Currently, in Nigeria, the number of individuals doing peer-to-peer crypto transactions has increased to new levels. The increased transaction activity has attracted scammers guaranteeing mega returns on investments upon signing up to participate in these investments.
Opinions of Experts on the Rising Scam
James Aniogba, an experienced crypto and Forex trader, before becoming a maestro in the Web3 space, had fallen victim to these nefarious crimes perpetrated by the owners of some of these groups.
He pointed out that some of the coins promoted in these Nigerian crypto trading groups by their owners are scam coins. According to him, the promoters of the coins don’t even invest in them and are often the brains behind the coins.
“A lot of persons do this ..some might even go ahead and create some coin in which they lure their group members to invest, but at the end of the day, they run into a loss.”
“We have some people who don’t even invest in the coin they bring out. Their aim is just to lure them and go away with their money.”
“Because people love seeing flashy lives, some make money outside crypto and parade themselves as crypto influencers. So, they begin to promote different coins that they don’t even know anything about. They create groups, and at the end of the day, the coin dumps, so the crypto influencer has nothing to lose.”
Investigation from Nairametrics revealed that these crypto groups charge as high as ₦100-150,000 membership fees as the fake promises they bring forth are not enough. They mostly gain their victims on socials like X, WhatsApp, or Instagram, where there’s the possibility of gaining inexperienced people.
Rume Ophi, a leading Web 3 market analyst in Africa, also gave his two cents.
“Crypto signal group is not for beginners because as a beginner if you join a signal group there is no way you will not fail. You need to know a lot of things and then compare knowledge with the signals you are receiving, to sum up your trading strategy”
Final Thoughts
Due to the get-rich-quick syndrome infecting the young Nigerians of today, they’re easily swayed by malicious lies like this. It’s important to have basic to intermediate knowledge of these things before joining the said groups because as some of them are pure scams, some others might have true intentions for their members.
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