In its latest report, titled ‘Report: $452m Lost in Crypto in Q1 2023. New Trends of Hacks and Scams’, the firm stated that this was a 65.23 per cent decline from the $1.3bn recorded in the corresponding period in the prior year.

The report stated that crypto losses mounted to a nine-figure amount in March, for the second in a row. It said $215m was lost in March alone.

The firm noted, “Out of the $452m lost in Q1, a total of $215m was lost in just the first 20 days of March, underscoring the rapid pace at which scammers have been operating in recent weeks.

While these losses are staggering, they also mark a decrease as compared to the same period in 2022, wherein Q1 saw $1.3bn lost.”

It explained that the biggest losses in Q1 were due to flash loan issues, which had been on the rise in recent months, with over $200m lost through the channel.

The firm, which claimed to maintain the largest database of hacks, scams, and exploits in the crypto verse, stated that the Ethereum chain was where the highest losses were recorded in the quarter.

In terms of recovery, “$130m was recovered in Q1 this year, marking a recovery rate of 28.7 per cent.”

In the corresponding period of 2022, $520m, 40 per cent of funds, was recovered. Scammers leveraged new tokens to lure unsuspecting crypto investors in Q1.

The firm stated, “In terms of attack vectors, tokens proved to be the most popular targets this year so far — this is unsurprising given that tokens are easy to deploy, and prey on the fear of missing out experienced by many new crypto investors.

This is especially true with the market comeback in recent days. In terms of amounts lost, though, lending and borrowing protocols took the prize, it was driven by a small number of high profile events — Euler Finance and BonqDAO.”

Investors on crypto platforms that lost the most include Euler ($196m), BonqDAO ($120m), CoinDeal ($45m), Monkey Drainer ($16.5m), and Platypus Finance ($8.5m).

De.Fi concluded by noting that the significant surge in financial losses in Q1 underscored the need for heightened risk management and vigilance when investing in the decentralised finance sector on the part of investors.

“It is crucial for investors to educate themselves on potential dangers and implement appropriate measures to protect their investments,” it added.

Fresh start

The new year is a time when many people feel motivated to make positive changes in their lives, including starting a business. This can provide a sense of excitement and motivation as you begin this new venture.

New goals

The new year is a natural time to set new goals and resolutions, and starting a business can be a great way to achieve a significant personal or professional goal.

Tax benefits

Depending on your business structure and location, there may be tax benefits to starting a business in the new year. For example, you may be able to claim certain expenses related to starting a business on your tax return.

Timing

If you have been considering starting a business for a while, the new year may be a good time to take the plunge. This can allow you to take advantage of any seasonal trends or opportunities that may be available.

Opportunity to plan

Starting a business in the new year can give you the opportunity to carefully plan and prepare for the launch of your business. This can help you set a solid foundation and increase your chances of success.

Overall, starting a business in the new year can be a great way to achieve personal and professional goals, take advantage of tax benefits, and plan and prepare for the launch of your business.

Here are 100+ business ideas that you might consider starting in the new year:

1. Online store: Sell physical or digital products, or offer services through an online store.
2. Social media consulting: Help businesses improve their social media strategy.
3. Home-based catering: Offer catering services from your home.
4. Freelance writing or editing: Offer writing or editing services as a freelancer.
5. Lawn care or landscaping: Start a lawn care or landscaping business.
6. Personal training or fitness coaching: Offer personal training or fitness coaching services.
7. Virtual event planning: Help companies plan and execute virtual events.
8. Mobile app development: Develop mobile apps for businesses or individuals.
9. Online tutoring or teaching: Provide online tutoring or teaching services.
10. Virtual assistant services: Offer administrative, technical, or creative assistance remotely.
11. Graphic design: Create visual concepts for businesses or individuals.
12. Website design: Design and create websites.
13. Event planning: Organize events such as weddings, parties, and corporate events.
14. Personalized gift baskets: Create personalized gift baskets for special occasions.
15. Home cleaning or organizing services: Provide cleaning or organizing services for homes or offices.
16. Car detailing: Offer thorough cleaning and detailing services for cars.
17. Pet sitting or dog walking: Provide care for pets while their owners are away.
18. Personal styling or fashion consulting: Offer fashion advice and assistance with selecting clothing and accessories.
19. Interior design: Design and decorate the interior of homes or businesses.
20. Personal chef services: Provide personal chef services, including meal planning and preparation, for individuals or families.
21. Handmade crafts or jewelry: Create and sell handmade crafts or jewelry.
22. Food delivery service: Deliver food from restaurants or supermarkets to customers.
23. Personalized meal prep service: Provide personalized meal prep and delivery services.
24. Home renovation or remodeling: Offer home renovation or remodeling services.
25. Pet grooming: Provide grooming services for pets such as haircuts, baths, and nail trims.
26. Home-based bakery: Start a bakery business from home, creating and selling baked goods.
27. Resume writing or career coaching: Provide resume writing or career coaching services to help individuals advance in their careers.
28. Translation services: Offer translation services for businesses or individuals.
29. Virtual bookkeeping: Provide bookkeeping services remotely, often using specialized software.
30. Online courses or workshops: Create and teach online courses or workshops on a variety of topics.
31. Personalized nutrition plans: Provide personalized nutrition plans and advice to clients.
32. E-book publishing: Publish and sell e-books on various topics.
33. Marketing consulting: Provide marketing strategy and consulting services to businesses.
34. Personal finance consulting: Offer personal finance advice and consulting services to individuals.
35. Online coaching or therapy: Provide coaching or therapy services remotely.
36. Personalized workout plans: Create personalized workout plans for clients.
37. Virtual party planning: Plan and organize virtual parties or events.
38. Handyman services: Provide a variety of home repair and maintenance services.
39. Ghost kitchen: Set up a kitchen specifically for preparing and delivering food for online food delivery services.
40. Gourmet food truck: Operate a food truck that serves high-end, specialty dishes.
41. Mobile car wash: Provide car washing and detailing services at the customer’s location.
42. Social media management
43. Resume writing or career coaching
44. Personalized party planning
45. Personalized home decorating
46. Online art or craft classes
47. Personalized gift wrapping
48. Personalized home organization
49. Personalized home staging
50. Personalized garden design
51. Virtual personal shopping
52. Personalized nutrition coaching
53. Virtual event DJ
54. Virtual event photographer
55. Personalized party favors
56. Personalized wedding planning
57. Personalized wedding favors
58. Personalized wedding invitations
59. Personalized wedding decor
60. Personalized wedding cakes
61. Personalized wedding flowers
62. Personalized wedding music
63. Personalized wedding photography
64. Personalized wedding videography
65. Personalized wedding planning for destination weddings
66. Personalized wedding favors for destination weddings
67. Personalized wedding invitations for destination weddings
68. Personalized wedding decor for destination weddings
69. Personalized wedding cakes for destination weddings
70. Personalized wedding flowers for destination weddings
71. Personalized wedding music for destination weddings
72. Personalized wedding photography for destination weddings
73. Personalized wedding videography for destination weddings
74. Personalized corporate event planning
75. Personalized corporate event favors
76. Personalized corporate event invitations
77. Personalized corporate event decor
78. Personalized corporate event catering
79. Personalized corporate event entertainment
80. Personalized corporate event photography
81. Personalized corporate event videography
82. Personalized charity event planning
83. Personalized charity event favors
84. Personalized charity event invitations
85. Personalized charity event decor
86. Personalized charity event catering
87. Personalized charity event entertainment
88. Personalized charity event photography
89. Personalized charity event videography
90. Personalized holiday event planning
91. Personalized holiday event favors
92. Personalized holiday event invitations
93. Personalized holiday event decor
94. Personalized holiday event catering
95. Personalized holiday event entertainment
96. Personalized holiday event photography
97. Personalized holiday event videography
98. Personalized baby shower planning
99. Personalized baby shower favors
100. Personalized baby shower invitations
101. Personalized baby shower decor
102. Personalized baby shower catering
103. Personalized baby shower entertainment
104. Personalized baby shower photography
105. Personalized baby shower videography
106. Personalized bridal shower planning
107. Personalized bridal shower favors

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Below are some factors to consider for getting yourself ready to invest in precious metals and ensure you make the correct choice and are fully prepared.

How Much Do You Want To Invest?

One of the first factors to consider before looking at the latest gold price in your location and purchasing precious metals is how much you want to invest. You will need to ensure that you do not invest too much money that can leave you struggling, and there are other factors than the price of the precious metal to consider.

If it’s gold you’re interested in, you will need to first see some gold coins for sale in Brisbane or in your city and learn as much as you can about them before making a purchase. When you purchase from a precious metals dealer, there will be a fee to pay, and you will also need to consider where you will store your investment which can be another added expense.

What Metals To Add To Your Investment Portfolio?

You will also need to consider what precious metal you will invest in and add to your investment portfolio. You can consider various options, and you may also want to diversify your investment and purchase different metals to add to your portfolio. Some popular choices include:

• Gold
• Silver
• Platinum
• Palladium

Depending on the metal you will invest in, you will also need to consider whether you want to purchase bullion or coins, and both are excellent options. Once you have decided what you will buy, in what form, and how much you will invest, you will also need to consider keeping your investment safe.

Keeping Your Investment Safe

You must ensure your precious metal investment is stored safely to safeguard it, and there are various options available. Many precious metal dealers can securely store your purchase, which will incur a monthly fee, or you can also invest in a safety deposit box, which will also have a monthly charge.

Another option you can consider is having a safe installed at home and storing your investment there. However, you will need to have a separate insurance policy to cover you if anything happens to your investment at home.

Finding A Reputable Precious Metal Dealer

The final thing you will need to do is find a reputable precious metal dealer to purchase your investment from, and you will want to shop around. The actual price for the precious metals that you purchase will be the same from most dealers, and where they are different is the delivery costs and commission they charge. You will want to shop around to find the best deal on the commission you pay and the delivery charges to make your money go further.

The above mentioned are the most vital factors you need to consider before investing in precious metals, and you can get more information on the subject that may prove useful through Google search.

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According to a recent survey in the United States and in Canada, 75% of new startups die in their first year of launching, and the reason for this is not far-fetched.

1- Shortage of funds

I am a victim of this phenomenon – I lost my first business to a shortage of funds within three months of launching. Why? The initial capital outlay of $1,000 or N500,000 I had gone to waste when I had no more funds to invest into my business and the start-up died a natural death within months of launching.

The major mistake most entrepreneurs make is to think that the initial capital they have for investment would carry them through the business to the point of making profits. This is never the case.

You still need to continue to pump in some little funds here and there to cover overheads and unforeseen demands until your business is nurtured to maturity – if you have only the initial capital outlay but lacks the extra funds for ongoing needs, then your new start-up will sure end up dead within its first year of launching.

2- Lack of time and resources

Many people go into private business without really having the time to commit to it. Imagine working as a salaried employee somewhere and setting up a start-up without the necessary time to nurture it and make things work – then you can be sure the business is headed for failure.

When you lack the personal time to oversee things for yourself or lack the resources to make things happen on your behalf, then you must be certain that your new start-up is only waiting for its obituary to be announced.

3- Not advertising

“Advertising is the soul of business,” have you heard that before? Well, it is very true. Advertising brings your product and services to the notice and attention of your target customers. Hundreds of businesses fail because none of their target consumers is aware of the existence of such products.

You can’t be in business unless you’re making sales, and you sure can’t make sales unless the right people are aware of what you sell. Not advertising your business or product is like gesticulating or making a sign language to someone else in the dark; the other person won’t see you or know what you’re doing and your efforts will have been wasted trying to communicate to him.

4- Hiring the wrong staff

This cannot be buttressed enough – you can single-handedly run a successful business – and you need capable and reliable workers who share your passion and ideals. But hiring the wrong breed of staff will be counter-productive to your business goals and culture, and bring great damage to your dream business unless, of course, you overhaul your workers.

Workers with the wrong attitudes, qualifications, or personalities will do you more harm than good, and the earlier you get rid of them the better before they shut down your business.

5- Inability to be flexible

The inability to adapt to new challenges and demands as they surface puts a great restraint on your business. You must learn to be flexible and have Options B and C in case things go wrong so that you won’t be affected beyond recovery. But if you have no alternative options and still lack the flexibility to challenges, then your business crumbles fast.

It is not wholly possible to foresee everything in business, and so you must be able to respond to needed changes without compromising on your business goals.

Photo by Keira Burton from Pexels

Entrepreneurship models for women

In simple terms, an entrepreneur is an individual who sets up a business entity to make a living in a long term. This business can grow enough to make the entrepreneur hire several employees, and it may grow to a chain business with branches in several cities and countries. Based on this understanding, here are the four entrepreneurship models that women can explore for success:

1. Small business

Business startups such as grocery stores, restaurants, laundry services, computer stores, and others are examples of small businesses. They are founded by a single individual who invests their own money and assumes responsibility for all risks associated with growing the business. A small business can be run by the owner alone and they can hire up to 10 employees to work with them.

2. Scalable startup

A scalable startup is like a small business, but the founder recruits investors to grow and scale it into something big in the community. The business may start in the garage or basement of the owner and grow into a big firm with corporate headquarters after investors partner with the founder to grow it for profit.

3. Large company

A large company is usually a business organization that is reputable in the city or country. It is often a major manufacturer of popular products used by most people in the country or beyond. Companies that manufacture cars, motorcycles, electronics, building materials, weapons, and household food are usually categorized as large companies – and they are often listed on the stock exchange.

4. Social entrepreneurship

Social entrepreneurship is like a scalable or large company, but they are built around social initiatives. Social organizations are not fundamentally set up to generate profits, but to harness community attention towards solving social problems. A social entrepreneurship may be involved in environmental conservation, racial justice, women empowerment, girl rights, philanthropy, and other social causes.

Guidelines for women entrepreneurs

Female business owners can succeed at any entrepreneurial venture by adhering to the following tips:

• Network across industries to build relationships. A successful business does not just relate with individual customers, they also relate with business clients. You must structure your startup for business-to-business relationships to scale faster.
• Attend conferences and workshops. Do not ignore the roles of professional conferences and events in building your business. You stand to gain more skills when you attend seminars and business events for entrepreneurs in your sector.
• Build your brand. No business can succeed beyond a community if it is not grown into a brand. Build your business into a brand by building a reputation for it. Use social media and speaking engagements to create buzz around your business so that it is on the lips of everyone in your state and beyond.
• Generate performance feedback. You must measure your performance index by generating feedback data to gauge your progress. You may also research into key competitors to know what they are doing differently to ensure success.

A business startup is like an infant and the entrepreneur its mother. The more it is nurtured and protected, the more it can grow into a large company that exists across decades.

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The eNaira was scheduled to be launched on October 1, 2021, but was moved due to a clog of activities billed for Nigeria’s 61st-anniversary celebrations.

The digital has two applications – eNaira speed wallet and eNaira merchant wallet, which were launched on the Google Playstore and Apple Store on Monday.

A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.

The statement read, “eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.”

With the launch of eNaira, Nigeria becomes the first African country to have a CBDC.

From the data recorded on the FMDQ securities exchange window where forex is officially traded, Naira closed at N412.75 per $1 at the official window on Monday, the lowest decline the currency touched on the official window. This translates to an N0.75 or 0.20 per depreciation from the N412.00 it exchanged hands with the greenback currency in the previous session on Friday last week.

The new exchange rate represents a 0.92% depreciation and further widens the gap between the black market rate and the official rate.

The 550/$ is considered a major psychological barrier to a continuous fall against the greenback that could plunge further to N600/$.

On the first trading business day of the week, the dollar broke that ceiling and sold as high as N553/$ in some market clusters in Lagos. The pound sterling also closed at about N750/£, the highest against the naira, at the black market.

The slump at the black market comes on the heels of increased forex demand pressure and a sharp decline in dollar supply.

CBN Governor, Godwin Emefiele made this known in Abuja after the Monetary Policy Committee’s (MPC) two-day meeting.

Emefiele, stated that the MPC also retained the Monetary Policy Rate at 11.5 per cent at the end of the meeting.

It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.

Other decisions taken by the CBN regarding Forex transactions include stoppage of issuance of new licenses for BDCs, which will also affect existing applications for BDC licenses.

Emefiele said, “The MPC made the decision to hold all parameters constant. The committee thought by unanimous vote to retain the Monetary Policy Rate at 11.5 per cent.

“In summary, MPC voted as follows, one, retain MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.”

On the decision to stop forex sales to the BDCs, Emefiele said the BDCs had defeated their purpose of existence to provide forex to retail users, but instead, they had become wholesale and illegal dealers.

”We observed that the BDCs have continued to make huge profits while Nigerians suffered in pain.

”The commercial banks would be monitored to provide forex for the legitimate use of Nigerians.

“The Central Bank will henceforth discontinue the sale of forex to Bureau de Change operators,” Emefiele added.

The cost a borrower pays well above the expected amount of a loan is referred to as spread in lending. For example, if the prime rate of interest is 6%, a borrower will be offered credit with an 8% interest rate. As a result, the spread is 3%. Meanwhile, the spread in underwriting refers to the difference between the price an insurer pays to buy a bond issue and the price an underwriter sells stock to the public.

In the financial market, there are two types of spreads: fixed spreads and floating spreads. The difference between remains constant even when the prices vary is known as a fixed spread. On the other hand, floating spread is the gap that fluctuates on a scale and usually follows market conditions. Read the Trader’s Way review to know more about the types of spreads.

Fixed Spreads vs. Variable Spreads

There are several critical elements to consider when looking for a brokerage, including credibility, reliability, platform, and customer support. However, the cost of transactions made applied to investment products is possibly the most important factor of all.

Transaction expenses, aside from the success of your trading system, are the most important predictor of your net return. The bid-ask spread is the most prevalent type of trading costs, with fixed and variable spreads available, each with its own set of benefits.

Even though different asset classes have distinct types and amounts of costs and fees, every trader must deal with transaction fees in some form. Every time they make a deal, the great majority of traders pay a bid-ask spread, which is the difference between the value at which you can buy and sell a commodity. Understanding the bid-ask spread, irrespective of the security you are investing in is a must for anyone who wants to participate in the markets.

You pay the higher price when you purchase and the lower price when you trade when it pertains to spreads, with your brokerage earning the difference. While some brokers earn money by charging commissions for specific commodities and trading bundles, the spread is effectively the fee they charge you to enter the market.

Fixed and variable spreads each have their own benefits and drawbacks. People make decisions based on their personal preferences, prior experience, and the trading method they choose to utilize.

Advantages of Fixed Spreads

Irrespective of market dynamics, fixed spreads remain stable for the most part. Fixed spreads provide an added benefit if your trading strategy relies on consistency because they allow you to better forecast transaction expenses. This is particularly important for those who trade news events when prices can be pretty volatile.

Following important news events like the NFP, spreads can change drastically, and many beginner traders have been trapped on the losing end of a stop-loss order due to the high expense of rising spreads.

Fixed spreads may also aid scalpers and other short-term traders, as it is easy to predict how much profit will be necessary to break even and climb into the black.

Fixed spread packages are also preferred by many novice and aspiring traders because they provide a more stable and accurate trading platform in which to learn. However, while using variable spreads as a beginner trader is possible, it might be risky during certain times and in particular market situations if you do not know what you are doing.

Advantages of Variable Spreads

Variable spreads carry on the best bid and offer rates available at a given time, with the degree of fluctuation varying based on the item traded and the broker utilized. As a result, variable spreads are frequently less expensive than fixed spreads, particularly during periods of high volatility.

On the other hand, variable spreads can swiftly rise during periods of high volatility, such as news releases and market open and closing hours. While the ability to obtain lower transaction costs is a clear benefit of variable spread bundles, it is vital to keep in mind that not all traders will gain equally.

In general, if you are a high-speed trader, it is more vital to pay notice to transaction fees because you will be paying the spread more frequently. This is one of the key reasons why so many scalpers like variable spread packages can get the best spreads on the marketplace at any given time.

In the end, whether to utilize fixed or variable spreads is a personal choice, with occasional traders less likely to realize the difference and high-frequency traders facing a difficult decision based on their particular trading methodology.

What Spreads Should I Choose?

Personal preference and trade methods are the deciding factors. Variable spreads are cheaper during rush hours but can be significantly higher during downtimes; as previously said, fixed spreads; on the other hand, provide security against these variations as well as some sense of security.

Keep in mind that fixed and variable spreads are primarily used in forex spread betting. For example, if you want to scalp EUR/USD at 10 p.m. (GMT), you should choose fixed spreads over floating spreads because floating spreads are much higher, but if you primarily trade during peak periods, you might favor floating spreads. Regrettably, your broker will only offer fixed or variable spreads, and you will not be able to switch between them.

The floating spread is typically the most effective for scalping and day investing, based on the features mentioned above of trend trading. On the other hand, a fixed spread is more suited to swing trading and positional trading, as both require spread steadiness for positions to function in the medium to long term. Whatever method you choose, you must first test it in a forex demo account before attempting actual trading.

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CBN Governor, Godwin Emefiele, stated this on Thursday in Nasarawa State during an inspection tour of the proposed $500m Dangote sugar processing facility.

He said, “We are looking at sugar and wheat. We started a programme on milk about two years ago, eventually, these products will go into our forex restriction list.”

The CBN governor added that the decision of the apex bank to include sugar and wheat on the forex restriction list was because the country spends $600m to $1bn importing sugar annually.

Emefiele noted that Nigerians must work together to produce these items in the country rather than import them.