This is just a tip of the iceberg as there are many other scams operating in their numbers in the country hiding under the radar, defrauding thousands of Nigeria and soiling the Bitcoin (cryptocurrency) reputable in the country. The worst part is new ones (scams) get introduced almost weekly. The issue now is most citizens have lost trust in the government which make it hard for them to adhere to the advice of the government (SEC) which cost them heavily.
The lost faith and inflation (although from what I've seen is not that bad in Nigeria) are the triggers for a lot of people to try their luck in these schemes.
In the '90s there were a lot of those schemes operating in Eastern Europe with Romania and Russia leading the pack, promising high rewards, and the moment was pretty favorable, sky-high inflation, people were seeing their money losing value each week so they suddenly felt attracted by these schemes which long terms proved disastrous.
The bad part is that those schemes now tend to become more and more elaborate, hiding behind real companies and taking advantages of the trends, some might even lunk below the radar with simple promises of lower returns, and thus keeping the company alive even more, like Maddof did for almost 40 years, and gaining reputation but 5% or 500% is still a ponzi.
And people who continuously advertise
BTC gains, talking every day about the 100 million pizza are not helping either, newbies to crypto feel like as long as you invest and hold every damn project will return you x10 or x100 money, there is no way of losing.
As for the new investors, it's a good style to check first the SEC of your local government if there's already a reminder if, by no means, you don't know how to check.
Unfortunately, this never happens, people who actually try to check a project for legitimacy with the authorities are people who would have never invested in such scams, those schemes pray for the gullible who usually never check or are that desperate or brainwashed that they will trust more the scammers than others because they want those promises to be true.
Unless the authorities take real action and flood every news with reports about these scams, showing what is left after with people losing their money and all the drama that comes from there nothing will stop these.
Should we move this to the Scam Accusations section since we are discussing about this company being a scam according to the Nigerian SEC?
Actually, in this case, it might be better to leave it here to raise awareness.
People are not reading that board until its too late.
