FEATURES

FEATURES

Omowunmi, the wife of the late singer Mohbad, has stated that Joseph Aloba, her father-in-law, is fully aware that Liam, her son with Mohbad, is indeed his grandchild.

In an interview snippet with BBC Pidgin that started trending on Monday, Omowunmi asserted that Aloba is “100% sure” of Liam’s paternity.

She added that she agreed to the DNA test to clear the “lies circulating in the media, not to prove anything to her father-in-law”.

Expressing her grief, she shared how much she misses her late husband, especially as their son recently started school—a milestone that deepened her sense of loss.

 

“I miss my husband with everything. My child started school and they wanted to write his name. And they wrote to Mr and Mrs Aloba. I remember him from every angle of my life. You know I have a child for him,” she said in Pidgin-English,” she said.

“…I want to do the DNA for the media that has been fed with lies, not my father-in-law. Because left to me, he is 101% sure that the child is his (Mohbad) son.”

Last week, Omowunmi also opened up about her love story with Mohbad, revealing that they first connected on the social networking platform 2go when she was just 13 and he was 15.

 

Mohbad passed away on September 12, 2023, and was buried the next day. However, on September 21, his body was exhumed by the police for an autopsy.

Aloba has insisted that Mohbad will not be reburied until a DNA test confirms Liam’s paternity. However, Mohbad’s mother, Abosede, has accused Aloba of deliberately delaying the test.

Ibrahim Badamasi Babangida (IBB), Nigeria’s former military president has shared a story how he married his wife, Maryam.
 
He also revealed that he was the one that converted her to Islam.
 
 
He opened up about his marriage to his late wife Maryam in his newly released autobiography.
 
 
The book, titled ‘A Journey in Service‘, was launched on Thursday. The event also featured a fundraiser for his presidential library.
 
In the memoir, Babangida said he first met Maryam, formerly Maria Okogwu, during their younger years in Kaduna.
 
He said at the time, they were both living in the unmarried officers’ quarters on Kanta Road.
 
The former military ruler said he was immediately drawn to Maryam’s striking beauty, and their friendship blossomed over time.
 
IBB said despite his training stints abroad, including in India and the United Kingdom, their bond endured.
 
The 83-year-old statesman said he would often visit Maryam at the home of his close friend and cousin Garba Duba, whose father was fond of him.
 
He said the connection allowed him to spend more time with Maryam and their friendship continued to grow.
 
“I first met Maria Okogwu (as she then was). As young officers, we shared digs in the unmarried officer’s quarters by Kanta Road in Kaduna, and I was now seeing more of Maria,” he wrote.
 
 
“She was stunning. Her ebony beauty set off enchanting eyes, and her dazzling smile showed off a lovely set of teeth; when she smiled – and she often smiled – her face lit up, and her eyes danced. Duba was as much a brother as a cousin to her, and, on the back of that, I often saw Maria at Duba’s house and when she visited us at Kanta Road.
 
“I was very fond of Maria, and she, eventually, of me. There was more than an element of predestination in our relationship.
 
“It was at NMTC that I began to notice Maria more. Duba’s father was fond of me, so I was mindful that my bonds with the family meant that I had to be more cautious than usual, a factor that synced with my natural shyness.
 
“She and I remained friends and maintained that friendship through my early years in the army, which included sojourns abroad for training in India and the United Kingdom.”
 
IBB recalled how his near-death experience at age 28 sparked his desire to get married. He said after being shot in battle, he was left with a piece of shrapnel lodged in the right side of his chest.
 
The former head of state said while receiving treatment at the Lagos University Teaching Hospital (LUTH) in Idi-Araba, Lagos, he felt a sense of urgency to settle down.
 
IBB added that as his parents’ only surviving male child, he felt the weight of responsibility to start a family and secure his legacy.
 
“This was the first time I recall seriously thinking it was time to find a wife as a life partner. I was 28, and it seemed to me that it was time to settle down,” he wrote.
 
“While I was in the hospital, the Head of State and Commander-in-Chief of the Armed Forces, General Yakubu Gowon, had gotten married to his lovely wife, Victoria, with much pomp and military pageantry.
 
“I cannot deny that their marriage and the accompanying ceremony further focused my mind on getting married myself.
 
 
“Lying in my hospital bed, I had lots of time to run through the various relationships I had had and try to decide which of them would best stand the test of time. Time and again, Maria Okogwu kept popping into my mind with her ageless beauty and enchanting smile.
 
“I had settled on Maria as the woman I would wed before being discharged from the hospital, and as soon as I was discharged, I made my way to Kaduna, where she lived with her mother and uncle. I was anxious to share the good news with her: I had decided we were destined for a life together. I admired her greatly for her reserved nature and the fact that she was well brought up.
 
“I wanted to make my intentions known to her and was determined not to accept No for an answer. Fortune favours the bold, and it smiled upon me; I counted and still count myself lucky. Initially, Maria was highly sceptical of me as marrying material.
 
“She knew that I had a track record of being something of a man about town, and those were not the qualities she wanted in a husband. She was unconvinced of my capacity to be serious, and many people said as much to her.”
 
IBB said with the support of Muhammadu King, Garba Duba’s father, he was able to win Maryam’s heart.
 
He revealed that his faith was an integral part of his life so he asked her to convert from Christianity to Islam.
 
Babangida said he also promised Maryam that he would not take multiple wives, a practice he had seen cause turmoil in other families.
 
“I shared with her the fact that my faith was an integral and essential part of my life and that I would require her to convert to Islam,” he said.
 
“Praise be to Allah; this was not a difficult decision for Maria. Being part-Christian and part-Muslim at birth and already living in a Muslim household, it was never going to be wholly uncharted territory for her.
 
“She adapted with relative ease to married life as a Muslim. In proposing to Maria, I assured her that, though a Muslim, I did not intend to take multiple wives and bring up children from different women. I knew full well that my chances of a stable family life would be significantly improved if I avoided polygamy. I had witnessed close up – both among professional colleagues and in my extended family – the headaches and heartaches this led to, and that was not the life I wanted to live or to share with her.”
 
Maryam died from ovarian cancer in a Los Angeles hospital on December 27, 2009, at the age of 61.
 
Babangida said coping without her had not been easy, but the memories of their life together provided solace.
 
IBB married Mariam on September 6, 1969. They have four children together — Aisha, Muhammad, Aminu, and Halima.

Eniola Ojajuni, the abducted national president of the Afenifere Youth Council, has pleaded for financial help to pay the ransom demanded by his kidnappers.

In videos circulating on social media, Ojajuni is seen sitting on the ground while a gunman points an AK-47 rifle at him.

Appearing distressed, Ojajuni appealed to Nigerians, particularly those from the Ilaje area of Ondo state, to contribute towards his release.

Ojajuni said he has been given a 24-hour deadline, warning that his captors have threatened to kill him if the ransom is not paid.

 

“Nigerians, please help me! Your donation, N100,000, N50,000, or N1,000,000, will go a long way to save my life. My name is Prince Eniola Ojajuni. God bless you. Aderohunmu, please help me spread this video,” he said.

His abduction was first announced by Abiodun Aderohunmu, national secretary of the Afenifere Youth Council.

 

Aderohunmu said Ojajuni was kidnapped on February 17, 2025, in Abuja and sustained a gunshot wound to his buttock.

“The Afenifere National Youths Council is deeply saddened to announce the kidnapping of its National President, Prince Eniola Joseph Ojajuni, in Abuja, Nigeria,” Aderohunmu said.

He added that the kidnappers have demanded N100 million for Ojajuni’s release.

MultiChoice, the pay TV company, is set to increase the monthly subscription rate of its DStv Compact bouquet from N15,700 to N19,000, industry sources have told TheCable.

This is coming almost one year after its last price review.

The fall in the value of the naira along with increased energy costs have been blamed for upward price reviews across across telecommunications, transportation and consumer goods in general.

Subscribers to Compact, Access and Family bouquets form the bulk of MultiChoice subscribers.

Family and Access bouquets may have their tariffs reviewed from N9,300 to N11,000 and N5,100 to N6,000 respectively.

Meanwhile, the two highest-priced bouquets, Premium and Compact+, will also be affected by the rate review.

 

GOtv Value customers, who currently pay N3,600, will start paying N3,900, while the tariff on GOtv Plus will rise from N4,850 to N5,800, sources further told TheCable.

 

“Since 2023, when the federal government began its economic reforms of fuel subsidy removal, naira floatation and electricity tariff increase among others, prices of goods and services have almost quadrupled, with the inflation rate at 34.80 per cent as at December, 2024,” an industry source said, adding that businesses have been forced to increase prices, with some doing so as many as three times last year.

Many companies have posted huge losses arising from foreign exchange instability.

Bishop David Oyedepo, the founder of Living Faith Church, widely known as Winners’ Chapel, recently revealed a remarkable testimony that left his congregation in awe.

He disclosed how a woman in the United States conceived simply by tripping him during a church program.

Addressing his congregation, Oyedepo recounted the incident, highlighted the woman’s unwavering faith in her quest for a miracle.

According to him, the woman had struggled with infertility for years and saw the church program as a rare opportunity to change her story. He revealed that she strategically positioned herself, maneuvered through the tight security surrounding him, and at the perfect moment, intentionally tripped into him.

The act, he said, was not accidental but a deliberate move rooted in her belief that a touch could ignite her miracle.

Following the encounter, Oyedepo disclosed that the woman went home and boldly declared to her husband that she had conceived. Her husband, taken aback by her sudden assertion, questioned how she could be so certain.

However, according to the cleric, the woman’s conviction was unshaken. She believed that the divine touch had already set things in motion, and her faith became her reality.

Nine months later, Oyedepo revealed, the woman gave birth, solidified her belief that faith had played a crucial role in her conception.

The revelation sent waves through the congregation, online world, drew gasps, intrigue, and a renewed sense of awe.

Bybit was hit with one of the biggest hacks in crypto history, losing $1.4 billion overnight. But instead of collapsing, it’s fighting back at full speed. What has happened since? Let’s break it down.

 

Bybit regaining strength bit by bit

Bybit, after suffering one of the largest crypto exchange hacks in history, has pulled off what many feared could take months — if not longer.

The $1.4 billion breach on Feb. 21 saw hackers drain one of Bybit’s cold wallets, a storage method typically considered the safest due to its lack of internet exposure. 

Yet, the attackers exploited vulnerabilities in the exchange’s user interface and smart contract logic to reroute Ethereum EthereumETH-4.53%Ethereum into unidentified wallets.

Despite the scale of the attack, Bybit has moved swiftly, nearly restoring its 1:1 asset backing and closing the deficit left in its wake.

On-chain data shows that over 446,870 ETH — worth approximately $1.23 billion — has already been sourced through loans, direct purchases, and large deposits. 

More than $400 million in ETH was acquired via OTC trading, another $300 million from exchanges, and $285 million through loans, with the remainder from crypto funds.

Blockchain investigators later linked the attack to North Korea’s Lazarus Group — the same notorious collective behind some of the biggest crypto heists, including the $600 million Ronin Network breach in 2022 and the $234 million WazirX hack in 2024. 

Bybit’s rapid response has restored operational stability, with deposits and withdrawals functioning normally as of Feb. 23 — an early sign that user confidence remains intact 

How a hack turned into a liquidity crisis

In the wake of Bybit’s security breach, the exchange faced a crisis that tested the very foundation of its liquidity. 

Within three days, Bybit has seen more than $6.1 billion flow out, reducing its total tracked assets from nearly $17 billion to just under $10.8 billion as of Feb. 24, according to DeFiLlama, wiping out over a third of its holdings.

Bybit’s billion-dollar hack has changed everything — Ethereum rollback, CZ’s warning, and a liquidity miracle - 1
Bybit total assets chart | Source: DeFi LIama

Bybit CEO Ben Zhou quickly mobilized his team to process withdrawals and maintain operational stability. Speaking in an X Spaces session, he detailed how the exchange initially faced withdrawal requests within just two hours of the breach. 

During the session, ZHOU also revoked that despite losing around 70% of its Ethereum reserves in the attack, ETH withdrawals were not the biggest concern — most users were opting to move stablecoins, particularly Tether TetherUSDT-0.01%Tether, off the platform.

Compounding the issue was an unexpected restriction from Safe, a decentralized custody provider that powered Bybit’s cold wallet system. 

Safe temporarily disabled certain functionalities to prevent potential vulnerabilities from spreading, effectively locking up $3 billion in Bybit’s stablecoin reserves at a time when the exchange needed immediate liquidity. 

The move was meant as a precaution, with Safe stating on Feb. 24 that it was “working diligently to restore services and will begin a phased rollout within the next 24 hours.” 

The wallet provider also clarified that while its front end had not been compromised, it had paused specific features, including native Ledger integration, because the compromised signing method in Bybit’s attack involved a Ledger device.

To work around this, Bybit’s team developed a manual verification system, adapting code from Etherscan to confirm transaction signatures. This allowed them to gradually move the USDT reserves and continue processing withdrawals. 

Zhou hinted at the issue in an X post, stating, “We are moving 2.95B USDT from cold wallet to warm wallet; this is a planned maneuver, FYI. We are not hacked this time…” 

Beyond Bybit’s internal crisis management, external blockchain entities mobilized to contain the damage. On Feb. 23, Bybit revealed that $42.89 million in stolen assets had already been frozen. 

A coordinated effort involving Tether, THORChain THORChainRUNE9.95%THORChain, ChangeNOW, FixedFloat, Avalanche AvalancheAVAX-5.21%Avalanche, CoinEx, Bitget, and Circle USDCUSDC-0.01%USDC helped blacklist attacker wallets, track stolen funds, and block further movement. 

The Ethereum rollback debate and the ongoing developments

As Bybit worked to stabilize its liquidity, a far more controversial discussion was unfolding — could the Ethereum blockchain be rolled back to recover the stolen assets? The idea emerged on Feb. 23, fueled by discussions within the crypto community. 

BitMEX co-founder Arthur Hayes was among those who suggested that reversing Ethereum’s state could be a viable solution. 

In a post on X, Hayes stated, “My own view as a mega $ETH bag holder is $ETH stopped being money in 2016 after the DAO hack hard fork. If the community wanted to do it again, I would support it because we already voted no on immutability in 2016. Why not do it again?”

Hayes was referring to the 2016 DAO hack, a landmark moment in Ethereum’s history when the network was hard forked to recover $60 million in stolen funds. 

That decision led to the creation of Ethereum Classic Ethereum ClassicETC-4.06%Ethereum Classic, as a fraction of users rejected the rollback, arguing that blockchain immutability should never be compromised. 

Zhou later confirmed that the exchange had reached out to Ethereum co-founder Vitalik Buterin and the Ethereum Foundation to explore possible options. 

However, he was quick to acknowledge the difficulties involved, stating, “I’m not sure it’s a one-man decision based on the spirit of blockchain. It should be a work in process to see what the community wants.”

Even if there were broad community support, rolling back Ethereum today would be far more disruptive than in 2016. The network operates on a state-based model where balances and smart contract interactions are continuously updated. 

Unlike Bitcoin BitcoinBTC0%Bitcoin, where transactions exist in simple blocks, Ethereum’s system is deeply interwoven with DeFi lending pools, liquidity providers, NFT markets, and staking contracts. 

Reversing a state change would likely lead to massive smart contract failures, liquidations, and possibly a contentious hard fork.

While the debate over a rollback played out, Zhou ruled out any internal breaches, confirming that Bybit’s transaction signers had followed standard procedures. However, he pointed to Safe’s cold wallet infrastructure as the likely point of failure. 

He stated, “We know the cause is definitely around the Safe cold wallet. Whether it’s a problem with our laptops or on Safe’s side, we don’t know.” 

Meanwhile, authorities have stepped in. Zhou confirmed during the X session that Singaporean regulators had taken the case “very seriously” and were coordinating with Interpol to track the stolen funds. 

Blockchain analytics firms, including Chainalysis, are also engaged in monitoring wallet movements. 

However, if the attack was indeed orchestrated by North Korea’s Lazarus Group — as some analysts believe — recovering the funds would be exceptionally difficult. 

The group has a history of laundering stolen crypto through decentralized protocols, using mixing services and cross-chain swaps to obfuscate their tracks.

How Bybit’s cold wallet was breached

As details continue to emerge, a clearer picture is forming around how the Bybit hack unfolded. 

Unlike typical exchange breaches that exploit hot wallets or centralized databases, this attack targeted what was supposed to be the most secure part of Bybit’s infrastructure — its cold storage multisig wallet. 

According to blockchain security analyst David, the attack followed a four-stage process:

  • Deploying malicious smart contracts — The hackers set up two smart contracts: a trojan contract, which appeared normal but contained hidden malicious code, and a backdoor contract, designed to take full control of Bybit’s wallet at the right moment. These contracts were prepared in advance to bypass Bybit’s security without raising alarms.
  • Tricking Bybit’s security signers — Bybit’s cold wallet required multiple signers to approve transactions. The attackers sent a fake ERC-20 token transfer request that appeared legitimate on Bybit’s interface. Seeing nothing unusual, the signers approved the transaction, unknowingly granting the hackers access.
  • Hijacking Bybit’s wallet controls — Instead of merely transferring tokens, the trojan contract replaced the master copy of Bybit’s Safe multisig wallet with the hackers’ backdoor contract. This altered the wallet’s security rules, silently handing control to the attackers.
  • Draining the wallet — Now in full control, the hackers executed “sweepETH” and “sweepERC20” commands, which emptied all funds from the wallet. They swiftly withdrew ETH, Lido Stake ETH Lido Staked EtherSTETH-4.33%Lido Staked Ether, Mantle Staked Ether (mETH), and Mantle Restaked Ether (cmETH), moving them to external addresses.

The sophistication of this attack suggests that the perpetrators had an in-depth understanding of multisig wallets and exploited a flaw that few had previously considered a risk.

Industry leaders chime in

Beyond the technical details of the hack itself, the Bybit incident has reignited a broader debate on how exchanges should respond to security breaches. Binance’s former CEO, Changpeng Zhao (CZ), weighed in on the attack. 

CZ noted that Bybit, alongside Phemex and WazirX, had fallen victim to attacks targeting multi-signature cold storage solutions—wallets traditionally considered among the most secure ways to store crypto.

What makes the Bybit case particularly alarming, CZ pointed out, is that the attack involved front-end manipulation. Hackers managed to make Bybit’s interface display a legitimate transaction while secretly executing a different one. 

Transaction signers believed they were approving a standard transfer, while in reality, an entirely different transaction was being executed in the background. 

Adding another dimension to the security debate, CZ reflected on his own approach to handling exchange hacks. He acknowledged that some had criticized his suggestion to halt withdrawals following Bybit’s breach immediately. 

In his view, however, this is sometimes a necessary step — allowing an exchange to assess the full extent of the compromise before resuming operations. 

Citing Binance’s 2019 security breach, in which $40 million was stolen and withdrawals were paused for a week, CZ explained that once operations resumed, deposits actually exceeded withdrawals.

Despite his concerns, CZ commended Zhou for handling the crisis transparently and maintaining a steady presence. He contrasted this with past incidents involving FTX and WazirX CEOs, who were less forthcoming about what had actually happened, leading to a loss of trust among users.

Tron TRONTRX2.49%TRON founder Justin Sun echoed similar sentiments but shifted the focus from security specifics to the need for industry-wide collaboration. He praised Zhou’s crisis management, noting that he remained composed under intense pressure.

Yet, a critical question remains: If hackers can consistently manipulate how cold wallets process approvals, does this undermine the long-held assumption that cold storage is the safest way to secure funds? 

The crypto industry has long treated multisig wallets as the gold standard for security, but if these wallets can be systemically compromised, centralized exchanges may need to rethink how they protect user assets.

 
[Crypto News]
 

Deribit, the world's largest cryptocurrency derivatives exchange, aims to expand in Hong Kong, a sign of momentum as the market regulator looks to make the city a hub for virtual assets.

The Dubai-based company was drawn to Hong Kong because of its position as an international financial hub and its vibrant community of family offices and asset managers, which are increasingly interested in cryptocurrencies, said Jean-David Pequignot, the firm's chief commercial officer, who is based in the city.

"Hong Kong is this central financial hub in the world and a big one in Asia," he said. "If regulators can solve the derivatives piece, it is a place where we love to be."

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

On Wednesday, the Securities and Futures Commission (SFC) unveiled a new road map of initiatives for the virtual-asset ecosystem. The plan includes studying the introduction of virtual asset derivative products for professional investors, or those with portfolios of at least HK$8 million (US$1 million).

 

Crypto derivatives trading was the missing piece of what Hong Kong regulators currently allow, which was predominantly focused on licensing, Pequignot said.

"Derivatives can be speculative instruments for people who want to take leveraged bets into a market," he said. "They can be risky, but they are also very powerful instruments for hedging and risk management."

The risk-management element could help investors navigate fluctuations in the volatile crypto market, Pequignot said.

Deribit, licensed in Dubai, provides a trading platform for bitcoin and ether options. This derivative instrument gives traders the right to buy or sell an asset at a predetermined price at a specific time without immediate commitment to buy or sell the underlying asset.

"Asia is a big market for derivatives, with sophisticated investors who are highly speculative in nature," Pequignot said. "We want to be in Asia. We just need to find the right place and time to engage with regulators and get a regulatory framework to work with."

Singapore, another major Asian financial hub, has yet to establish regulations for crypto derivative trading.

Hong Kong-based asset managers and family offices had a high appetite for crypto, said Pequignot. Some of his firms' biggest trading counterparties either had operations in Asia or dealt with Asian money directly, he added.

"We see an uptrend in adopting derivatives products in the crypto space," he said. The heightened interest has come from savvy individual investors, hedge funds and family offices.

Last year, Deribit recorded a 95 per cent year-on-year surge in trading volume to US$1.2 trillion, with a strong fourth quarter thanks to heightened optimism around the US presidential election and the US$100,000 bitcoin bull run that followed, the firm said last month.

With US President Donald Trump running a crypto-friendly administration, Deribit hoped to serve the US market once a suitable regulatory framework was in place, Pequignot said.

The firm, established in 2016, is in discussions with regulators in France and Brazil to acquire derivatives licences.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.

[South China Morning Post]

 

On Feb. 21, 2025, Franklin Templeton, a major global asset management firm, filed with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) based on Solana, the sixth-largest cryptocurrency by market capitalization. The proposed Franklin Solana ETF aims to track Solana’s price, with its assets held by a custodian. The ETF’s shares would be listed on the Cboe BZX Exchange, and Coinbase Custody Trust Company, LLC, would serve as the custodian.

This filing is part of a broader trend, with other firms such as Grayscale, Bitwise, VanEck, 21Shares, and Canary also applying to launch Solana-based ETFs. The SEC’s approval of these products is still uncertain. Bloomberg’s Senior ETF Analyst, Eric Balchunas, has estimated a 70% chance of approval for Solana ETFs in 2025 but highlighted that the SEC’s review process and public comment period will influence the outcome.

The Franklin Solana ETF proposal includes a plan for the fund to participate in staking, where it would earn Solana tokens as rewards. These rewards would be considered income for the fund. Staking has been a significant topic of discussion among crypto firms, especially with the SEC’s stance on the matter still unclear. Companies like the New York Stock Exchange and Cboe BZX have been seeking approval for staking in crypto ETFs, such as Grayscale’s Ethereum fund.

Recently, Solana’s price has experienced a decline, trading at about $168, down over 16% in the last week. This decrease is linked to a controversy involving the Libra token and a broader slowdown in meme coin projects. Despite this, demand for crypto-related investment products continues to rise, driven by the success of Bitcoin ETFs, which have seen over $40 billion in net inflows in the past year.

Franklin Templeton’s filing follows a similar move earlier in 2025 when the firm launched the Templeton Crypto Index ETF, which gives exposure to Bitcoin and Ethereum. If approved, the Solana ETF would expand Franklin Templeton’s portfolio of crypto-based products in the U.S., signaling the firm’s growing interest in the digital asset space. The broader trend of increasing crypto-focused financial products suggests a shift in the market toward greater diversity in the types of digital asset investments available.

As the regulatory environment for cryptocurrency continues to evolve, many experts are optimistic about the approval of Solana ETFs. With rising demand for digital asset products and the SEC's evolving stance, the approval of these ETFs is anticipated to enhance access to crypto investments further for institutional and retail investors alike.

[Yahoo Finance]
 

Ethena, a crypto project whose dollar-pegged coin has ballooned to become one of the biggest of its kind since its launch a year ago, has raised $100 million to help fund the introduction of a similar token aimed at traditional financial institutions.

 

The fundraising, which hasn’t been previously reported, was completed in December and drew investors including Franklin Templeton and F-Prime Capital, the venture capital firm affiliated with Fidelity Investments, according to a person with knowledge of the matter.

Ethena runs two cryptocurrencies: ENA, which is a so-called governance token that gives owners a say in the project; and USDe, which is marketed as a “synthetic dollar” and currently offers holders a 9% yield. USDe’s circulation has swelled to almost $6 billion as booming crypto prices allowed Ethena to offer returns that at one point reached 60%.

A foundation supporting the project sold ENA tokens to the investors at an average price of just under 40 US cents each, said the person, who asked not to be identified discussing private information. ENA’s price soared to around $1.30 in mid-December but has since crashed almost 70%, according to CoinGecko data.

Beyond big-name financial backers, the project has established connections in the US halls of power. World Liberty Financial, a crypto project promoted by US President Donald Trump and his sons, said in December that it had entered into a strategic partnership with Ethena Labs, the startup behind the project. Trump campaigned as a crypto advocate, and launched his own memecoin just before returning to the White House.

Ethena Labs declined to comment on the token sale. Dragonfly Capital Partners, Polychain Capital LP and Pantera Capital Management LP, three of the biggest crypto venture capital funds, also participated in the funding round, people with knowledge of the matter said.

A spokesperson for F-Prime declined to comment. Franklin Templeton didn’t respond to a request for comment. Dragonfly, Pantera and Polychain declined to comment.

Yield-Generating Mechanism

The USDe token is backed by a reserve of digital assets, including stablecoins like USDT and USDC, by far the biggest such cryptocurrencies. That’s a crucial difference from USDT and USDC, which are mainly backed by highly liquid and safe assets like US Treasury bills. Crypto data trackers CoinGecko and CoinMarketCap classify USDe as a stablecoin.

Layered on top of that is more complex financial engineering intended to generate yield for holders, something USDe’s biggest competitors don’t do.

Ethena uses a version of the basis trade, which exploits price discrepancies in spot and futures markets, to generate yield. When crypto markets are booming and funding rates — the interest paid by bullish traders to take on leverage for futures bets — are high, the mechanism Ethena relies on can translate into sky-high yields.

That strategy, however, could be tested in a bear market.

(For more on how USDe works, read: ‘Tokenized Hedge Fund’ Rakes in Crypto Billions With 37% Yield)

“Risks arise for Ethena when cryptocurrency markets experience sharp price corrections and the funding rate becomes negative as traders liquidate their long positions and others want to open short positions,” researchers at CryptoQuant said in an April report. “In this case, traders with open short positions (the case of Ethena) are required to pay to traders with open long positions.”

Such a development could put pressure on the reserve fund Ethena maintains to underpin the stablecoin, according to the CryptoQuant report.

Institutional Focus

In a January blog post, Ethena Labs founder Guy Young said the project would soon roll out iUSDe, a product tailored for regulated financial institutions.

That token will come with certain transfer restrictions to allow traditional financial firms to use it. Young said Ethena’s “singular focus” for the first quarter of the year is to work with finance distribution partners to enable their clients to access iUSDe. The new token will “enable traditional finance an efficient entry into the product without ever needing to touch crypto rails,” Young wrote.

Stablecoins are becoming a key bridge between the worlds of crypto — where they’ve been used for years — and traditional finance, where companies like Standard Chartered Plc are making forays into the asset class. Tether’s USDT is backed by more than $140 billion in dollar-denominated assets managed in part by Cantor Fitzgerald, whose founder Howard Lutnick is Trump’s commerce secretary.

In January, Trump signed an executive order to protect the greenback, “including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.”

Ethena also plans to use the proceeds of the token sale to invest in launching its own blockchain, the person familiar with its operations said.

[Bloomberg]

Ruth never imagined she would need a Cesarean section.

Like many first-time mothers, she had envisioned a vaginal birth—the pain, the pushing, and ultimately, the joy of holding her newborn in her arms.

But when her labor stretched past 18 hours with little progress, doctors at the hospital in Abuja made it clear: she and her baby were in danger.   

“I wasn’t dilating, and my baby was showing signs of distress,” Ruth recalls. “I had no choice. In that moment, it wasn’t about my preference—it was about survival.”  

Now a mother of two, she looks back at that emergency C-section as a lifesaving decision, one that reshaped her understanding of childbirth.

For her second pregnancy, there was no hesitation—she opted for an elective C-section. “Although recovery was tough, my child’s safety was all that mattered,” she says.

Her story is just one of many shaping the evolving conversation around maternal healthcare in Nigeria.

In a country where maternal deaths remain alarmingly high, at 512 deaths per 100,000 live births, more women are actively making choices about their childbirth options.

But those choices are deeply personal, often shaped by cost, medical advice, and deeply rooted cultural perceptions.

The numbers behind the change  

Globally, C-sections are becoming more common. According to new research from the World Health Organization (WHO), more than 1 in 5 childbirths (21%) are now via C-section, and by 2030, that figure is expected to rise to nearly 29%.

  • Nigeria is no exception. As medical awareness grows and access to healthcare improves, more women are choosing C-sections—some out of medical necessity, others for peace of mind. However, financial barriers remain a significant challenge.
  • In private hospitals across Nigeria, a C-section can cost anywhere from N300,000 to N1,500,000, with complications pushing the bill beyond N2 million. Many women simply cannot afford the procedure, leading to dire consequences when emergency interventions are needed.
  • To tackle this, the Federal Government recently announced free C-sections for Nigerian women in public hospitals. Professor Muhammad Ali Pate, Coordinating Minister of Health and Social Welfare, stated:

“The new policy is designed to ensure that women who need C-sections, either due to complications or as part of planned deliveries, can access the procedure without financial obstacles.” 

The initiative aims to reduce maternal and neonatal mortality rates by ensuring more women have access to life-saving interventions without the burden of cost.

Breaking the Stigma: The shift in perception  

For Ifeoma, a 40-year-old schoolteacher in Lagos, the decision was clear from the beginning. She never wanted to experience the pain of labor.

“I had seen my sister go through a painful vaginal delivery that left her with complications for months,” she says. “Another of my sisters had a C-section and recovered faster. So, I decided—why go through unnecessary suffering when a planned procedure could be easier and safer?”  

Her two children were delivered via scheduled C-sections, and she has no regrets. “It was smooth both times and though recovery took time, I had peace of mind knowing my birth was controlled and predictable.”  

Yet, not all women feel the same.

Funmi, 32, is expecting her second child and remains firm in her decision to have a vaginal birth. “I know C-sections save lives, but unless it’s absolutely necessary, I’d rather not go through surgery,” she says.

“My recovery from vaginal birth was faster, and I don’t want to deal with the pain of surgery while caring for a newborn.”

Her biggest concern? The possibility of being required to have C-sections in future pregnancies. “Once you have one, many doctors push for another. I don’t want to limit my options,” she adds.

The future of childbirth in Nigeria  

Younger Nigerian women are approaching childbirth with a more informed perspective. At just 25, Jennifer has already decided she will opt for a C-section when the time comes.

“I know people think I’m crazy for making this decision so early, but I’ve done my research,” she says. “I like the idea of a planned, stress-free delivery. I don’t see why I should take on unnecessary pain when modern medicine offers a safer option.”  

Her decision is influenced by the experiences of friends and family members who struggled with difficult vaginal births. “If science gives us the option to avoid prolonged labor and complications, why not take it?”  

C-Sections: A life-saving option, not a luxury  

Medical experts stress that while vaginal birth remains safe for most women, C-sections are crucial in preventing maternal and infant deaths when complications arise.

Conditions like prolonged labor, fetal distress, placental complications, and hypertensive disorders like preeclampsia often make C-sections necessary. Without them, many women and babies would not survive.

“I have seen women terrified of C-sections because of myths surrounding the procedure,” says Dr. Uzoma Onu, a Consultant Obstetrician and Gynecologist in Keffi.

“But with proper guidance, they realize it can be the safest option. Epidurals effectively manage pain, and surgical monitoring has greatly improved.”

Similarly, Dr. Sikiru Ojo, a medical doctor based in Lagos, emphasized that misconceptions and financial constraints hinder many women from accessing timely surgical intervention, leading to preventable maternal and infant deaths.

“Many Nigerian women fear C-sections due to cultural beliefs, but it is a medically safe procedure when performed under the right conditions,” he stated.

He also addressed the financial burden associated with C-sections, noting that high out-of-pocket costs make the procedure inaccessible for many. He called for increased health insurance coverage and government interventions to subsidize emergency obstetric care. “Affordable healthcare policies must include comprehensive maternal care to reduce maternal mortality rates,” he urged.

Dr. Ojo further stressed the need for improved healthcare infrastructure and skilled personnel to enhance surgical outcomes.

He encouraged expectant mothers to prioritize their health and seek professional medical advice rather than relying on myths.

“A C-section can be the difference between life and death,” he said.

With government intervention, improved medical awareness, and evolving attitudes, the conversation around childbirth in Nigeria is changing one woman at a time.

[Nairametrics]