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The Top Incidents of Cryptocurrency Scams Recorded in Nigeria in 2019.

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Last updated on September 11th, 2020 at 10:35 pm

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The number of bitcoin users has continued to increase in Nigeria despite the Senate and CBN warnings against involving in cryptocurrency which has led to Nigerians losing millions to crypto fraud.

While the number of cryptocurrency users continue to increase, many crypto investors has complained of losing money to various cryptocurrency scams in Nigeria including the satowallet hack. 

Nevertheless, it is expected of every investor to make a thorough check and utilize the services of professionals before taking certain investment decisions. 

See Also: Satowallet Hack: A Nigerian Cryptocurrency Service Provider Satowallet Losses User Funds To Hosting Provider.

A cryptocurrency investor, Miss Bimbo complained of losing funds to the Bitsane Scam (an Irish crypto exchange) after opening a Bitsane account, around May 2019. 

According to Bimbo, barely three weeks of trading on Bitsane crypto exchange, “I was trying to transfer XRP out to a bitcoin wallet, and it kept saying ‘temporarily disabled.’

“I knew right away there was some kind of problem. I went back in to try again, but then when I looked at the tickets request, they were still pending, and you could no longer access Bitsane.”

Also, on the satowallet hack, Chidi Kanu, a graphic designer who is also a of satowallet hack believed she was scammed. In her case, she invested $300 in the Nigerian crypto exchange provider called Satowallet, hoping to keep his crypto coins safe.

See Also: The Perpetrators of Dunamiscoin Scam to Appear in Court on Jan 22 2020 for Collecting Money from Investors in Pretense.

A few months later, Chidi was unable to access her crypto wallet, even after sending numerous emails to Satowallet. According to Chidi, the firm went offline, claiming that it has technical issues with its servers from the webpage. An incident she believed to be a Satowallet Scam.

Meanwhile, earlier this month, the Nigeria Securities Exchange Commission (SEC) said it is out to clamp down on organisers of ponzi schemes or any illegal fund managers operating in Nigeria.

See Also: 4 Outstanding Differences between Binary Options and Smart Options 

Diutocoinnews reports that Mrs Efe Ebelo, the Head, Corporate Communications of SEC said this in a statement during a conference in Abuja.

Moreso, the Acting Director-General of the commission, Ms Mary Uduk assured investors of the commitment of the SEC to fight ponzi scheme.

Many other cryptocurrency scams in the cryptocurrency space in Africa includes the dunamiscoin scam and the nurucoin scam which ravaged Uganda and Kenya last year.

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By Tony Chimdiuto

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