Bitcoin Forum

Nigerian court don convict one man wey pretend to be a peer-to-peer (p2p) cryptocurrency trader wit  social media platform him create using a female name to de scam unsuspecting public pipul wey wan try gain interest for crypto wey we dey normally call dem newbies.

Economic and Financial Crime Commission (EFCC) nah catch de go court com nack am charge borderin on cybercrime and de man agree say him guilty as charged.  According to the scamma him tok say him don achieve wella from dis illegal buzinex for monie wey reach $2000 from him victims. Na so court com sentence am to a fine of #200,000.00 (two hundred thousand naira). Source (https://news.bitcoin.com/nigerian-court-convicts-p2p-crypto-trader-accused-of-operating-a-pig-butchering-scam/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications)

To newbies as u don enta dis crypto space mk unah shine unah eyes no allow or agree to anybodi com de tell you or advise you to join any platform say nah buzinex investment lik dat, say e dey pay well, com de show you nonsense evidence how e don pay am - oyinbo man call dis type of scam as Pig-Butchering-Scam.

De meanin of dat gramma be say, scamma go first tok to u lik beta person com create cordial relationship wit u about some buzinex com de tune you to invest say you go catch out, and dem fit allow you catch out ur first monie you put just to mk you feel comfortable so dat you fit invest bigger amount for de next one, nah dat time dem go scam you com jakpa wit ur investment monie. So mk we dey careful as we de use crypto mk we no com fall scam anyhow.

Thanks for alerting us for this news in our country bro, I believe dis one go teach others people lesson using dis strategies to collect money from people illegally, and u can easily find those scammers on Facebook and telegram. I don't no Wetin dey make people fall victims to such scammers on social media, and d person will begin to send money until d person eyes clear say na bad market he or she put money and it will be difficult for such person to get d money back because dey no dey use their personal details to do dis bad tin. U go discovere say na those newbies who dey look for quick money from social media dey always fall victims to them, because dey don't want to follow d normal road that will bring good things to their table than to follow short cut that will lead them to pain at the end.

Me don fall victim of this thing when I been no too sabi. Them don obtain me tire. Na just God help me to still be in cryptocurrency today if not, I for don run since because I see wetin no good for scammers hand. Now wey my eye don open, I no fit buy from people wey no dey verified again... you no just fit open social media come dey sell Bitcoin to me when I know where I fit buy am safely.

This na the problem wey dey we Naija, bad behaviour no really get serious consequences.  How person go obtain $2000 which is almost N2,000,000 as of today price, you dey fine am N200k? Imagine fine of 10% of wetin him don steal. The guy don make profit na and if na like this, more people go get morale to do evil more.

Make we just dey careful make them no use us shine sha because if e happen, government no fit help.

This is a very good action taking by the court because such people are the bad eggs in the crypto industry, they are always looking for ways to scam innocents individual that are willing to invest in crypto.

Because of this type that is why Nigerian government will not want to grant or legalize bitcoin or crypto properly because they will be claiming that it will be use to scam innocent individual that did not know anything about crypto scam.


Them for charge them more than this so that others go learn lesson from their actions. Because comparing the charge with the amount he confessed that he scammed, the charge is just like just %10 of what he scammed which I believe he can never say the exact amount he stole from people, and if they keep charging them such small amount, they can keep doing that since the fine charge is not much.


Thank you for the advise @Lida93, because our newbies are mostly people that are falling victim of this type of scam because most of us wey de here go don experience this kind thing before.

In general, make una no trust anybody for crypto because anybody can scamm if they see opportunity to do that, therefore, for newbies here, make una de carful and trade with either exchanges p2p or look for any reputable member here in the forum to trade with.

Na all these kind scammers dey make newbies or their victims think say bitcoin na scam because, na scammers na e first tell them about cryptocurrency. This na e make we no need to involve ourselves on anybody wey dey introduce any online business say he dey give high return between a short period of time. Anything wey make you see such people, you need to think twice and know say if na true say something dey like that why this person in question never use am make money wey be say na you, he come dey introduce am to.

I meet one guy like that for my area wey been won scam me, wetin he do na to introduce me to the platform say I learn so many things and I go write exam, if I pass them go five me job wey the company go pay me in cryptocurrency. When I look the guy, for my presence he call another person dey tell am to send am recharge card to use subscribe and say the person no pay finish na e make, the person name no come out. Na there I just know say this one na scam and na because I tell am say I dey into crypto na e make am begin talk all those story.

If na p2p trade you won trade, make you no release your coins until you don check your bank account and you see say the money don enter

Efcc una done do better to catch the scammer way be dey collect people money illegally make una keep the good work at against scam for this our country. The money way the judge fines the scammer too small, na this kind tin dey make dem dy put hand for scam say last last if they get caught say na just fine and the money go small.

Newbies, please make una stop to dey use local trade to trade una Bitcoin, una fit use P2P trade way dey good for centralized exchanges like "Binance exchange" to trade una Bitcoin. Make una also know one tin as una dey trade for P2P trade makes una no first send una Bitcoin to the buyer way una never see money for una bank account, even though na CZ na in ask you to send your Bitcoin to him, just know say na scam be that because CZ no go fit ask you to send your Bitcoin to him.

You know say nah lack of knowledge the make we dey fall into the hands of scammas like this, if we get beta knowledge about this cryptocurrency we no go fit fall for cheap scams lik this one. That's why I no go fit dey overemphasized wen we talk about people doing their own research about any project before entering with him monie cos monie hard to get and e dey painful say person go jus loss am like that.

Forget. For peso wey be newbie of something, naso people go d chop am local d go, just because the peso no know wetin dem d talk.

Thank God of the knowledge wey peso don get for crypto of late cos I never for once fall victim to this before and I pray not to fall into am a day.

Each time I hear this kind news, it makes me to feel bad, sae scammers are using the peer-to-peer of crypto to deceive the gullible fellas on wetin them no know about concerning crypto through social media.

Ask I read sae d fine am only N200k without sentencing him to months in prison makes me feel angry for the whole matter. How would court just charge am 200k and the matter end so? This one go come mean sae, em no stop be that. Em go continue to the do wetin em d do without been remorseful of his scam act. Wetin em go d reason be sae, if EFCC catch am again for the act, em go settle the matter for court by paying small money as fine. Wey be sae na big time rubbish. This go kukuma encourage others scammers to keep on with their scamming lifestyle without changing for good

Now na cryptocurrency and mostly na bitcoin dem wan start with. Dem want use bitcoin dey deceive people collect money but I believe say those people wey dey dis group or forum go dey understand di body language of dis bad boys. Dem dey upgrade very day to scam people. And this method wey dis guy bring wey Dem arrest am na one of the dangerous one because e don changed imself to be a vendor and to scam people online. Nai make always be vigilant and payment before releasing the coin. Make sure you cross check the payment from your bank account to confirm if the money is there. Because some vendors go say dem don pay oya go and release the funds and when you check and nothing come out then you have to keep your coins and tell  I'm day you never received the funds.

Na so one of dem wanted to sell me solar fridge with the sweet mouth but because say I dey get update in the forum, I just quickly understand say na scammers so I delete di number and block the. Dis matter no be only newbies but also to other members because all are victims from one thing to another but how to detect this guy's nai be best approach to solve the matter.

I like as you being this informate come our side. Dem talk say na person wey Dem catch be thief. Some of all these Niggas Dem wey dey blow overnight with not way to take trace their source of wealth, na wetin Dem dey into but since Dem never catch them, Dem go dey form say na Dem clean pass.

These people need some type of rehabilitation. If Dem just throw them back into the streets after Dem don collect their fine, Dem go still go back in to the fraud life .

I am pleased to hear this kind of news, because this are some of the people that have given bitcoin a bad reputation in this country.
 just imagine the number of people he has scammed and what those people will think of Bitcoin, obviously they will have a negative attachment on Bitcoin whenever they remember the incident, if for any reason they traded with this scammer.  so I want to actually applaud the law enforcement agencies for doing a good job and tackling some of these scammers, and this particular one I'm sure will end up in jail.

The way you carry out this matter eh, e con make the gist Dey funny for reason but, na real matter, e Dey happen and people are falling victim.
The way plenty people Dey form vendors with best rate, even unimaginable rate cef, Dey peg price at where dollar value never near suppose Dey fear person but instead, you fit fry moved by greed and maybe because, you no sabi use P2P on exchanges and possibly no just know nothing.

Thank your God say, you stick around to do the most you fit do for yourself and now, I believe say, you no fit allow yourself fall victim to this kind scheme again na.

Meanwhile, that #200k small o and I know say, no be $2000 e collect normally. Maybe court no wan expand the case but, that guy go don chop pass like that. Him kwa quickly agree, en know watin for happen to am shah.

E no funny o, those people show me shege walai talai! E get one them add me for radom Telegram group where them dey trade among themselves using the plenty admin them as escrow. I observe them for sometime come dey think say them legit. I cone say make I buy from them, na so they obtain me and quickly ban me for the group. E be like say make I faint. As I no die for scammers hand, I know say I go live long.

I no fit forget one Emmanuel Diala wey use this format of cheap price obtain me N155k wey person give me to buy Bitcoin for him. The guy advertise very cheap rate for Facebook, I no know say na trap. I fall yakata for that one and luck wey I get that time be say I been get money to take pay the person wey him money loss. I gat pay back without telling him what happened to save my reputation. Omo when people like us wey them don chop mugu open mouth talk, you go know say the street no get joy at all.

This na wetin our EFCC officials supposed dey do and not harassing crypto investors or traders come dey make people's dey fear to do the business. If dem get good records like dis this country go dey beta small small because people like dis guy wey dem catch now plenty for the P2P business. Immediately you register for any platform wey dey do P2P trading na so you go see dem plenty dey deceive people with high rates. Make EFCC use this guy get others wey dey do this things too and help us clean the P2P space because this guys dem plenty. But why EFCC no dey ever catch big fish, na all this small small fish wey dem dey catch because $2,000 to small for how long wey the guy dun dey do this things. Thousands dey lost yearly from crypto related scams so make EFCC go for the big fishes not this small small boys wey no go still stop the scamming because their ogas still dey active for the scamming business.

Newbies wey dey come into the P2P business, you need to protect yourself when you wan trade or you go lose your money, e get some things wey you supposed to take notes of and since majority of us uses CEX P2P platforms most often na there I go focus on, they include;

• Firstly, only use a verified Marchant on those platforms, if you check the marchant profile you go see if na verified marchants or not and also the platforms go get option for you to only trade with their verified marchants so use that settings.
• Only trade with reputed merchant, after you dun verify say the merchant na verified one you need trade with those wey get reputation, you go see am for their profile, how many trade dem dun get, their rating dem based on how many trade dem dun complete and so on.
• No released if you never received, if you release coin to dem, dem go likely scam you so e better you wait to receive money before you process the releasing of coin to dem when you dey sell.
• To avoid network wahala use microfinance banks and not our main banks wey sabi get Network issue so dem no fit use the excuse of network to scam you. Most verified merchant also use microfinance banks so dem no go get network wahala
• To increase your privacy, no dey trade with only one marchant and no accept to send them your number or go offline trading because dem fit scam you and no platforms go dey to  protect you through escrow.
• Avoid high rates and read the platform rules on protecting yourself when you dey trade so you go fit follow their guidelines and not fall a victim to scammers because dem plenty for all this platforms dey look for their next victim.

you know say nah cos of those kind men them nah make Sars and efcc just the worry young boys wey try get legitimate update use am the make money thinking say nah thru some illegal means the young guy go don use make am.

Imagine how long some men don dey for this forum and if them dey able to save over the years com use that money run beta physical business wey the bring profits for them add with wetin them the collect from forum now, somebodi wey know know go com say nah Yahoo or illegal business him do cos him young compared to how much money him don get.

But it's good to have a legit source of making money so whenever you're being called to prove it you can boldly set the records straight without shaking like those with illegal online businesses wey the claim to be beta people bcos them Neva catch them too, but nah plenty days for the thief one day for the owner.

Omor up on say me dey active for this board so I no con see this discussion quick Shai, sha as I done see am so, I ges dey more and more careful, although say me too I been be one of their victims before but now way I no retire for crypto based on how them rubbish me before I no sure say for now I go retire again.
This crypto scammers nah one of the pipo way dey even make so many other crypto newbies them dey run away from anything way dey linked to crypto, whether nah legit o or nah scam them no wan know again because those scammers done show them hell before, but sha as the EFCC done catch this one so, I pray make em still disclose em fellow crypto scammers way all of them dey work together, this crypto scam stuffs no be only one person dey run am, them dey plenty so make the guy wey the EFCC catch disclose the rest of em fraud members.

Me I no dey trust all this p2p people ooo, if I wan use p2p I dey prefer to use exchange, because I know say that one dey secure small compare to if you just meet person wey u no sabi before for social media. I know say if na binance or KuCoin, if I be seller and I no receive money I no go release coin and the exchange go put mouth for the matter, but if na random person wey u meet, ur money don go be that. The stupid guy use girl name open the social media so that people go fit trust am, but if na guy identify him use, people fit dey fear small small.

Wetin court do make sense, na people like this dey spoil crypto reputation for dis country, but with the amount wey d guy confess say him don make, the amount wey dem charge d guy dey very small to me now, person wey claim say him don make 2,000 dollar before, and I dey sure say money wey him go don scam people go don pass like that, you come dey fine am 200 thousand naira, d money dey very small to me now, dey for fine am better money.

Most of this scammers na beginners dem they alway like target, dem believe say most newbies wey dey plan join crypto for dis our country, dey very desperate to make money, dem dey always believe if dem give them offers like that, dem go easily fall for am, make all newbies know say crypto space no be where u go jump into and u go dey expect say u go make money quickly, anybody wey promise u quick money and risk no dey, know say na scammer them be.

now way nah women the worry pass for the evils things for society nah mumu the trust woman nowadays. The most secure and reliable place to do p2p na be exchange platform cos for there the exchange go always enter into unah matter if anything goes wrong and not to be using some random social media platforms newbies gat dey informed cos nah lack of information the kill them since.

if no be the way wey our justice system don tear tear finish base on how the judges don turn to puppet for politicians head e get how certain judgements them the be and in the eyes of the common man way no sabi the proceeding of how them the take follow up cases go think say nah all cases supposed be giving strong punishment. Yes the guy thief big money but as him don plead guilty from the beginning not stressing the court nah make the judge in his wisdom nack am that punishment of 200k. Na so I just reason am.

Nah that urge to make quick money the make them newbies the lose the small wey them get, them for them to go after the knowledge first so that them go fit use am protect their sef against anybody way wan use their head them the underrate knowledge the shook eyes for money first forgetting say knowledge is profited to direct.

Baba no be small shege you don see for scammers hand. I don use P2P for Whatsapp and telegram but so far I no get that kind experience but I like as you share your own experience so that other persons go learn. The scam wey I don notice for the WhatsApp trading group wey I dey use before I come dey use Binance be say some scammers dey impersonate real traders. Dem go change their names to a recognized trader wey no dey active for a while. When you want sell your coin, them go accept to buy and if you send the coin without cross checking the profile against the real traders them go scam you.

Dis kind scammers aim na to always target newbies wey no get idea about d market, datz why e dey very important for newbies to always dey aware of new scams dat are being faced in d market. We fit know all today and tomorrow anoda one go comot and dem dey always make am different from d previous ones to get newbies scammed very fast before e go cast again. You try for dis news wey you bring so, and e go help our newbies here to dey aware of dis type of scam. Remember, when e too look sweet, exciting, it is always enticing to d eye, so make we all dey careful of the kind things wey we go dey wan join.

I think I like the approach taken by the EFCC this time around; it would have even been better if the court had fined him x4 of what he scammed people off of. So that's going to hurt him so bad to raise that money; at least he will also feel the pain that victims feel any time they are rubbed off the little money they have. Scammers are some people who don't have conscience; they don't even care how victims would feel if they lost their asset, so any time a scammer is caught, he or she should also experience the kind of pain they put people through. I just urge everyone to be extremely careful during this period. As we are about to enter a season of celebration, people are looking for ways to make extra income, and scammers are also looking for victims.

Even if they arrest scammers and they charge them to court, e no go disturb them because they know say if they plead guilty, na just small money dem go fine dem and dem go dey free again, if they catch scammers, money wey dem suppose charge them suppose even pass the amount wey dem talk say dey don make, and if they no fit meet up make them sentence them to prison, I dey sure say anybody wey wan scam go dey reason am twice because anyone wey dem catch go see shege. But why will you arrest scammer and u come dey fine them 200k, e go better make dem just leave them for free.

U sabi d condition of dis country now, u know how things dey hard now, most of those newbies no really get better orientation, most people wey dey carry dem come dey always miss lead them, so dey believe say if you just join bitcoin, u go start to dey make money instantly, but things no be like that, most of them no get proper orientation, and dey no get people wey go guide them.

You get luck say them no scam you o. Wetin I take eye see untop scammers ehhh, I no fit share am finish. Na only WhatsApp them no scam me but I don collect woto woto from Facebook and Telegram. If I dey see people wey dey join Bitcoin now, I dey envy them because the road don soft now... the various formats of scammers don cast finish so them no fit get those terrible experiences wey we get.

The major challenge now na hackers and phishing... those people dey worry wetin no good. Make we just dey careful because the street no good at all.

This is why one needs to make a focusable decision on which of the cryptocurrencies to be adopted in order to be rooted of it and learns diligently in the regulatory and the techniques of the  Cryptocurrency and do not be so emotionally flexible to impressions of high valuable rate (s) (higher profits) of the digital currency with or without obtaining grounded knowledges about it.

Specifically, acknowledging to this guides would caution and let you know that crypto is a decentralized currency in a P2P networking Blockchains and basically enlightens you to possible risks and which cryptocurrency is best fit reliable to trade on.
Basically,  no one has a monopoly audacity to make an increase or decrease to cryptocurrencies. This is so that no one would convince you to trade on whatever platform to make a higher profit instead, he is on a disguise to brainwash you (scams you) with the sugarcoated words.

The rise and befalls of cryptocurrencies is affectional to it all investors. This is so that no disguised scammer would convince you to specifically offer you a profit as an individual investors.
Those are my words of advices to the newbies

However, I am not impressed of the judiciary charging the scammer #200K out of over $2K realized victimizing people in the industry. They should be charged higher to extend threats to those still and yet on the same illegal indulgences.
I just wonders why and how "App Stores" and the authorities grants publishing accesses to unconfirmed and unrealistic app developers and web developers that had come this far compromising the integrities and potentials of legal developments with its illegal indulgences.

But I am orderly impressed that the government could come to an aid to protecting the interest of cryptocurrencies even right from the federal level. That should be a standby hoping for the unband of the cryptocurrencies here in our country with a massive booming explorations to my darling Bitcoin in the closest time.

The level were this scamming things done reach now,  e come be like say person no go do business again and not trying out new businesses because a lot of those businesses that you don't know are or most likely going to end in scam and you losing money on the long run,  this is why,  is most important to only stick to those few business that you already know have have experienced in them,  this is very important for our well being and avoiding possible scams all in the name of investment.

Cases like this,  are what have given crypto a bad name in our society on a a global scale and the reason why they always refer to crypto as a great tool in the hands of criminals,  so nice one by the court,  but a 200k fine for the scam of over 2 million as at today exchange rate of the $2,000 is kind of poor punishment for such crime.

The scams dem too sef don too look real sotey newbies dem too no fit escape am. Na only strong hands dem wey don tey for the system dem know what's up. Although at the earliest stage of my Crypto life, I learnt so.many crypto lessons wey open my eyes to know the good and the bad for crypto. Me I believe say Na newbie dem wey no want to cool down learn Naim dey fall into those scam dem because dem dey always in a hurry dem no want to dey patient and as for that man, him matter don be o. Him don enter one chance for EFCC hand because all those money dem wey him don scam people, him senior colleagues dem for EFCC go help am small.

No be everybody wey chat you up you.go quick go dey do crypto transaction with wey you no know anything about them but Na for platform wey you no know who add you up. It is good we be careful, cautious and alert because they are everywhere and waiting for who to fall victim so they could strip dem off their funds.

Scam na normal thing for any online business, because you no de see di person face to face. Di best thing na make we no totally trust any business wey we see for internet with all our mind, because you no know di one wey be scam. We need to totally avoid WhatsApp and telegram groups wey de tell us to come do p2p transactions for dem platform. Di best place to do p2p transactions na for exchanges, even at dat we need to choose reputable exchanges like binance, wey don proof dem integrity for di market. Still at dat sef scammer merchants dem still de inside di exchanges, na make we receive money inside account first before we release coins.

EFCC try as dem catch dat scammer, because e good to shame dis criminals and make dem to face di full wrath of di law. Aldo i no de impressed about how dem just fine di guy 200k, wey im scam over 2m, dem suppose give am stiffer punishment wey go serve as a deterrent to oda scammers say crime de bad. Infact di cash fine wey dem give am na morale to him and other scammers say after all if dem catch dem las las na to pay fine, wey go just be some percentage of di money wey dem don scam people. But if to say dem find am guilty, give am better jail term and confiscate im properties wey pass di total money wey  im don steal from people, dat one for de better.

This is a good move by our law enforcement agencies, this so called identified scammers, making crypto look like scam, but let's be realistic people always fall for this tricks of scammers, anyways they should blamed because they are not much aware of the system, another major fact that we should put into consideration that's causing this scam of a thing is altcoin, people are just too inquisitive about investing in any thing called cryptocurrency without making thorough investigation about such coin, they will put some writeup and pictures to deceived them to invest, the truth if you must have an asset in the digitalized firm, the way forward is bitcoin, I know people will say how much will I invest to, invest what you have, don't be greedy, in this kind of investment your asset is secured, as for p2p transactions, renounced exchanges remains the best, don't go for exchanges without name because of their fake rate to avoid regret.

E good for that guy, Shabi dem no wan gree change, fast and easy money dey sweet dem, I like as dem carry am go court asap so em no go fit manipulate the system, and I believe the amount wey the call for there na just small portion of wattin em don dey do dey come since. Because na all this kind of things dey make some people wey nor know wattin Bitcoin be, dey call am scam, na dem be one of the greatest reason why em adoption still dey for ground somehow, any ways as the op don talk newbies make una shine una eye oo because of you loose guard na you sabi oo.

this na one of the reason when de make people loose interest for any online investment platform as the rate when scammers take de full there don become very alarming. And this one too fully for the reason when we make all this security people de intimidate an average person when he hustle legally online because the bad ones don full the space and de done create bad reputation full ground and so even when you de try to let most of this law enforcement agency know say your hustle legit, them no go free hear am as there mind don de made up say any person when he do online business de into fraudulent stuff.