Warning to traders: No Release If You No Receive.

[rachael9385]

So today something come up and I decide to sell small figures from my crypto. At first everything been dey go fine until the dis happened.

• At first the vendor clicked say em done pay (meanwhile em never pay), how I take know be say i check and I no receive anything, so I waited and waited but I no receive alert and the funny thing be say nah opay I dey use receive money if I won trade and I believe we all know how opay dey fast in terms of transactions (although sometimes there head sef dey touch).
• Then after like 10 minutes later, em message me say em done pay say make I release coin. But when I check again I see failed transaction from em end.

So watin I observe here be say the money reverse back to the vendor, when I show am the message I get, em tell me say then don already debit am and em never see any reversed transactions. So from 11:30am till now I message am again and em still repeat the same thing em tell me before

they’ve not reversed the payment

However, I know say similar discussions don already arise from different users wey dey dis local board and most of them nah from bybit and other Exchange platforms.
And some of them nah from scammers wey pay half payments instead of the full payment (but I think this my case dry different).

Actually, this vendor fit no be one of them scammers but the fact say you never receive your money based on your crypto way you won exchange to fiat and you mistakenly released your asset to ram when you never receive your money, trust me when I tell you say if the guy no dey God fearing you no go ever get your money even if them reverse the money back to ram, so be careful.

Always make sure to receive your funds before you release your assets.

[Charles-Tim]

This happened to a friend that I know. The person is also an active poster on this local board. It was on Opay. You will see the notification but if you check it, you will see that the transaction failed.

At the time, it also happened to me. It has been last that I saw such transaction but it is still very possible. I do not only check notifications but I also check the transaction history as I receive another transaction.

[George Edward]

This kind of incident occurs almost every day, but most of them might not be scammers. and you did the right thing by waiting and also checking your transaction status, it is good to stay vigilant and cautious with your  transactions
 Because the world we are right now everybody eye just dey open for money matter with the claim of the vendor that he was debited is is obvious that he is trying to take advantage of you.
that is  why I will advise you to keep records of your conversation and the transactions just in case because you don't know what might happen .

[Agbamoni]

This din done happen to me one time like this. The guy use bank wey be say ah never hear for this life. He claimed he has sent the money but my broda nothing come. E blame say na my bank wey the problem from come, but me ah know say e no come from me. Ah just tell am say him go wait tire ah no go release anything. Later on the guy just vex use another account send the money give me. Him no know say ah done go search for the bank and that kind bank no exist at all. Na something him just design to use cheat me.

[SuperBitMan]

Always make sure to receive your funds before you release your assets.

This is just it, don't ever release your coin when you have not received money from the trader, and again when you receive notification from your bank that you have been credited please open your bank account and check your balance.
A lot of this traders are always trying to take advantage of people and it is good that people are always posting or creating thread here and telling there experience with this traders it will help others to learn from it.
I once had an experience where a trader didn't send me my complete money.
Is getting too much with the way traders are trying to scam or take advantage of others so I will advise or suggest that we always leave them with negative feedback.

[Fiatless]

Always make sure to receive your funds before you release your assets.

Baba thank you for this information. Nothing go make me release my coin if I never see correct alert. Infact I dey call any of my relatives wey dey around to confirm the amount before I go send.

But I never see this one before, say money reverse. Since wey I dey receive online money I never experience say money enter my account and come reverse after. This kind one dey very strange and risky because na credit alert bi the information wey dey make men release funds. You sure say no bi fake alert thr guy man send to you?

[Nheer]

This din done happen to me one time like this. The guy use bank wey be say ah never hear for this life. He claimed he has sent the money but my broda nothing come. E blame say na my bank wey the problem from come, but me ah know say e no come from me. Ah just tell am say him go wait tire ah no go release anything. Later on the guy just vex use another account send the money give me. Him no know say ah done go search for the bank and that kind bank no exist at all. Na something him just design to use cheat me.

That P2P trading de full of scammers and we have to be very vigilant and and careful if not Dem go just scam you. most of these people get different tactics and Dem go con de pretend say na mistake if you catch Dem. E don happen to me sef before wey I place order and the guy sent incomplete payment and was asking me to release the coin and I told am say he must balance me up before I release coin and even if my money remain 50# I no go release am. They are doing all this things purposely.
Because of the fear of fake transactions and other similar things I always confirm payment properly by sending the amount out to my other account just to confirm before releasing the coin.

[SatoPrincess]

Always make sure to receive your funds before you release your assets.

This sums up the whole point. I don’t understand why some people are in a hurry to click ‘release coin’ without confirming their bank statement/history, every bank app has that feature and you can easily confirm the status of the transaction.

[IjawMan]

This happened to a friend that I know. The person is also an active poster on this local board. It was on Opay. You will see the notification but if you check it, you will see that the transaction failed.

At the time, it also happened to me. It has been last that I saw such transaction but it is still very possible. I do not only check notifications but I also check the transaction history as I receive another transaction.

Another thing to check into for you to be sure say the money done true true enter your Opay account without any chance of reversal na to check if that #50 way federal government the remove as tax done remove from the total amount the vendor send. Na the secret one of my friend way the guide me for this environment use tell me say na so him di do in checkmating these scammers and for incidents like the one the op share.

[Charles-Tim]

[Another thing to check into for you to be sure say the money done true true enter your Opay account without any chance of reversal na to check if that #50 way federal government the remove as tax done remove from the total amount the vendor send. Na the secret one of my friend way the guide me for this environment use tell me say na so him di do in checkmating these scammers and for incidents like the one the op share.

I do not consider the 50 naira but just the transaction is what that is important to me. Definitely the 50 naira will be there as well.

[Makus]

E sure me die say that guy Don receive the reversal but e no wan tell you, so that everyone go fit die am. All this agent for exchange them be like thieves but since we don dey aware of their coni ways we gets dey careful because  me seff don run across so many scam attempts from these guys, some go send money dem no go complete am, dem go just send am in such a way wen e go look confusing to the eye for example make I say e suppose send 57,650 e go come send 53,650 person wey no look well go just release coin meanwhile them don dagbo you watin no nice, immediately I see something like this the first thing I dey do na to wait for a while after em don spam my dm well well, or some of them  go even get mind call you make you release coin,  na there I go come put am for em body say if e no complete my money I go knack tag straight, at this point some of them go come do like say na mistake them make, na only few dey admit come dey beg.

[rachael9385]

Believe say from that morning till now, nah now I dey receive my money?
After that morning, the guy go offline, as em come back online em begin dey tell me long stories say make I cancel the appeal then release the coin say em done pay, then I no gree.
Me nah, tell am say I go cancel unless, him talk for the appeal say em pay but the money reverse back to am then em no still gree, me too con leave am.
So before I go type finish send the message, the guy con tell me say make I cancel the appeal say they done reverse back the money. Then I still tell am "NO" say make em pay, then I go cancel the appeal, if I no cancel am, em get proof to show say em pay and I no release.
So nah so e take go wey I receive my small change this cool evening, omor So from that 11:30am wey I place order to trade my coins, nah now I dey receive my money? 😤


Now, just image say I no check then I con release the coin. Nah so my small 40k plus for take get K leg today.
So as a p2p dealer, you guys have to shine your eyes so that you don't lose your money either based on your own mistake or to scam vendors.
Thank you.

[IceLincoln]

This din done happen to me one time like this. The guy use bank wey be say ah never hear for this life. He claimed he has sent the money but my broda nothing come. E blame say na my bank wey the problem from come, but me ah know say e no come from me. Ah just tell am say him go wait tire ah no go release anything. Later on the guy just vex use another account send the money give me. Him no know say ah done go search for the bank and that kind bank no exist at all. Na something him just design to use cheat me.

That P2P trading de full of scammers and we have to be very vigilant and and careful if not Dem go just scam you. most of these people get different tactics and Dem go con de pretend say na mistake if you catch Dem. E don happen to me sef before wey I place order and the guy sent incomplete payment and was asking me to release the coin and I told am say he must balance me up before I release coin and even if my money remain 50# I no go release am. They are doing all this things purposely.
Because of the fear of fake transactions and other similar things I always confirm payment properly by sending the amount out to my other account just to confirm before releasing the coin.

This na good information you bring to us OP and  e Dey important make we Dey share our experiences for this space. The crypto space get correct men still get plenty scammers. Personally I nodey like use p2p if I must I Dey Dey extremely careful to check everything. I go add this one u talk for the list.
Wetin @Nheer talk too na better idea, na to use account wey Dey empty or wey get small money run am so as you receive the fund to check if na fake alert transfer the money plus more to another account.
As day Dey break this scammers Dey find new ways to rob people of their hard earned money, even though say bank system fit get glitch some of Dey use am as excuse hoping say the next man go fall mugu.

[Stable090]

Na another update wey all this vendors wey Dey exchange Dey use be dis, I just notice say scammers don plenty pass legit vendors wey Dey all dis exchange P2P, na why we suppose Dey very careful if we Dey use all dis P2P. Dey get one wey happen recently, that one Dey beg for money. The  real amount wey him suppose send, him commot 1k, him come Dey beg say d person don pass 1k, make him just use that one tip am, if to say d person no notice say d guy commot 1k and him release coin give am, that one don go be that ooo, how you go Dey run something like dis one Dey pay people incomplete money, e no really go well.

If you know say profit no Dey again, na to stop am now, and I know say profit Dey, na why people still Dey do am be that, just that we don sabi our people with cheating. Seriously if you wan run that P2P, make we no Dey rush, make we Dey always take our time to confirm everything, if dem send u money, and e remain even 100 naira, make sure say you collect your thing.

[Callido]

This sums up the whole point. I don’t understand why some people are in a hurry to click ‘release coin’ without confirming their bank statement/history, every bank app has that feature and you can easily confirm the status of the transaction.

To my best of knowledge what it sums up is faking transactions. We have to be careful, i will also do the same when making my trades because i have seen users send screenshots after paying for a trade, i don't bother looking the image, straight up to watch my transaction history, i make sure that the difference between In amount and Out amount is explainable or balance to my spending. After receiving any deposit try to confirm by checking balance and not relying on notification.

[Mpamaegbu]

Him no know say ah done go search for the bank and that kind bank no exist at all. Na something him just design to use cheat me.

I hope sey u gave him negative review and made sure sey u put there sey he acted like a scammer and named what he did. Make una dey warn others so people wey dey loose guard go wake up.

That P2P trading de full of scammers and we have to be very vigilant and and careful if not Dem go just scam you. most of these people get different tactics and Dem go con de pretend say na mistake if you catch Dem.

Na their way and dat's why I nor dey spare dem. Once persin mark paid, I go just give dem a minute and if e nor reflect, I dey warn u straight up so dat ur mind go dey.

Because of the fear of fake transactions and other similar things I always confirm payment properly by sending the amount out to my other account just to confirm before releasing the coin.

I nor dey reason bank alert too. I must check my app to be sure. About moving out my funds to anoda bank to be sure, dat wan na wen I'm dealing with a new merchant and I use Palm Pay receive d money. I nor too trust PalmPay reach Opay.

So as a p2p dealer, you guys have to shine your eyes so that you don't lose your money either based on your own mistake or to scam vendors.
Thank you.

It's a pity Pepe___coin acted dat way. It's condemnable. I don transact wit dat merchant too. I even did last month sef. Na reason u must not loose guard online be dat. Trust, but also verify. I dey sure sey Opay reversed dat payment almost immediately but he just wanted to keep d money. Dat wan bad. I hope u rated him appropriately?

[Btcdeybodi]

A lot of threads have been created about how to avoid scams on exchange p2p especially the area of making sure you have confirmed the exact amount sent to you before releasing your crypto asset. In the case of your experience, it could be that the vendor sent the transaction and later reported it as a dispute transaction that is why it showed as failed from your end. What i literally do whenever i receive money from any p2p vendor is to transfer the funds to my other bank account so that there will be no case of reversing the transaction by the sender but some people when they just get a notification from their banking app they will immediately release crypto just because they want to be fast with the transaction but it is always good to confirm payments by opening your banking app and see if it is also added to the existing balance you have initially before you release crypto to the merchant.

[Spaceman1000$]

If na opay you dey use, immediately the transaction fail, e go reserve back to the owner, so hence our two dey do transaction and I tell you say the money never enter my aza, baba I no dey release coin oh, if true true say the transaction fail, make him contact him own bank or try to refresh him balance but from my own end, I no dey release yet. Immediately you release coin, Omo those men no go gree send you funds again. Some vendors are even the ones orchestrating those failed transactions just so you can release coin if your not properly grounded of their activities on P2P, lots of them are just scammers.

[Mpamaegbu]

What i literally do whenever i receive money from any p2p vendor is to transfer the funds to my other bank account so that there will be no case of reversing the transaction by the sender...

To be sincere wit u, I nor sure sey banks fit to reverse transactions wey go through like dat on their own. Dat wan go only fit happen wen transactions neva confirm as successful. But e still dey good to take extra precautions. Being care nor dey kill persin, na save e dey save persin.

Some vendors are even the ones orchestrating those failed transactions just so you can release coin if your not properly grounded of their activities on P2P, lots of them are just scammers.

E get something wey me notice wit d few merchants wey don try to scam me. D thing be sey once dem carry dat their wayo com, dem go just ignore ur chats. Dem go dey wait make time dey go to see whether u go panic release coin. Na ur patience dem wan try. Nor gree for dem oh. You too act like u don't care. Just send dem a crazy comment to show sey u  sabi wetin dey and then screenshot am keep wey u go use as part of ur evidence for ur appeal. Simple.

[Yablee0]

Always make sure to receive your funds before you release your assets.
 

Haha🤣🤣 that one them no they tell person na, if you never received funds you go release your coins body go tell you. That why when ever you dey do transactions like that ehh you get extra careful because as na money something immediately you lose gaurd you fit learn the hard way.
Anyway thanks for creating this awareness.