Common scams to avoid in Nigeria's, crypto community.

[Olotu20]

The introduction of crypto currency in Nigeria has changed alot of things and has brought a new done to the Nigerian society, this is because Bitcoin has revolutionized the financial system that Nigerians were used to , no wonder Nigeria is one of the leading countries when it comes to crypto currency in terms of the adoption rate. But despite this success that has been recorded in crypto currency there is still areas that is a cause of concern when it comes to crypto currency in the country. Scam has been one of the factors that has been a problem not only to those of us who are into crypto but also to intending members of the country. But one way to avoid crypto related scam is your ability to identifying it because, many people has fallen victim to crypto scam because they were not able to identifying it when presented with.

Types of crypto currency scams.

 Double your Bitcoin scams
No legit platform will multiply your Bitcoin for you, there are allot of platforms especially online who promises people about doubling their crypto currency such as Bitcoin. You invest one thousand Naira and get five thousand Naira the next day. Such things don't exist in crypto currency. When ever you see these types of situations just know that that is a scam in disguise especially in the net and social media platforms.

 Fake investment managers
I was shocked these two days when someone wrote me on social media claiming to be an investment manager on a crypto trading platform and that I should send money to him so he can invest for me due to his wealth of experience in trading and investment in crypto. Anyone asking you to send BTC to trade for you is likely a scammer don't listen to such people.
 
Giveaway scams
Give away scams especially on social media platforms are one way through which scammers pull up their scams on unsuspecting members of the public, any give away that will require you to pay a certain amount of money before collecting it is likely a scam that is been staged by a couple of person's.

Fake pages pretending to be celebrities or companies, Phishing links.
Always double check URLs before logging in, because there are links that are not safe to click because it's programmed to get your details and personal information from you when ever you click. We should be very careful the type of Links that we click either on social media platforms, wassup groups and even while browsing.

[Sammysmart001]

Giveaway scams
Give away scams especially on social media platforms are one way through which scammers pull up their scams on unsuspecting members of the public, any give away that will require you to pay a certain amount of money before collecting it is likely a scam that is been staged by a couple of person's.

Fake pages pretending to be celebrities or companies, Phishing links.
Always double check URLs before logging in, because there are links that are not safe to click because it's programmed to get your details and personal information from you when ever you click. We should be very careful the type of Links that we click either on social media platforms, wassup groups and even while browsing.

Solid post OP, let me add to what you have say, lately they have being tips that are catching people this April. You will notice a loan app asking for ones seed phrase, this are fake apps just trying to get your wallet.

How those this works out
My bro was on his phone and he got an ad that last two week if am not mistaken, and the information was that get a loan of 200k Naira loan in nothing less than 5 minutes. He then went ahead and installed the app. Then he register on the app, they ask him in other to verify his account he need to provide his trade Wallet 12 word phase. And the mistake he did, he went ahead and input it. In nothing less than 10 to 15 min his wallet was empty.

What I want us to notice
1.No real loan app will ask for your seed phrase. Real Opay don’t ask for this
2.Avoid all this downloading through a link is very dangerous
3.Do well to avoid all this fast bait

Any web,app or anybody asking for 12 words let do well to close that immediately and avoid it. Not even all this verified wallet will ask for it.
 
Has anyone experience this let share our experience below

[Kelward]

Thanks OP for your well informed post about some of di ways wey crypto scammers de take get dem victims, information na power and who no know no go know say e de very important for holders to de updated about latest scam methods. With di experience wey I don gather for dis forum plus my researches I de immediately decode if a scammer carry dem scams de near my side, if I see dem I go just ignore di criminals. Most of di people wey dem dem de scam na as a result of greed, greedy people wey de find quick money na dem de easily fall victim to di scammers, dat na why get rich quick investments schemes plenty for social media.

Di one wey shock me last year be when some scammers get mind carry dem advert enter radio, and many people fall for dem scams based on say dem believe say as na for radio station dem hear about di investment say e go de authentic. Di scammers pattern be say you go invest in Bitcoin through dem and as you de bring more people your rank go de grow and dem go de give you profit. I tell di guy say brother dem don scam you and collect your capital, before you and other victims go gather enough victims for dem di scammers go don disappear. I tell di guy say if you want to invest in Bitcoin make you open Bitcoin wallet and start to de invest by yourself.

[Gost ms]

I want to add two things to you.

Signal Trading:
People or online videos will tell you to join our Telegram group and open an account through our link and earn $100 per day or we guarantee to make a profit. People who make such comments are fraudsters. For a successful trader, maybe, making $10,000 per month is not a big deal. If a trader can earn this amount of money per month, then why will he give you signals and if the signal is wrong, then why will he take the risk that you will blame him. So always try to stay away from all these fraudulent people.

Cryptocurrency Identification:
There are many cryptocurrencies in the market that are created to deceive. These fraudulent coins need to be identified before investing. If we are willing to invest in any coin other than Bitcoin, then we must know the correct information about that coin and know what this coin is like. Many times we fall victim to fraud by investing in fraudulent coins.

[Mia Chloe]

~snip

The buttom line is if you are looking to double your money or make quick or unrealistic profit online chances of you getting scammed is at its peak. Most scams are built on one of either trust or greed. Most people want to make profit doing nothing and eventually gets scammed.

Some on the other hand trust people very easily and sacrifice too much on it and in the end get scammed too but the thing is the latter is actually more rampant than that of sudden trust these days mostly because of greed.

[Y3shot]

There are so many scams that many of us are not even aware of, but despite not having knowledge about these scams, it doesn't mean we will fall for them. If you really understand what a scam is all about, it will be difficult for scammers to lure you in.

The reason why people easily fall for scams is that they do not understand how scams work. There are the same reasons why people fall for scams, no matter how new they are; understanding is the only reason why people shouldn't be victims of scams.

[ColdLava40]

I can say that these scams are not common only to Bitcoin. They are still done using naira.

The best way to avoid crypto scam is being aware they even exist and I'm in agreement with that you said. To many Nigerians, we are only focused on scams thats related boys having lured foreigners into believing their lies. but these scams occurs more in our country too.

There was a time on telegram and Whatsapp you see groups created who claims to teach you on how to make money, at the end of the line they demand you send a few bucks to them.but it's all lies and scam to catch these who doesn't understand these schemes.

Being smart isn't going to be enough to avoid these scams, but be ready and ask questions works too.

[Floxynice]

You see that very double your money scam? I have been sent that nonsense messages countless times. The most recent experience I had was when one of these scammers sent me a message telling me about Bitcoin and how you will get double your capital in 30 minutes. It was funny to me because I already knew what Bitcoin is and I knew that he was obviously a scammer. Even if I had no knowledge of Bitcoin, I don't think I would have fallen for such a scam because the scammer's explanation of Bitcoin was not well coordinated and it was just so good to be true.

Well, I know there would be other Nigerians who will believe him because many are blinded by greed even when everything is just so obvious for them to see. Double your money scam is the most popular type of scam, yet we still record victims everytime.

[ruykeri]

Doubling Bitcoin scams and Fake investment managers are two of the most common scams that have been noticed recently. They create fake websites, show fake transactions as proof. Many people believe them. They use Telegram for communication. In many cases, they also open groups. This is how they cheat people. Fake Managers work in a similar way. After gaining trust, once people give them money, they lose it all.

[New Judgement]

My bro was on his phone and he got an ad that last two week if am not mistaken, and the information was that get a loan of 200k Naira loan in nothing less than 5 minutes. He then went ahead and installed the app. Then he register on the app, they ask him in other to verify his account he need to provide his trade Wallet 12 word phase. And the mistake he did, he went ahead and input it. In nothing less than 10 to 15 min his wallet was empty.

That your bro must really be a newbie to the crypto space, and possibly not street wise. Because for someone to be been in the crypto space for long, the most common thing you will hear is that don’t release your seed phrase to anyone. What stops him from creating a new wallet that doesn’t have any assets inside and give them the phrase. Sometimes to beat these scammers in their games, you have to be very smart and think ahead of the scammers. You don’t gamble with a wallet that hold your assets. While we blame scammers most times, we also have to blame ourselves for being dumb enough to fall for avoidable traps.

[PremiumcryptoHub]

Actually we need to adopt a cautious approach to unmasking such crypto scammers. You are right that no legitimate platform will promise to double your Bitcoin, perhaps the inexperienced can fall into this trap especially when they see a platform offering to double their Bitcoin holdings, meaning that they are showing the possibility of multiplying the Naira they have invested in their investment portfolio several times within a few days. In my opinion, most scams are based on greed and trust, many unskilled people here want to easily generate huge amounts of naira without doing anything. So, we should avoid rushing into the crypto world and at least take some time to gain experience and avoid joining various fake  signal trading groups, maybe this way it will be possible for us to avoid the traps set by crypto scammers.

[Olotu20]

Actually we need to adopt a cautious approach to unmasking such crypto scammers. You are right that no legitimate platform will promise to double your Bitcoin, perhaps the inexperienced can fall into this trap especially when they see a platform offering to double their Bitcoin holdings, meaning that they are showing the possibility of multiplying the Naira they have invested in their investment portfolio several times within a few days. In my opinion, most scams are based on greed and trust, many unskilled people here want to easily generate huge amounts of naira without doing anything. So, we should avoid rushing into the crypto world and at least take some time to gain experience and avoid joining various fake  signal trading groups, maybe this way it will be possible for us to avoid the traps set by crypto scammers.

That is true these scammers some times are very difficult to unmasked when ever they are trying to pull off their scam.so our ability to be cautious in a approach to anything relating to investments will be helpful the security of our investments. Most times it actually greed that makes people to fall into such scams, the zeal to make quick money. That is when some will believe and Bank on these fraudulent documents to double your money.

[Callido]

That is true these scammers some times are very difficult to unmasked when ever they are trying to pull off their scam.so our ability to be cautious in a approach to anything relating to investments will be helpful the security of our investments. Most times it actually greed that makes people to fall into such scams, the zeal to make quick money. That is when some will believe and Bank on these fraudulent documents to double your money.

There is no need to continue discussing once an unknown figure approaches, avoid accepting any financial transaction from unknown contact, either from crypto groups or channel both of you are in. Every good offer comes with a price that will benefit them, so you better run than extend the chat before they make you see reasons and convince you.

If you want profits, buy and invest in Bitcoin, hold for a while or trade if you can, you can openly see how authentic it is.

[ZeroVinsonN]

~snip

The buttom line is if you are looking to double your money or make quick or unrealistic profit online chances of you getting scammed is at its peak. Most scams are built on one of either trust or greed. Most people want to make profit doing nothing and eventually gets scammed.

Some on the other hand trust people very easily and sacrifice too much on it and in the end get scammed too but the thing is the latter is actually more rampant than that of sudden trust these days mostly because of greed.

It's actually easier to bait a person through their greed, you will see people genuinely having these lazy man thoughts of getting rich without doing anything for it, they are greedy to the point of wanting to reap even when they obviously did not sow so when some shady character online offers them the opportunity to become rich instantly or over a very short length of time they jump at the supposed opportunity only to later realize that they've been scammed, it's funny how most people experience this more than once, almost like the first time wasn't enough to teach them their lesson they still end up falling for their same scheme more than once.

[Yablee0]

There is no need to continue discussing once an unknown figure approaches, avoid accepting any financial transaction from unknown contact, either from crypto groups or channel both of you are in. Every good offer comes with a price that will benefit them, so you better run than extend the chat before they make you see reasons and convince you.

You're right, but before one can be able to conquered such offer or senero it's a must you first defeat greed in you, because greed is one of the major reason we do fall for scammers most times, we also want to grab every single opportunity given not knowing the source or how reliable it is. Perhaps, people are mostly moved by big offer that will evenually end them up in trouble. However, in as much as we can't be 100 percent careful, it's important we do the little we can by getting rid of greed, I believe this will go a long way in keeping us safe From scammers.

[MainIbem]

Greed is a very bad thing cause how would someone think they can double their Bitcoin asides the normal buying and holding it for long-term. People get blinded by fake rewards that's why they fall for scams like that, Bitcoin is not a ponzi scheme, people invest and get more reward on the long run but that's if only the buy and maintain patience in holding it longer. Any platform that ask customer to buy Bitcoin so they'll double it is fake cause as a long-term asset, investors only have to buy and hold longer to maximize their ROI.

[GPVibes]

Types of crypto currency scams.

 Double your Bitcoin scams
No legit platform will multiply your Bitcoin for you, there are allot of platforms especially online who promises people about doubling their crypto currency such as Bitcoin. You invest one thousand Naira and get five thousand Naira the next day. Such things don't exist in crypto currency. When ever you see these types of situations just know that that is a scam in disguise especially in the net and social media platforms.

Your update makes alot of sense and this particular paragraph is very important to know. The earlier the better for everyone to know and understand that bitcoin is not a money doubling program or anything arrangement for your money to be doubled by someone who will arrange with you to pay you certain percentage whether price rise or not. If you see someone or platform who is telling you they will pay you certain percentage of your btc after a particular time, just know it that you about to enter the wrong vehicle because nobody knows where the price of bitcoin will get to at any point in time. No genuine investor will want to take the risk of blind investment by hodling your coin and promising a definite amount of percentage reward for you at a particular time. So it is greed that make people fall into scam , they want fast money but it is not possible. If you want to properly invest in btc you will hodl it in a wallet and grow it as the price is rising and falling. There are no specified amount of payment for btc as reward. If a platform is promising that you should be careful, it will turn into scam in due time and the platform will close up and you can't login again. This scam is everywhere but our people will still fall victim.

[IceLincoln]

~snip

The buttom line is if you are looking to double your money or make quick or unrealistic profit online chances of you getting scammed is at its peak. Most scams are built on one of either trust or greed. Most people want to make profit doing nothing and eventually gets scammed.

Some on the other hand trust people very easily and sacrifice too much on it and in the end get scammed too but the thing is the latter is actually more rampant than that of sudden trust these days mostly because of greed.

You’re very correct, greed and quick to trust is the beginning of all scams. Don’t trust any thing you get from an ads or link and then the greed to make it too fast and easy is the biggest downfall cos scammers will always be there to catch the greedy fools.
What pains me the most is that people have been hearing about all these methods scammers use and they still get played, some humans just love to learn the hard way.

[Mocha Gilmore]

You're right, but before one can be able to conquered such offer or senero it's a must you first defeat greed in you, because greed is one of the major reason we do fall for scammers most times, we also want to grab every single opportunity given not knowing the source or how reliable it is. Perhaps, people are mostly moved by big offer that will evenually end them up in trouble. However, in as much as we can't be 100 percent careful, it's important we do the little we can by getting rid of greed, I believe this will go a long way in keeping us safe From scammers.

Greed is what is leading people to fall into scam.if not for greed why would someone accept it worth the risk to double his bitcoin stash by 100% in a short time. People would continue to fall into this kind of scam if they don't shun greed and quick profits. If someone try to convince you that they can double or triple the your bitcoin,it's a scam. Yes they may come up with convincing evidence that it is legit but don't fall for it. Bitcoin is not a ponzi, they is no shortcut to quick wealth in bitcoin.

[Finebone]

~snip

The buttom line is if you are looking to double your money or make quick or unrealistic profit online chances of you getting scammed is at its peak. Most scams are built on one of either trust or greed. Most people want to make profit doing nothing and eventually gets scammed.

Everything you said here are true, greed and ignorance are the major reason people are getting scammed in this digital space, but I seriously doubt if that method is still working, because everyone should have wise up by now. How would someone say that he can double your money/Bitcoin and someone believes such a thing in this time where knowledge and self awareness has spread across Nigeria. Though it may still be working in most part of the country where development has not reached that much, but it's hard for anyone to fall victim for that in my location because almost everybody don wise up.

Some on the other hand trust people very easily and sacrifice too much on it and in the end get scammed too

As the popular saying goes, trusting people too easily will only get you killed.
Handing over your Bitcoin or money for someone to do it for you is the worst form of ignorance because the chances of such person getting scammed is very very high.