rapidly. Stay curious and continuously educate yourself about new technologies, trends, and risks. Follow reputable sources like CoinDesk, Cointelegraph etc for official project announcements.

By knowing these tips and following them religiously, you can minimise risks and make more informed decisions in the dynamic world of cryptocurrency.

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Nigeria Leads the World in Crypto Adoption

TECH DIGEST- Nigeria has emerged as a global leader in cryptocurrency adoption, according to the latest findings from ConsenSys’ Global Survey. The report highlights the significant role of emerging markets, particularly Nigeria and South Africa, in driving the global expansion of digital currencies.

A staggering 73% of Nigerian respondents indicated ownership of cryptocurrencies, surpassing other countries in the survey. This remarkable figure underscores the growing interest and enthusiasm for digital assets among Nigerians.

The surge in cryptocurrency adoption in Nigeria can be attributed to various factors, including economic instability, a burgeoning tech-savvy population, and a desire to seek alternative investment opportunities. As the country continues to embrace the digital revolution, it is poised to play a pivotal role in shaping the future of the global cryptocurrency landscape.

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Binance Records Highest Inflow in 2024

TECH DIGEST– Binance, the world’s leading cryptocurrency exchange, has achieved a remarkable milestone, surpassing $24 billion in user deposits. This record-breaking figure underscores the growing global adoption of digital assets and the increasing trust placed in Binance as a reliable platform.

The exchange’s success can be attributed to several key factors, including favorable regulatory developments, significant price milestones for major cryptocurrencies, and the launch of spot Bitcoin ETFs in key markets like the United States, Hong Kong, and Europe. These factors have collectively contributed to a surge in user interest and investment in the crypto ecosystem.

As the crypto industry continues to mature, Binance remains at the forefront of innovation and technological advancement. The exchange’s commitment to user security, regulatory compliance, and expanding its product offerings has solidified its position as a dominant player in the global crypto market.

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The Securities and Exchange Commission has reiterated that only approved digital exchanges and platforms were legally authorised to carry out the business of crypto trading in any form in Nigeria.

In a statement obtained from its website on Monday, the SEC warned the public against dealing with illegal operators who have not applied to and received the commission’s approval under the Accelerated Regulatory Incubation Programme or the Regulatory Incubation Programme.

The SEC emphasised that ARIP and RI remained the only avenues for well-intentioned entities to legitimately introduce their digital products and services to the Nigerian capital market.

The commission advised intending investors to always confirm from the various SEC information portals whether entities purporting to provide investment services are legally empowered to do so.

“Intending investors are also reminded to always confirm from the various SEC information portals whether entities purporting to provide investment services are legally empowered to do so,” it noted.

The capital market regulator had introduced the ARIP to strategically onboard firms that had commenced operations before the release of the Rules on Virtual Asset Service Providers in May 2022.

The RI Programme was created to assess the business models of digital asset firms and test innovative products, services and technology in a real-time market environment under close supervision by the SEC, the regulator said.

Last week, the SEC approved in principle two digital asset exchanges, Busha Digital Limited and Quidax Technologies Limited, and admitted five firms to test their models and technology under the RI Programme.

The Director-General of SEC, Dr Emomotimi Agama, attributed the recent approval of two cryptocurrency exchanges to the growing enthusiasm among young Nigerians for digital assets.

He underlined the need for a transparent regulatory framework that safeguards investors while fostering innovation.

The SEC DG stressed that comprehensive disclosure, robust anti-money laundering measures, and effective counter-terrorism financing protocols are crucial elements of the SEC’s regulatory approach in the cryptocurrency sector.

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TECH DIGEST- Global cryptocurrency markets were rocked as Bitcoin, the pioneer cryptocurrency, experienced a sudden and sharp 6.5% plummet, wiping out nearly a week’s worth of gains in just 20 minutes. Bitcoin tumbled from $43,357 to as low as $40,659, sparking concerns and market turbulence.

The unexpected drop saw Bitcoin briefly slipping below the $41,000 mark, causing a stir among investors and enthusiasts. The cryptocurrency, which had been on an upward trajectory, shedding nearly 5 days’ worth of gains, left the market on edge.

As of the latest data on TradingView, Bitcoin has shown signs of recovery, trading slightly up from its local low at $41,960. However, the rapid and unpredictable nature of the drop has left analysts and traders on high alert, with the market now closely monitoring for further developments.

The shockwave from Bitcoin’s decline reverberated across the cryptocurrency landscape, affecting other major assets. Ether (ETH), the second-largest cryptocurrency by market cap, experienced an abrupt 8.9% decline during the same time frame. While ETH has since stabilized, trading at $2,233, it remains down by 5.3% for the day.

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