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Binance, Cryptocurrency exchange, has suffered a security breach with an estimated $6.3 billion impact, in what TRM Labs, blockchain intelligence firm, describes as the largest cryptocurrency theft in history.

The incident, which occurred on October 29, involved the movement of approximately $6.36 billion from Binance-controlled wallets across 10 blockchain networks, according to TRM Labs.

The development has raised fresh concerns about cybersecurity risks facing centralised cryptocurrency exchanges and the protection of digital assets.

In a security update published on October 30, Binance said preliminary investigations suggested that an attacker gained access to its internal systems through a compromised laptop belonging to a DevOps engineer.

The attacker allegedly used the access to enter a service container and submit unauthorised withdrawal transactions.

The exchange said it had found no evidence that wallet private keys were leaked, adding that investigations were ongoing to establish the full circumstances of the breach.

As an immediate response, Binance temporarily suspended deposits and withdrawals while its security teams worked to contain the incident.

It also revoked authorisation for affected addresses and engaged law enforcement agencies, blockchain intelligence firms and industry partners to trace and recover the assets.

Binance said approximately $3 billion in affected assets had been frozen on-chain through collaboration with blockchain partners.

The exchange also assured customers that their funds remained safe and pledged to cover all losses through its Secure Asset Fund for Users (SAFU) and company reserves.

The scale of the incident has attracted attention from cybersecurity researchers, with TRM Labs attributing the attack, with high confidence, to TraderTraitor, a North Korean state-sponsored hacking group associated with previous major cryptocurrency thefts.

In its assessment published on October 29, TRM Labs said its attribution was based on on-chain and off-chain intelligence. The firm traced the movement of funds across multiple blockchain networks, including Ethereum, Bitcoin, Tron, Solana and the XRP Ledger.

The reported breach would surpass the $1.5 billion Bybit cryptocurrency exchange hack in February 2025, which was also attributed to North Korean-linked hackers, making the Binance incident the largest recorded cryptocurrency theft if the current estimates are confirmed.

The attack has also unsettled cryptocurrency markets. Bitcoin fell by more than 3 per cent following reports of the breach, while Ether and other digital assets also recorded declines as investors reacted to concerns about exchange security.

The incident comes amid growing scrutiny of cybersecurity vulnerabilities within the cryptocurrency industry, where exchanges remain important custodians and trading platforms for billions of dollars in digital assets.

Binance said it would publish a detailed technical post-mortem after completing its investigation and remediation efforts. The company also plans to provide an updated proof of reserves following the security review.

Atiku Abubakar, former Vice President, has raised concerns about President Bola Tinubu’s announced Umrah pilgrimage to Saudi Arabia, demanding daily photos and videos showing the President in Makkah.

In a statement issued on Wednesday by Phrank Shaibu, Director of Strategic Communication for the African Democratic Congress (ADC) Presidential Campaign Council, Atiku alleged that the official announcement of the pilgrimage might be a cover. He claimed that information available to him suggests France could be the President’s true destination.

According to Atiku, the President might make a brief appearance in Makkah before proceeding to France. He further questioned whether the trip was linked to President Tinubu’s health or a reported $20 billion loan request involving a French business partner, urging the Presidency to address these concerns and release the President’s full itinerary.

To ensure transparency, the former Vice President called on the Presidency to publish clear, current, and date-stamped photographs and videos each day showing Tinubu at the Kaaba participating in Umrah rites. He emphasised that Nigerians deserve verifiable proof of the President’s whereabouts and a transparent accounting of his daily engagements.

While noting that he and other citizens would join the President in praying for the nation’s peace and progress, Atiku cautioned against using religious exercises as a cover. He stressed that a spiritual journey undertaken on behalf of the nation should be treated with utmost seriousness and integrity.

Reiterating that an official trip is a matter of public interest, Atiku maintained that citizens have a right to know the President’s daily schedule and how public funds are being used. He urged the Presidency to address these questions directly and provide the transparency Nigerians deserve.

Cameroon’s state oil refiner ?Sonara said on Friday it signed an agreement with Nigeria’s Dangote Group and Lagos-based MRS ?Oil and Gas Company to ?supply refined petroleum products to Cameroon.

The ?deal, signed on October ?22 in Lagos, is intended ?to provide Cameroon with a stable and sustainable fuel supply as petroleum product ?costs rise amid conflict ?in the Middle East.

Cameroon has relied completely ?imported refined petroleum products since 2019, when an explosion damaged its sole refinery.

Sonara said a ?ceremony planned ?to ?formally launch the partnership had been postponed because ?of last-minute scheduling constraints ?involving ?Dangote Group President Aliko Dangote. A new date will be ?announced ?later.

The Confederation of African Football (CAF) has reversed its decision to move the Africa Cup of Nations (AFCON) to a four-year cycle, confirming that the tournament will continue to be held every two years.

CAF announced the decision on Thursday, October 29, following a unanimous vote by its Executive Committee (EXCO).

The reversal comes after CAF President Patrice Motsepe indicated earlier this month that the governing body would reconsider its plans to replace the biennial AFCON with a proposed African Nations League.

Speaking at CAF’s Strategic Conference in Cape Verde, Motsepe raised concerns about the financial implications of the proposed change, particularly the time it would take for the new competition to generate sufficient revenue to support African football.

CAF said its reassessment was driven, among other considerations, by the recognition that the proposed African Nations League would require several years before it could generate the substantial financial resources needed to make CAF competitions and African football globally competitive and self-sustaining.

Motsepe said the original decision to move AFCON to a four-year cycle had been reconsidered in the interest of African football, CAF’s 54 member associations and African players employed by clubs outside the continent.

‘The decision by the CAF EXCO that the CAF AFCON should take place every two years was based on advancing, protecting and promoting the interest of African football and CAF’s 54 member associations, as well as the interest of African players employed by football clubs outside Africa,’ Motsepe said.

‘We were also concerned by the several years required before the proposed new Africa Nations League Pan-African competition, which was supposed to be identical to the current AFCON and take place every two years, could make the substantial financial and football development contributions needed for African football and CAF competitions to be globally competitive and self-supporting.’

The 2027 AFCON will be jointly hosted by Kenya, Tanzania and Uganda, marking the first time the three East African countries will stage the tournament together.

The competition will then return in 2028, before subsequent editions in 2031 and 2033.

The revised calendar takes account of the 2030 FIFA World Cup. CAF noted that, in line with FIFA’s traditional calendar, the AFCON finals and other confederation-level national team competitions may not be held in a World Cup year.

Motsepe expressed confidence that the 2027 AFCON would be successful and said the competition remained central to celebrating African football and the continent’s cultural diversity.

‘The next TotalEnergies CAF AFCON will take place in 2027 in Kenya, Tanzania and Uganda, and I am confident that it will be very successful. The subsequent AFCONs thereafter will take place in 2028, 2031 and 2033,’ he said.

‘The forthcoming FIFA World Cup will take place in 2030, and, in accordance with the FIFA tradition, the final tournament of the AFCON and other confederations’ national team competitions may not take place during the year of the FIFA World Cup.

‘The AFCON competition is also about celebrating African football and Africa’s rich and diverse cultures, customs and traditions, and bringing people together from Africa’s 54 countries, the African diaspora and throughout the world.

‘The CAF EXCO decision is in the best interest of African football and CAF’s 54 member associations and will also contribute significantly to the development and growth of football in Africa.’

Nigeria’s efforts to simplify its tax system face an implementation challenge as 67.2 percent of households encounter informal levies, raising concerns that overlapping charges could undermine the relief promised by the country’s new tax laws.

The finding, contained in the Nigeria Economic Summit Group’s (NESG) Tax Perception Survey 2026, highlights the persistence of informal collections even as the government seeks to harmonise taxation, reduce multiple levies, and improve compliance under the new tax regime.

For businesses, the burden extends beyond formal tax obligations, with 13.9 percent of surveyed firms reporting exposure to illegal charges. The persistence of these payments could increase operating costs, weaken business margins, and discourage smaller enterprises from entering the formal tax system.

The survey, which covered 18,000 working adults and 9,097 firms across the 36 states and the Federal Capital Territory between July and September 2026, also found that poor public services and high taxes were the most frequently cited reasons for tax avoidance among households that had encountered informal levies.

About 35 percent identified poor public services, while 18.6 percent cited high taxes, suggesting that taxpayer resistance is linked not only to the amount demanded but also to the perceived value of public services received.

Oluwadamilare Oladele, managing director of a Lagos-based fintech company, said many small businesses viewed formal taxes as an additional burden layered on top of existing informal payments.

‘If citizens are encouraged to enter the formal tax net, the government must also ensure they are not simultaneously subjected to informal levies that often cost more than formal taxes,’ Oladele said. ‘For many small businesses, the problem is not taxation itself, but double extraction.’

His concerns reflect the experiences of small business operators in Lagos, where payments to state revenue authorities, local governments, and other collectors can create uncertainty over how much businesses are expected to pay.

Omolara Bamidele, who has operated Tobshe Hair salon in Lagos for more than nine years, said officials assessed her business at N150,000 in November last year under a presumptive tax arrangement. She negotiated the amount down to N80,000 but said she still did not know how the initial assessment was determined.

Presumptive taxation allows authorities to estimate tax liabilities for businesses that do not maintain formal accounting records, rather than relying on declared profits.

For Nneka Eze, who operates a beauty shop in Lagos, payments include N1,500 monthly for waste collection and N10,000 annually for local government permits. She said the amounts demanded for some permits could vary and were sometimes negotiated with collectors.

Tax experts say presumptive taxation does not automatically eliminate other statutory obligations.

Oluwafemi Odusote, a tax expert, said businesses could still be required to pay other applicable charges depending on their activities and the relevant regulatory framework.

‘They will pay other rates if it applies to their business sector,’ Odusote said. ‘If I have a bar where I serve beer, I will still pay my personal income tax. And the local government will still come and tell us to pay licence.’

This distinction highlights a challenge for the government’s tax harmonisation drive. While the new framework seeks to simplify taxation and reduce overlapping obligations, state and local governments retain powers to impose authorised charges within their respective areas of responsibility.

The NESG survey also found that 74.4 percent of households recognised government’s right to tax, although average trust in tax authorities stood at 2.01 out of four.

Among firms that had been asked to file returns or provide records in the preceding year, 95.8 percent reported complying. However, businesses that did not comply cited high tax burdens, cash-flow constraints, multiple taxes and levies, and poor public services among their reasons.

The findings suggest that improving compliance will require more than expanding the tax net. Clearer assessment procedures, better coordination among revenue authorities and stronger enforcement against unauthorised collections will be necessary to make the system more predictable for businesses.

As Nigeria seeks to widen its revenue base, the challenge will be ensuring that tax reform translates into fewer overlapping demands and a clearer understanding of what households and businesses are legally required to pay.