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05/12/2022
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Don’t insult military over   report, CDS urges NigeriansThe Chief of Defence Staff, General Lucky Irabor, faulted the pr...
18/11/2021

Don’t insult military over report, CDS urges Nigerians

The Chief of Defence Staff, General Lucky Irabor, faulted the procedure adopted for the release of the report of the panel, stating that the issuance of a White Paper was the standard method.

Irabor said he could not, at the moment, comment on the content of the document, because he had not seen the official report and could not confirm the authenticity of the leaked one.

The CDS stated this during a courtesy visit to the Edo State Governor, Godwin Obaseki, in Benin City on Tuesday.

Responding to a question, he said, “I am sure those of you in the media must have seen a report that was released through, in my view, a wrong channel, that is making the rounds in the social media. Whether it is a true report, I can’t tell.

“But I’d like to indicate that the normal procedure is to have such a report submitted to the convening authority. Then, there will be a White Paper that will be presented, based on which one can make informed comments.”

Irabor, however, maintained the Nigerian military was professional and remained committed to its constitutional mandate.

He added, “So, we will not at this point think that Nigerians should make disparaging remarks regarding the Armed Forces of Nigeria in the sense that we are professional. If there are issues, of course, we will address them within the ambit of the provisions of the law.

“It will not be right to disparage the men and women, who have worked so hard to ensure that the territorial integrity of this nation is kept intact.”

  Report: HURIWA wants Lai Mohammed sackedThe Human Rights Writers Association of Nigeria also called for the dismissal,...
18/11/2021

Report: HURIWA wants Lai Mohammed sacked

The Human Rights Writers Association of Nigeria also called for the dismissal, arrest and trial of Mohammed for alleged falsehood as to what transpired at the Lekki tollgate.

The statement read, “As there has emerged undisputed evidence that indeed there was systematic annihilation of many civilian protesters at the Lekki tollgate in Lagos State last year October, we are asking President Buhari as a father of all to order the arrest and prosecution of his Minister of Information, Lai Mohammed, for committing a grave and heartless offence that is equivalent to the denial of the Holocaust of the six million Jews by Adolf Hi**er, which is punishable by nearly half a century of incarceration.”

Mohammed, who had consistently described the Lekki incident as a “massacre without bodies,” neither responded to calls nor a text message on Tuesday.

However, a top government official faulted the unauthorised release of the report even as he stated that it was riddled with half truths and inaccuracies.

The official, who wished to remain anonymous because he was not authorised to speak on the matter, said the leaking of the report was a slap on the face of the Lagos State Government, which set up the panel.

“The Lagos State Government is not happy about the unauthorised release of the report. The standard procedure is for the government to scrutinise the report and then issue a White Paper. There are several errors in that report,” the official said.

The official stated that the government never said that persons were not killed, but only argued that no killing occurred at the tollgate on the night of the incident.

The government official said about out five inaccuracies in the report had been spotted so far.

“Nathaniel Solomon was interviewed live by The PUNCH in a video on September 11, 2021. But the panel, in its report, identified Nathaniel Solomon as one of the deceased. The government is studying the report, but until a White Paper has been issued, there can be no action,” he said.

  Report: CNN’s lawyer asks Lai Mohammed to apologiseMeanwhile, a Nigerian counsel for the Cable News Network, Olumide B...
18/11/2021

Report: CNN’s lawyer asks Lai Mohammed to apologise

Meanwhile, a Nigerian counsel for the Cable News Network, Olumide Babalola, has asked the Minister of Information and Culture, Lai Mohammed, to tender an apology to the medium for tagging as fake an investigative report by the American media house.

The lawyer, in a statement on Tuesday, said the panel’s report had vindicated the CNN’s investigative report, titled, ‘How a bloody night of bullets and brutality quashed a young protest movement’.

Babalola recalled that the minister had railed at the CNN over the report, which he tagged ‘fake news’ and threatened sanction against the media house.

The lawyer, however, said in the light of the report by the judicial panel, Mohammed ought to eat the humble pie and apologise to the CNN.

The lawyer said, “Alhaji Mohammed had consistently claimed that the CNN’s report of massacre was false, but the panel has vindicated the CNN’s position on the gruesome and wanton killings at the Lekki tollgate.

“Without necessarily saying more on this, since the same minister had earlier called on the CNN to apologise for fake news, which has now been quasi-judicially proved to be true, one would think the honourable thing for Alhaji Mohammed to do, as an elder statesman and learned gentleman, is to apologise to the CNN especially.

“However, as we continue to wait on the minister and the Federal Government’s next move, I sympathise with families of all the victims of Lekki massacre, while we pray for the souls of the departed and hope the government implements the report in full.”

   Report: PDP demands prosecution of killers, APC collaboratorsIn its reaction, the Peoples Democratic Party demanded t...
18/11/2021

Report: PDP demands prosecution of killers, APC collaborators

In its reaction, the Peoples Democratic Party demanded the prosecution of all those involved in the killing of unarmed Nigerians during the protests.

The PDP, in a statement by its National Publicity Secretary, Kola Ologbondiyan, also called on the government to prosecute those it described as All Progressives Congress collaborators.

The statement read in part, “The PDP says the report by the Lagos State panel confirming the gruesome killings of innocent youths at the Lekki tollgate during the 2020 protest strengthened the fact that the APC is running a murderous and oppressive regime that has no regard for life.

“Nigerians can recall how security operatives attacked and massacred innocent youths and how the APC, its leaders and agents, in various agencies of the APC-controlled government, vehemently denied the killings, tried to mop up evidence and provided official cover for the killers.

“The report of the Lagos panel, which confirms the massacre of Nigerian youths in Lekki, has further shown the APC and its government as bloody liars, whose hands are stained with the blood of our innocent compatriots. Of course, all those whose hands have become blood-stained will never know peace.”

The opposition party insisted that all those indicted by the panel should be arrested, prosecuted and dealt with in accordance with the law.

Lagos EndSARS report: FG lists loopholes, UN, US, others demand sanctionsThe United States Government as well as several...
18/11/2021

Lagos EndSARS report: FG lists loopholes, UN, US, others demand sanctions

The United States Government as well as several human rights groups, including Amnesty International, on Tuesday called for action on the report of the Lagos State Judicial Panel of Inquiry on Restitution for Victims of SARS Related Abuses and other matters, which stated that at least nine persons were killed and 39 others injured at the Lekki toll plaza on October 20, 2020.

However, the Nigerian Army and the Federal Government refused to comment on the report, which was submitted to Governor Babajide Sanwo-Olu on Monday.

The panel, led by Justice Doris Okuwobi, also recommended that all soldiers (excluding Major General Omata), who were deployed in the Lekki tollgate, should be made to face appropriate disciplinary action, stripped of their ranks and dismissed as they were not fit and proper to serve in any public or security service of the nation.

It said the Divisional Police Officer of the Maroko Police Station, along with policemen deployed from Maroko Police Station on October 20 and 21, 2020, should be prosecuted for arbitrary, indiscriminate shooting and killing of protesters.

Responding to the report on Tuesday, the United States Mission to Nigeria said it welcomed the final report by the panel, adding that it awaits the response of both the Federal Government and the Lagos State Government.

It said in a statement, “The United States welcomes the conclusion of the Lagos State Judicial Panel of Inquiry with the transmission of its final report. We look forward to the Lagos State Government’s response as part of a process that represents an important mechanism of accountability regarding the protests and the events that took place near the Lekki tollgate on October 20, 2020.

“Those events led to serious allegations against some members of the security forces, and we look forward to the Lagos State and federal governments taking suitable measures to address those alleged abuses as well as the grievances of the victims and their families.”

The United Nations Resident and Humanitarian Coordinator for Nigeria, Edward Kallon, noted that the submission of the findings of the judicial panel would accelerate the process of justice and accountability.

Kallon in a statement on Tuesday titled, ‘United Nations welcomes the submission of report, urges government’s commitment to implementing judicial panel’s recommendations’, said the implementation of the findings would help rebuild trust and start the process of healing and reconciliation.

Kallon said, “I welcome the submission to the Lagos State Governor, Babajide Sanwo-Olu, of the reports of the judicial panel on claims of brutality and shooting in the Lekki area of Lagos State during the 2020 protests.

“I urge the government to implement the recommendations of the judicial panel of inquiry to rebuild trust and start the process of healing and reconciliation.”

Human rights lawyer, Mr Femi Falana (SAN), in a statement, recommended that the report of the panel be forwarded to the President, Major General Muhammadu Buhari (retd.).

Falana, who is the Interim Chair, Alliance on Surviving COVID-19 and Beyond, said this in a statement titled, ‘Lagos State is Duty Bound to Implement the Recommendations of the Okuwobi Judicial Commission of Inquiry’.

The activist said members of the panel deserved commendation for the thorough investigation of police brutality in Lagos State.

He stated, “In particular, the revelation that some of the 99 dead bodies dumped in the various mortuaries in Lagos by soldiers were traced to the Lekki tollgate has exposed the official lie that the report of the brutal killings was a figment of the imagination of the protesters.

“A certified copy of the report of the panel should be forwarded to President Muhammadu Buhari in view of the recommendation that the soldiers and police personnel, who engaged in the torture and reckless murder of citizens, be sanctioned.”

He urged the state government to accelerate the issuance of the White Paper as well as the implementation of the far-reaching recommendations.

The activist said the policemen, who were killed by criminal elements during the protests, should be honoured notwithstanding that their family members had been compensated by the Lagos State Government.

“The violent attack on unarmed protesters during peaceful rallies by police and military personnel should be completely outlawed since Section 83 (4) of the Police Establishment Act, 2020 has imposed a duty on the police to provide adequate security for citizens, who participate in peaceful meetings and rallies,” Falana said.

Global rights group, Amnesty International, hailed the report, insisting that those indicted by the panel must be brought to justice.

Amnesty said this in a statement titled, ‘Nigeria: Perpetrators must Face Justice after Panel Confirms Shootings of Protesters at Lekki Tollgate’.

In the statement, the Director, Amnesty International Nigeria, Osai Ojigho, said the panel’s findings revealed the truth about what happened at Lekki tollgate and contradicted the blatant denial by the Nigerian government that deadly force was used against peaceful protesters.

Amnesty recalled that a day after the crackdown, it conducted its own on-the-ground investigation, which confirmed that the Nigerian Army and the police killed at least 12 peaceful protesters in Lekki and Alausa, with evidence gathered from eyewitnesses, video footage and hospital reports.

The statement read in part, “For the survivors and relatives of the dead, the judicial panel’s report findings are only the first step towards justice and restitution. President Buhari must act promptly to ensure that those found to be responsible for shooting and attacks on peaceful protesters are brought to justice in fair trial.

“Nigerian authorities must ensure access to justice and effective remedies, including adequate compensation, restitution and guarantee of non-repetition to victims and their families. The authorities must also immediately and unconditionally release all protesters unlawfully detained since last year.”

Anti-graft Agency, EFCC Displays 51,933 Pages Of Suspicious Contents On Singer, Naira Marley’s iPhoneThe Economic and Fi...
27/10/2021

Anti-graft Agency, EFCC Displays 51,933 Pages Of Suspicious Contents On Singer, Naira Marley’s iPhone

The Economic and Financial Crimes Commission on Wednesday, displayed before a Federal High Court in Lagos, a virtual projection of a Compact Disc with 51,933 pages analysis of the iPhone of popular Nigerian singer, Azeez Fashola aka Naira Marley.
The EFCC projected the virtual, through its second witness, Mr Augustine Anosike, a forensic analyst.

Anosike was still leading pieces of evidence in the trial of the defendant.
Naira Marley is currently facing eleven counts bordering on conspiracy, possession of counterfeit credit cards, and fraud.
The Nigerian singer was charged by anti-graft agency on May 14, 2019.
He was however consequently, arraigned on May 20, 2019, before Justice Nicholas Oweibo.
Naira Marley had pleaded not guilty to all the charges levelled against him.
He was then granted bail accordingly in the sum of two million naira, with two sureties in like sum.
The trial had since commenced in the case and the second prosecution witness who began his testimony shortly before the lockdown in 2020 following the outbreak of Covid-19 pandemic, continued his evidence on Wednesday.
The witness, who resumed his testimony on Tuesday, also concluded his evidence after the virtual display.
The Prosecution Counsel, Rotimi Oyedepo, had told the court during the last sitting that the prosecution only printed out hard copies of relevant portions of the exhibit, which it considered key to its case.
He had informed the court that a full version of the total analysis was contained in a compact disc.
The printed copies of the exhibit is however, labelled ‘exhibit F’ while the CD containing full analysis is ‘exhibit F1’.
Punch reports that the court had granted prosecution leave to display the CD in a projector, in order to discharge its burden of proof as required by law.
Also on the last adjourned date, the witness had narrated, how different text messages and chats containing credit card details, were exchanged between the Naira Marley and another recipient identified as Yadd.
At the resumption of the trial on Wednesday, the witness reiterated again portions of his earlier testimonies of October 26.
He also indicated the visual spots of those testimonies, on the screen of the projected CD.
For instance, the witness showed visual displays of the credit card numbers, chats, as well as incoming and outgoing short message services, which were analysed from the defendant’s iPhone.
The witness typically identified the “message trafficking” between the numbers +447426343432 and +447548061528.
On the whole, he told the court that the CD contained a total of 51,933 pages of the analysis conducted on the defendant device.
After the CD was displayed for about 45 minutes, the prosecutor then asked the witness to confirm if exhibits A and D, were vital elements of his analysis, and he replied in the affirmative.
But the defence counsel, Olalekan Ojo (SAN), during a cross-examination, first sought leave of court to apply for a variation of its order and prayed the court to take custody of the iPhone of the defendant who had been in the custody of the prosecution.
He stated that the Federal High Court is well capable of keeping the exhibits in its custody, adding that it would also create ease for the defence to apply for the exhibits if needed.
The court therefore, noted the requests.
The defence asked, “As an experienced operative, are you aware that it is possible for a person other than the owner of a phone to have access to the use of that phone?”
The witness replied, “That will only be possible where the owner grants access.”
When the witness was asked who supplied him with the password to the iPhone, he told the court that the defendant provided the password to the investigating operatives who consequently, transmitted the same to him for his analysis.
The EFCC had alleged that Naira Marley and his accomplices conspired to use different Access Bank ATM cards to defraud their victims.
It also alleged that the defendant used a bank credit card issued to another person, in a bid to obtain fraudulent financial gains.
The EFCC also said that the defendant possessed counterfeit credit cards belonging to different people, with intent to defraud which amounted to theft. The alleged offence contravenes the provisions of sections 1 23 (1) (b), 27 (1) and 33(9) of Cyber Crime (Prohibition) Prevention Act, 2015.

eNaira App Removed From Google Play Store After Series Of Complaints, Poor RatingThe recently launched eNaira Wallet app...
27/10/2021

eNaira App Removed From Google Play Store After Series Of Complaints, Poor Rating

The recently launched eNaira Wallet application has been removed from Google Play Store barely 36 hours after it was launched by the Central Bank of Nigeria, reporters have gathered.


However, the app is currently available on the Apple app store with 2.6 over 5 ratings.

The digital currency has two applications, which are eNaira speed wallet and eNaira merchant wallet.


On Monday, the two apps were rolled out on the Google play store and the Apple store.


The eNaira was developed by the fintech company, Bitt, which was also responsible for the creation of CBDC in some East Caribbean countries.


At the launch on Monday, the Central Bank of Nigeria Governor, Godwin Emefiele, boasted that 500 million eNaira ($1.21 million) has already been minted.


Meanwhile, a notice on the eNaira website explained how the currency and the wallet would work.


It read: “Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment.


“To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.


“First Name, Last Name, Date of Birth, State of Origin, and Email.


“Your banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrolment to the eNaira platform.”


However, negative reactions have trailed the launch of the app as many users complained of several issues, ranging from the inability to link their Bank Verification number, to getting a verification email.


Checks by reporters as of Wednesday afternoon showed that the app had only gained 1.9 stars out of 5 stars preview.

Also, in the review section, many Nigerians expressed their displeasure.


A user, Moyosore Fagbemigun, despite giving four stars, wrote: ”After sign up, I did not get the verification email in my BVN linked email. I have checked the spam folder and nothing yet. Easy registration process."


Another user, Oscar Alexander, who gave it one star rating, noted, “I tried registering the first time. Told me there was no email attached to my BVN. I tried my other bank account. It told me an invalid account number. Lol. Now it says too many attempts with the same BVN. What a joke!”


“Every single attempt to get registered on the platform seems futile. It kept giving a prompt invalid BVN whereas my BVN is valid," another user had said before the app was taken down.


Reporters observed that majority of the users gave the app one star. It is not clear whether the app was removed due to the poor rating it suffered or if the CBN had done that itself.


The CBN Governor, Godwin Emefiele, in a conference at the beginning of the month, promised that the country would start digital Naira currency.


Emefiele said the eNaira would operate as a wallet through which customers could hold existing funds in their bank accounts, and that this would accelerate financial inclusion and enable cheaper and faster remittance inflows.

Gunmen Abduct Eight Persons In Ekiti, Demand N50million RansomNo fewer than eight persons were kidnapped by gunmen on Tu...
27/10/2021

Gunmen Abduct Eight Persons In Ekiti, Demand N50million Ransom

No fewer than eight persons were kidnapped by gunmen on Tuesday at Itapaji in the Ikole Local Government Area of Ekiti State, Daily Post reports.
The incident happened on the heels of abduction of four persons by gunmen at Ayebode, a week ago in the same council area.

The abductors were said to have contacted the family early on Wednesday and demanded the sum of N50million as ransom.
An eyewitness told journalists in Ado Ekiti, on Wednesday, that the gunmen had besieged a house located in the town around 9.30pm, shooting sporadically into the air and afterwards made away with eight occupants of the building.
The gunshots that lasted for over one hour were said to have terrified the residents of the community.
The source said the owner of the building was preparing for his mother’s burial and the preparations were said to have been on top gear when the assailants struck.
“The men numbering seven came around 9.30pm with guns and surrounded the building. They fired gunshots sporadically.
“As the occupants of the house were coming out, they were grabbed and made to lie face down. They were later taken away into the bush. They were 14 initially, but six of them escaped into the bush."
He added further, “Earlier today (Wednesday), one of the family members received a call from the abductors demanding for a ransom of N50million”, he said.
The source added that the absence of police stations in Itapaji -Ayebode and Irele-Oke Ako axis was responsible for the worsening cases of kidnapping in the area, saying the nearest police station was in Ikole Ekiti, which was over 40 minutes’ drive to the troubled areas.
When contacted, the Police Public Relations Officer, Ekiti Command, Sunday Abutu, confirmed the incident.
Abutu said, “The command is working on that. Already, a special police operatives as well as the JTF have been deployed in that axis to ensure they rescue the victims and for possible arrest of the culprits."

Hushpuppi Scandal: Police Authorities Under Pressure From Buhari’s Minister, Malami, Others To Clear Disgraced Officer, ...
27/10/2021

Hushpuppi Scandal: Police Authorities Under Pressure From Buhari’s Minister, Malami, Others To Clear Disgraced Officer, Abba Kyari

The Nigerian police authorities have come under immense pressure from top government officials, monarchs and ruling All Progressives Congress (APC) chieftains to clear suspended commander of the IGP Intelligence Response Team (IRT), Abba Kyari after an investigation into alleged infractions committed by the disgraced police officer.

On August 26, Usman Baba, Inspector-General of Police (IGP) received the report of the panel set up to probe the bribery allegations against Kyari, over his relationship with Hushpuppi, the self-confessed international fraudster.

An FBI agent, Andrew Innocenti, had in a document titled, ‘Criminal Complaint By Telephone Or Other Reliable Electronic Means’ filed before the United States District Court for the Central District of California, alleged that a suspected fraudster, Abass Ramon, aka Hushpuppi, contracted Kyari to detain a co-conspirator, Chibuzo Vincent, for threatening to expose the alleged $1.1 million fraud committed against a Qatari businessman.

The agency said Hushpuppi paid $20,600 into a bank account provided by Kyari.

The Police Service Commission (PSC) had suspended Kyari from office as a Deputy Commissioner of Police and head of the IRT based on the recommendation of the IGP.

It was gathered that the DIG Joseph Egbunike-led panel, which submitted its report in August, established that there were infractions on the part of Kyari in his communications with Hushpuppi but sources told reporters that the police authorities are being pressured to clear him of wrongdoings.

“Police authorities are being pressured to clear Kyari; those campaigning for him claim he is the only one who can find a solution to the insecurity in South-East,” a police source told Reporters.

Reporters learnt that one of the influential Nigerians working behind the scenes to ensure Kyari is off the hook is the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN).

"Not only some influential Nigerians, even Malami (AGF) also wants to clear Abba Kyari," another top source said.

It was also learnt that a massive publicity campaign had been launched to call for his reinstatement and get him off the hook.

Such campaigners have seen social media as a veritable tool to deploy to sway the mind of the police authorities and the public.

For instance, a political pressure group, Concerned Advocates For Good Governance (CAGC), recently said it had consulted US-based law firms to defend Kyari.

“We have diligently consulted with about three notable law firms in the United States to give us their legal opinions on what can be done to formidably defend Abba Kyari,” Olusegun Bamgbose, the President-General of CAGC had said.

“One of the leading firms has replied to us and gone ahead to send us the indictment against Abba Kyari and other details which is about 26 pages.

“The reputable law firm, well-grounded on extradition issues, has assured us of their readiness to represent Kyari’s interest before and after his possible extradition to the US.”

Similarly, a chieftain of the ruling APC and Special Adviser to Lagos State Governor on Drainage and Water Resources, Joe Igbokwe recently alleged that the Indigenous People of Biafra (IPOB), its security wing, Eastern Security Network (ESN) and bandits have been capitalising on Kyari absence to wreak havoc in the country, particularly in the South-East.

He posted on Facebook, "FEDERAL GOVERNMENT biko, WE WANT ABBA KYARI BACK IN THE SOUTH EAST. IT LOOKS AS IF IPOB & EASTERN SECURITY NETWORK, BANDITS ARE CELEBRATING HIS EXIT. WE NEED HIM BACK BY ALL MEANS AS SOON AS POSSIBLE.”

Another Facebook user wrote, “Please @⁨BisongOnonye⁩, can Abba Kyari be restored to the Nigeria Police? The mayhem and heinous crimes being committed with impunity down the South East is alarming and needs his attention.

“The current Man in charge in my humble opinion is finding Abba's shoes too big to fill. The South East is currently nosediving into a 'failed region'. May God Save My Home Land.”

On Instagram, Chinedum Agwaramgbo said, "Pls ABBA KYARI should be re-instated! I don't really care now about the allegations against him...which are only basically that - unproven allegations! South East is in danger of imploding! BRING ABBA KYARI BACK!"

And in response to Agwaramgbo, one Bond Chris Ohuche said, "So no other police officer is capable? Alright, why not ask for the disbandment of the entire police force since it can't perform without one man?"

Meanwhile, the probe panel set up to investigate Kyari has since August submitted a compromised report.

Reporters had reported that the panel found Kyari guilty of some infractions after its investigation but recommended that Kyari should be demoted and not dismissed.

Top sources in the Nigeria Police Force had told reporters that the plot by the police authorities to hand Kyari a demotion was to frustrate his much anticipated extradition to the United States.

We had also reported that the probe panel set up by the IGP after three weeks of dilly-dallying turned in its report on the alleged indictment of Kyari by the Federal Bureau of Investigation (FBI).

Competent sources however revealed that what the panel recommended to the IGP was a demotion – the report which would form the basis of what the Police Service Commission would act upon.

“The police report on Abba Kyari only recommends demotion to a lower rank. They figured that he could be extradited if dismissed. Kyari’s real enemies are at the police service commission and what they want is an outright dismissal.

“But they have to defer to the IGP. The IGP is no doubt Kyari’s godfather. So we are waiting to see what he would approve,” a top source had revealed.

Panic As Bitcoin Crashes, Swallows Millions Of Pounds In Cryptocurrency MarketsBitcoin’s price has crashed yet again, wi...
27/10/2021

Panic As Bitcoin Crashes, Swallows Millions Of Pounds In Cryptocurrency Markets

Bitcoin’s price has crashed yet again, wiping hundreds of millions of pounds from cryptocurrency markets and sending traders into a huge panic.
The world’s most popular cryptocurrency plummeted below $59,000 following the “flash crash”.

This is a huge drop of more than $5,000 from the levels it was trading at just a few days ago.
It comes a week after the cryptocurrency hit a record-high price of $67,000. Bitcoin’s price drop has also had a damaging impact on a number of other cryptocurrencies, including Ethereum, Binance Coin, Cardano, Solana and Ripple which have also seen their value fall.
According to Daily Trust, the price of Ethereum has slumped nearly six percent to under $4 over the past 24 hours, according to the latest data from CoinDesk.
Cardano’s value has plummeted almost nine percent in the same period to les than $2, while Solana has fallen 8.05 percent to $190.
Wednesday’s crash is in part driven by long-term Bitcoin holders selling at a high price in order to make a significant profit.
This is something that frequently happens when there has been a spike in the price of cryptocurrencies.
But this latest drop in value will also likely persuade a wave of new buyers to invest in Bitcoin, temped by the sudden dip in price.
According to analysts, the drop was long expected and the price could soon jump beyond $60,000 again before too long.
Cryptocurrency prices have surged this year, with Bitcoin alone jumping almost 400 percent in value over the past 12 months.
Earlier this year, experts warned cryptocurrencies remain concentrated among a small number of holders.
At the end of last year (2020), the 10,000 biggest Bitcoin holders accounted for more than a quarter (27 percent) of the total 18.6 million coins in circulation.

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