Access bank hack: 500 USDT traders on Binance exchange bank accounts frozen

[sokani]

My people I go like make una share una thoughts on this matter. This na story of how a hacker breach the security systems of access bank come steal about $10.4 millon (8 billion naira). The hacker move the stolen money to Binance exchange where him use am buy USDT from different traders. Access bank follow the money trail come see say the hacker send some amount of money to different accounts, so them come place lien on these accounts after them receive a court order. Also, them send messages to other banks to freeze the account of users where the hacker send the funds to.

BITTER TRUTHS
Now, wetin happen come dey make me see how:
1. non proactive our banking sector dey because e take Access bank 8days to freeze an account, which for me take too much time as e give the hacker enough time to cover him tracks.

"On May 2, Henry Tivlumum bought crypto from me on the Binance platform worth N5.5 million,” he told FIJ.

He paid the sum in tranches: N4.5 million into my Access Bank account and N1 million into my Kuda Bank account.

Surprisingly, eight days after the transaction, I noticed a lien on my Kuda and Access Bank accounts.

2. Backwardness of our country in terms of blockchain education because no information from Accessbank whether dem contact Binance exchange to see if the USDT dey there so that Binance go freeze am.

I doubt if the hacker go dey that stupid to leave the USDT on Binance exchange. After buying USDT from the traders, it's either him send am to him personal wallet or buy Bitcoin with it. If him send the USDT to him personal wallet, access bank go fit contact Tether to freeze the funds, but if him buy Bitcoin, dem no go fit really do anything than to the monitor the address. If him buy Bitcoin and send am to a mixer, the fund is gone forever. On a second thought, I come dey reason why the hacker buy USDT at the first place when him supposed buy Bitcoin and mix am. E fit be say the hacker don jonse and na something wey Access bank supposed capitalize on, instead dem dey busy dey chase and freeze innocent traders accounts upandan.

LESSONS LEARNT
One of the bad sides of P2P trades be say you kno no who you dey transact with as the person fit be fraudster, kidnapper, drug trafficker etc. wey dey try to hide funds, but one of the ways we fit avoid this kind type of wahala na:
1. Make we dey look for traders with good reputation and good trading history.
2. Make we no dey carried away by juicy rates, make we dey shine our eyes.

https://news.bitcoin.com/nigerian-bank-reportedly-freezes-accounts-belonging-to-500-usdt-traders/

FIJ Nigeria

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[Truthlovecoins]

I dey shocked to read this news o, but I know say this go open eyes of those in the banking industry to possible hack and how the decentralized system can assist in such.

P2p as I don learn for here get risks involved and you don do well to mention am. E still no go stop us from trading P2p because just as good dey yakpa, na so bad dey too.
I just hope this issue don't affect crypto holders or traders in this country o.

[Charles-Tim]

I do not know how true this Bitcoin.com news is yet, but I was unable to find it true. I have gone through many Nigeria news and I did not see anything relating to it.

Bitcoin.com got it from X (formally known as Twitter) and not directly from Acccessbank or any legit news in Nigeria. I do not think the source may not be  rumor as it is tweeting than usual.

@sokani
Your advice is good but I have not seen that to be a legit news. Give us any Nigeria link instead. If Access Bank is hacked and ₦8 billion stolen, it shout be a breaking news.

[Spaceman1000$]

My people I go like make una share una thoughts on this matter. This na story of how a hacker breach the security systems of access bank come steal about $10.4 millon (8 billion naira). The hacker move the stolen money to Binance exchange where him use am buy USDT from different traders. Access bank follow the money trail come see say the hacker send some amount of money to different accounts, so them come place lien on these accounts after them receive a court order. Also, them send messages to other banks to freeze the account of users where the hacker send the funds to.

BITTER TRUTHS
Now, wetin happen come dey make me see how:
1. non proactive our banking sector dey because e take Access bank 8days to freeze an account, which for me take too much time as e give the hacker enough time to cover him tracks.

"On May 2, Henry Tivlumum bought crypto from me on the Binance platform worth N5.5 million,” he told FIJ.

He paid the sum in tranches: N4.5 million into my Access Bank account and N1 million into my Kuda Bank account.

Surprisingly, eight days after the transaction, I noticed a lien on my Kuda and Access Bank accounts.

2. Backwardness of our country in terms of blockchain education because no information from Accessbank whether dem contact Binance exchange to see if the USDT dey there so that Binance go freeze am.

I doubt if the hacker go dey that stupid to leave the USDT on Binance exchange. After buying USDT from the traders, it's either him send am to him personal wallet or buy Bitcoin with it. If him send the USDT to him personal wallet, access bank go fit contact Tether to freeze the funds, but if him buy Bitcoin, dem no go fit really do anything than to the monitor the address. If him buy Bitcoin and send am to a mixer, the fund is gone forever. On a second thought, I come dey reason why the hacker buy USDT at the first place when him supposed buy Bitcoin and mix am. E fit be say the hacker don jonse and na something wey Access bank supposed capitalize on, instead dem dey busy dey chase and freeze innocent traders accounts upandan.

LESSONS LEARNT
One of the bad sides of P2P trades be say you kno no who you dey transact with as the person fit be fraudster, kidnapper, drug trafficker etc. wey dey try to hide funds, but one of the ways we fit avoid this kind type of wahala na:
1. Make we dey look for traders with good reputation and good trading history.
2. Make we no dey carried away by juicy rates, make we dey shine our eyes.

https://news.bitcoin.com/nigerian-bank-reportedly-freezes-accounts-belonging-to-500-usdt-traders/

I no dey suprise to read this kind news, normally the firewalls of our banks no too dey strong, any good hacker fit penetrate easily into their system.
If for any reason say, the hacker don liquidify the money to USDT, then e sure me say him don send am to him mixer wallet, that one be say na "otilo" e don go be that. Na innocent traders now dey bear the brunt of the negligence of the Banks.

[Nwada001]

Without going through the link you provided and reading the article in full, I find the information untrue, and even if it's true, I don't have pity for those whom the scammer sends money to in exchange for their USDT. The reason is that, as a seller, you need to be cautious of the kind of trade deal you take in and the account you receive money from, especially for a crypto-related transaction where you are not seeing the person face-to-face.
 
This kind of fraudulent activity is the reason why it's always highly advisable for one to make sure the account details they receive money from match the name they have on their profile; this way, it reduces the scam scheme.
 
I know it's easier these days to create a fake problem in any system, but still checking to match such details is really advisable, as I believe this scammer might have used a different Binance profile, which will have nothing to do with the account name, and made use of P2P to buy USDT, which ordinarily should not be possible as users are advised against third-party payment.
 
If this story is true, the people who receive the money are going to be held liable for this scam, and they might end up paying with their own money.

[sokani]

I do not know how true this Bitcoin.com news is yet, but I was unable to find it true. I have gone through many Nigeria news and I did not see anything relating to it.

Bitcoin.com got it from X (formally known as Twitter) and not directly from Acccessbank or any legit news in Nigeria. I do not think the source may not be  rumor as it is tweeting than usual.

@sokani
Your advice is good but I have not seen that to be a legit news. Give us any Nigeria link instead. If Access Bank is hacked and ₦8 billion stolen, it shout be a breaking news.

I don't know how reputable The Foundation for Investigative Journalism (Fij Nigeria) is, they also reported about the hack. BTW this could still be a developing story.

https://fij.ng/article/innocent-crypto-trader-was-was-paid-with-stolen-n4-5m-access-bank-restricted-his-account/#:~:text=Access%20Bank%20Restricted%20His%20Account,-Published%2024th%20Oct&text=On%20May%202%2C%20Rufus%20Adetayo,Tivlumum%2C%20an%20alleged%20cyber%20hacker

This kind of fraudulent activity is the reason why it's always highly advisable for one to make sure the account details they receive money from match the name they have on their profile; this way, it reduces the scam scheme.

I got your point here, but if it doesn't matches the trader's profile, what do you think is the best course of action? Refund his cash and not trade your USDT?

[SmartGold01]

This news fit be true or lie but one thing I noticed be say if actually the story go as we see am e for no easy to dispatch the above mentioned amount so quickly because after the hack where would he send all those amounts and how can he start sending payment to people gradually till such huge amount of funds are being exhausted from the hacker. Btw I don't really know how stupid most of the nigerian hacker could be like they don't want to use their skills to utilize on something very essential and important to our economy than using it to defraud ourselves again, most times this made me love the foreigners as to whatever knowledge they have they to often used it to utilize something very important that will be remarkable to them whereby it will foster their economy and help man and it's environment.

On the other side, why would he have to take that risk to endangered people who doesn't knows what he did or who has nothing to do with his evil activity, those people who traded with him are all in a risk as I know that they could be tracked to know how come about those transactions and those who are connected in one ways or the others, I don't encourage any evil activities but binance is in a better place to provide the hacker since he details was used for kyc and I know too well that no one will carry up such huge amount of trade on p2p without undergoing series of kyc or till the final level of kyc which includes the general information of the user.

[Ever-young]

This kind of fraudulent activity is the reason why it's always highly advisable for one to make sure the account details they receive money from match the name they have on their profile; this way, it reduces the scam scheme.

I got your point here, but if it doesn't matches the trader's profile, what do you think is the best course of action? Refund his cash and not trade your USDT?

The best thing to do nah to return the money back to the sender, if person discover say the money way eh receive no come from the matching name as the sender nah to ignore the trade make the person go report am for support or make the person come the chat room come ask why you never release then u go complain give am to provide payment receipt.

I don come encounter with such case before, I open buy other and person way wan buy my USDT way worth up to N100,000 as I receive the money I been wan go confirm the trade Nia I check the name of the sender and the name of who send am for binance I just notice say eh no even in any way relate and the account no also be business account, I just ask the person to send payment proof which him sent I carry am open case for binance support and the suport also advice me make I no release coin instead make the person provide the same account way send am make I send back the money, which after all argument the person sent the account and the money I send am back, them disable the person active buying orders because eh don fall law, so like that if them trace that kind money them no notice say the receiver send am back to the sender and case no go remain for the person, best option nah just to return money back to sender that’s the best way to play safe.

[Mate2237]

Without going through the link you provided and reading the article in full, I find the information untrue, and even if it's true, I don't have pity for those whom the scammer sends money to in exchange for their USDT. The reason is that, as a seller, you need to be cautious of the kind of trade deal you take in and the account you receive money from, especially for a crypto-related transaction where you are not seeing the person face-to-face.
 
This kind of fraudulent activity is the reason why it's always highly advisable for one to make sure the account details they receive money from match the name they have on their profile; this way, it reduces the scam scheme.
 
I know it's easier these days to create a fake problem in any system, but still checking to match such details is really advisable, as I believe this scammer might have used a different Binance profile, which will have nothing to do with the account name, and made use of P2P to buy USDT, which ordinarily should not be possible as users are advised against third-party payment.
 
If this story is true, the people who receive the money are going to be held liable for this scam, and they might end up paying with their own money.

You have to read the link so that you can make a good point from the main thread and make sone comparation if what he said accurate with the article from the link. Now you are confused probably has you said you did not read the article. And that is you said "untrue" and later "true", Things like this make me to do some research to believe that it is true. And any news that appear more than one news blog online is true or there is an element of truth. And with this i made some research online and see that the news is onine everywhere so I dont think this news na fake one. Add with the Op link, you can also read more from the following links.
P2P Scam: My bank account has been frozen
Hackers Steal Money From Bank Nigeria To Buy USDT Stablecoin On Binance

Op I like the news or the thread because it is a warning to those that are using binance to be careful. One thing we have to k ow is that scammer dey use many ways to scam and transact money so if something like this come to us might fall as we so we just pray be say make im come to our side.

[sokani]

no easy to dispatch the above mentioned amount so quickly because after the hack where would he send all those amounts and how can he start sending payment to people gradually till such huge amount of funds are being exhausted from the hacker.

Sending the stolen funds to a centralized exchange was a big mistake, except he signed up with a fake name on Binance and probably used fake documents for KYC, if that's possible.

most times this made me love the foreigners as to whatever knowledge they have they to often used it to utilize something very important that will be remarkable to them whereby it will foster their economy and help man and it's environment.

Oyinbo sef dey thief, we dey learn from them.

<snip>

Thank you for the response, na him make discussions like this dey very helpful. With this your reply if I happen to find myself in similar situation or dey in the position to advise someone I go know wetin to talk.

Op I like the news or the thread because it is a warning to those that are using binance to be careful.

Thank your Mate for the kind words and also for the link you shared. E by like the site na foreign, and na Indonesia precisely. I don also drop Nigerian news source.

[Charles-Tim]

Sending the stolen funds to a centralized exchange was a big mistake, except he signed up with a fake name on Binance and probably used fake documents for KYC, if that's possible.

It won't be surprising me if he used the KYC of the affected customers he sent the money from. This happened in Hong Kong few weeks ago.

Thank your Mate for the kind words and also for the link you shared. E by like the site na foreign, and na Indonesia precisely. I don also drop Nigerian news source.

It may be true, but I am still very surprised that I am not seeing this coming mostly from Nigeria news. This is the first time I am experiencing something like this.

[letteredhub]

2. Backwardness of our country in terms of blockchain education because no information from Accessbank whether dem contact Binance exchange to see if the USDT dey there so that Binance go freeze am.

I doubt if the hacker go dey that stupid to leave the USDT on Binance exchange. After buying USDT from the traders, it's either him send am to him personal wallet or buy Bitcoin with it. If him send the USDT to him personal wallet, access bank go fit contact Tether to freeze the funds, but if him buy Bitcoin, dem no go fit really do anything than to the monitor the address. If him buy Bitcoin and send am to a mixer, the fund is gone forever. On a second thought, I come dey reason why the hacker buy USDT at the first place when him supposed buy Bitcoin and mix am. E fit be say the hacker don jonse and na something wey Access bank supposed capitalize on, instead dem dey busy dey chase and freeze innocent traders accounts upandan.


https://news.bitcoin.com/nigerian-bank-reportedly-freezes-accounts-belonging-to-500-usdt-traders/

it's as simple as this, Access bank not that they don't know the right thing to do to get back their hacked funds but because they feel following the right procedures would cost them time and energy so they go for the weaker bait to use them as scapegoat in the case.

It is a prominent attitude among Nigerians and it's institutions in always looking for victims that would pay for nothing they know about just to make a case stand when there's supposed to be none.  As a financial institution binance will be very happy to work with them in capturing the hacker with is binance account get his funds freezed and forfeited but unfortunately this is Nigeria.

[Stepstowealth]

1. Make we dey look for traders with good reputation and good trading history.

To make sure you nor go make the mistake of transacting with bad people, try dey take note of people wey you dun trade with for any P2P wey you dey use. Remember their names, or just write their names down for corner. Avoid to dey always use new people make you for nor go enter trouble.

2. Make we no dey carried away by juicy rates, make we dey shine our eyes.

Dey always try cross check rates with wetin dey market or with wetin other people dey offer, nor go follow juicy rates because rippers plenty.

[Franctoshi]

LESSONS LEARNT
One of the bad sides of P2P trades be say you kno no who you dey transact with as the person fit be fraudster, kidnapper, drug trafficker etc. wey dey try to hide funds, but one of the ways we fit avoid this kind type of wahala na:
1. Make we dey look for traders with good reputation and good trading history.
2. Make we no dey carried away by juicy rates, make we dey shine our eyes.
https://news.bitcoin.com/nigerian-bank-reportedly-freezes-accounts-belonging-to-500-usdt-traders/

Op, thank you for this wonderful information because I never thought that we the P2P participants could fall victim in this way, Although I'm already used to doing the majority of my transactions with verified merchants, However, with this info and to try to transact safely, there are a lot of verified merchants to trade with on the Binance P2P,  I will stick to doing my transactions with verified merchant only.

[Salahmu]

One of the bad sides of P2P trades be say you kno no who you dey transact with as the person fit be fraudster, kidnapper, drug trafficker etc. wey dey try to hide funds, but one of the ways we fit avoid this kind type of wahala na:
1. Make we dey look for traders with good reputation and good trading history.
2. Make we no dey carried away by juicy rates, make we dey shine our eyes.

You have a point mate because irrespective of how binance P2p may be good but there could be issues with using our real bank account because we may not no if most person there are looking for ways to move the money to other places after committing one fraud act or the other.

So transacting with such account could put your bank account in danger, so for the safety of our account the best way to transact is by using online banking because it keeps your account more safer instead of transacting directly from bank account but however with online banking even if you receive payments from any account is not actually traceable and you could decides if you can transfer from your online bank to your real account and by then it will be much safer instead of using your real bank account on binance were you don't even no whom you are receiving from, if they have committed any fraudulent act on there account or not.

[sokani]

It won't be surprising me if he used the KYC of the affected customers he sent the money from. This happened in Hong Kong few weeks ago.

There's a post I came across sometime ago outside the forum where a Nigerian software engineer claimed that the data of most Nigerians in most of the Fintech companies are being sold on the dark web. Let's say an hacker could get hold of these data, it still surprises me how they could scale through the face recognition test during KYC on exchange.

Op, thank you for this wonderful information because I never thought that we the P2P participants could fall victim in this way, Although I'm already used to doing the majority of my transactions with verified merchants, However, with this info and to try to transact safely,

Welcome bro, safety should be our top priority at all times.

with online banking even if you receive payments from any account is not actually traceable and you could decides if you can transfer from your online bank to your real account and by then it will be much safer

It doesn't matter how you carry out your transactions whether via over the counter, USSD, mobile banking or internet banking, our bank accounts are online and they could be traced.

[Broadanbig]

This story sounds funny though. I had to search for myself to see if there is any news of this nature but to my greatest surprises no Nigerian dailies has it on their platform so how come we Nigerians have no clue about this unfortunate incidence and the bank has not issued a press release n names were mentioned to be the possible culprit just as they usually do whenever they are conducting an investigation. Just as SmartGold has said, how possible can it  be for the hacker to just disburse such an amount of money so fast and the sellers too could not identify who made the payment via their name. How come the bank did not notice this hack onset from when it happened to swing into action. So many questions to be answered here.

This further made me look into the news site to confirm the identity of the publisher or writer and I found out that he was a Zimbabwe national and  I was wondering how he got this information without Nigerians knowing what was happening.

Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

[Mayor of ogba]

Whether this news is true or not this is now a call for everyone to deploy a strategy way go guide them when using P2P trade so that we don't enter into trouble way they like this one o. Make we no dey receive bitcoin for our friends and brothers way we no know how they carry get the bitcoin for our centralized exchange so that we no go follow them enter problem, because if they get the bitcoin through fraud now your account them go first trace o, anytime we dey trade for P2P make we dey always look out for traders way get 98%, 99%, 100%, and 3000 trades and above, make we dey sell to buyers way get the same buy order with other traders, because scammers go give you juicy offer way go make you trade with them fast, and make we also make sure say the account details way dey for the P2P trading platform now the same details way dey send money to your bank account so that we no go enter problem.  

[Jegileman]

BITTER TRUTHS
Now, wetin happen come dey make me see how:
1. non proactive our banking sector dey because e take Access bank 8days to freeze an account, which for me take too much time as e give the hacker enough time to cover him tracks.

You no go fit blame dem sha, dey no fit just block account anyhow dey like. Dem need to follow due process to do dat, that’s why dem even go courts first to get order to freeze the account. If you check am well, you dey right say dem no dey follow up sharply to block dis accounts before dem move out funds and secondly, dem go need to follow due process before dem for block any account.

2. Backwardness of our country in terms of blockchain education because no information from Accessbank whether dem contact Binance exchange to see if the USDT dey there so that Binance go freeze am.

I no know why dem no contact dem for dis matter yet, abi na because of some kind rules wey government put on top all dis crypto platforms na him make dem no wan loud am. Because if dem meet dem, dem fit just deny d thing and dem no get proof for dat. Na d traders go come dey fall victims of d tin again. Sometimes I feel say since d government neva regulate d use of cryptocurrencies, e be like d thing no go dey possible.

LESSONS LEARNT
One of the bad sides of P2P trades be say you kno no who you dey transact with as the person fit be fraudster, kidnapper, drug trafficker etc. wey dey try to hide funds, but one of the ways we fit avoid this kind type of wahala na:
1. Make we dey look for traders with good reputation and good trading history.
2. Make we no dey carried away by juicy rates, make we dey shine our eyes.

Dis matter no be something wey we go blame P2P traders for, dey don’t know where you get your funds from but dey just come to sell their businesses and transact with you. Freezing their accounts is very bad and linking the scammer to dem is not good. As a buyer, na me go look for good trader to buy from and no be d seller go dey look for me wey wan sell. If na d other way round, I go fit say person fit check transaction history of trader wey you wan sell your funds to. Dis matter plenty if na true sha, but as we never hear am from dem or any official news media for naija, we fit discard d news or call am fake to some degree. If dis thing really happen ba, e go dey top of news for both public and private news outlets which we no hear anything about am till today.

[Fivestar4everMVP]

This news is hard to believe, since there is no report any where within Nigeria that access bank was hacked for 8 billion naira, this money is not chicken change, there is no way a major Nigerian bank will be hack for such a huge amount of money and the whole social media and news outlet in the country won't be awashed with the news.

So personally, I will consider this a fake news, atleast, until the news is verified by reputable news media.

And aside this, your advice is good, with or without the hack being true, there are scammers every where, we must always be careful when trading in the p2p market.