Be careful about bad naira while doing p2p trading

[BIT-BENDER]

I had to opportunity to be in conversation with someone who is currently in big trouble for allegedly being involved in a serious criminal act that he probably may not know about.

What do I mean by bad naira? Bad naira in this case is getting payment in our local currency from very questionable source, like getting paid from an account that has been involved in a serious criminal act like used to collect ransom, used by drug dealers or any other terrible offenses.

In this case the person in detention did a trade on Bybit with a vendor but this time the trade was not as fast as usual and he needed the money urgently, using that pressure he kept on demanding payment from the vendor who later paid but he did not have the patience to see that the name of the sender did not match the name that made the transfer, after a while he was invited by one of our national security agency he did not go into details to me about how he was reached but he is now facing a serious situation.

I am bringing this because lots of innocent people are suffering cases they never saw coming, Crypto-currency is not a terrain to embark on with you eyes close be critically watchful on every P2P transaction you are involved in, do not entertain pressure of any kind and make sure to see that the name of the sender matches the vendor and if it doesn't try to refund immediately or report to the appropriate authorities.

[Livingleged]

Honestly a lot of people are not careful with all this p2p trading, this person is practically innocent but might be in a seriously difficult situation right  now because he wasn’t careful to take note of certain things. When it comes to p2p transactions on Bybit, I don’t even look at individual merchants, I Always trade with institutions that have reputable orders above 4000 orders. I don’t take silly risk that might end me in difficult situations. It might just sound like an ordinary mistake one can avoid but there are a lot of criminals out there trying to exploit us through every possible opportunity. We all need to take note of every transaction before we confirm it not just when we are selling but even when buying coin too, but the criminal activities often happen when you’re selling coins for fiat.

[igebotz]

In this case the person in detention did a trade on Bybit with a vendor but this time the trade was not as fast as usual and he needed the money urgently, using that pressure he kept on demanding payment from the vendor who later paid but he did not have the patience to see that the name of the sender did not match the name that made the transfer, after a while he was invited by one of our national security agency he did not go into details to me about how he was reached but he is now facing a serious situation.

I am bringing this because lots of innocent people are suffering cases they never saw coming, Crypto-currency is not a terrain to embark on with you eyes close be critically watchful on every P2P transaction you are involved in, do not entertain pressure of any kind and make sure to see that the name of the sender matches the vendor and if it doesn't try to refund immediately or report to the appropriate authorities.

To be honest, we have no control over how the other party chooses to make their payments, and we can't be too careful because this can happen to anyone; it's one of those unnecessary situations you can't avoid, but you can protect yourself by being cautious; always make sure the sender name matches the vendor's name, and don't forget to contact P2p support right away, as this may help with your investigation.

Tell your colleague to get a good lawyer, print out transactions details and cooperate with the investigators

This should also serve as a  warning to those those trading p2p on a social media groups outside a reputable p2p marketplace because if situation like this should come up on those illegal social pages, there won't be enough evidence to back it up..

There's a lot of illegal ransom money out there and these kidnappers are looking for a way to wash them.. p2p traders needs to be extra careful this period.

[Bitcoin-Forever]

What do I mean by bad naira? Bad naira in this case is getting payment in our local currency from very questionable source, like getting paid from an account that has been involved in a serious criminal act like used to collect ransom, used by drug dealers or any other terrible offenses.

In this case, when doing p2p  trades on my exchange, I ensure that I select the option that filters only ads I have performed trade with within the last 6 months and these are the only one that will be bringing as suggested ads for me to trade with and they will always be the ones I will be using then any random user, mind you this are verified merchants as well as reputed traders.

We should always make use of the filter option before making our trade so as to eliminate any unnecessary ads or merchant to trade with, by all these, I will lastly suggested to us that we shouldn't make use of P2P Express if we don't want to get any unreliable trader to make P2P with us.

[SatoPrincess]

To be fair this thing fit happen to anybody. Na small oversight na don put your friend for big wahala. I sure say if he show the investigators the Bybit transaction, them go free am. But then again you know as Nigerian government officials be, them go still won oppress am even though them dey see say he dey innocent. My advice be say make he find better lawyer, if possible SAN because them no dey do small small follow police case.

[Donk1]

To be fair this thing fit happen to anybody. Na small oversight na don put your friend for big wahala.

It's certain that we have to be more cautious whenever we are making a transaction in Bybit or any other exchanges. And true talk for the fact that this can happen to anyone we shouldn't overlook it.
In most scenarios no one is an exception, and the more we create awareness the more self conscious we are in this space that's all..

[Obim34]

To be honest, we have no control over how the other party chooses to make their payments, and we can't be too careful because this can happen to anyone; it's one of those unnecessary situations you can't avoid, but you can protect yourself by being cautious; always make sure the sender name matches the vendor's name, and don't forget to contact P2p support right away, as this may help with your investigation.

I do agree, It's not something we can't control, even if he noticed payment was made from a different account, and later returned and order cancelled, perhaps launched complain afterwards, as long there was recent transaction between both accounts, he would still be called for questioning, the only way of taking his name out the picture, is by legal process if called upon, another thing i hope is if the system works fairly and the case won't be treated unjustly.

Caution must exist, but to chip in, everyone has to be selective of P2P merchants, some skip reviews before picking orders.

[Chinesebaby]

I am bringing this because lots of innocent people are suffering cases they never saw coming, Crypto-currency is not a terrain to embark on with you eyes close be critically watchful on every P2P transaction you are involved in, do not entertain pressure of any kind and make sure to see that the name of the sender matches the vendor and if it doesn't try to refund immediately or report to the appropriate authorities.

Thanks for sharing this very important security tips for us at O.P regarding p2p transaction, and how kidnappers are using exchange vendors to swap their fiat into Bitcoin, which is actually a case o particular concern that we need to be very careful about it to avoid facing similar consequences. However, it's just sad that this individual happens to be a victim of a case due to failure to check the names on the transaction if they correspond. And to be honestly speaking, I usually don't always check th names to know they match, and with this information you just gave us now, I will take it very seriously.
Secondly, it's just sad that our investigation teams don't tight connected with crypto exchange, if not they would have written to and trace the trade on the exchange and arrest whoever his/her KYC details are on the crypto exchange. That would have been a good way to catch those kidnappers.

[Tetu100]

Honestly a lot of people are not careful with all this p2p trading, this person is practically innocent but might be in a seriously difficult situation right  now because he wasn’t careful to take note of certain things.

Most times it's not even all about being careful but some people are just ignorant of it implications. Using myself as a cases study, at first I didn't know about that not until a friend of mine put me through on how risky it is receiving funds from accounts that doesn't tally with the one that was display initially. However, knowledge is actually power it important we know all this little things so we won't get ourselves into serious trouble.

To be honest, we have no control over how the other party chooses to make their payments, and we can't be too careful because this can happen to anyone; it's one of those unnecessary situations you can't avoid, but you can protect yourself by being cautious; always make sure the sender name matches the vendor's name, and don't forget to contact P2p support right away, as this may help with your investigation.

You are very correct sir, even if we are  extremely careful in every transactions it can still happen to anyone. However, the best we can do as been said above is to ensure that the payment is coming directly from the expected source, let it correspond with the  name on the advert to be on a saver page. Atleast this the best we can do in our capacity, every other thing is left for God to protect us.

[igebotz]

I do agree, It's not something we can't control, even if he noticed payment was made from a different account, and later returned and order cancelled, perhaps launched complain afterwards, as long there was recent transaction between both accounts, he would still be called for questioning, the only way of taking his name out the picture, is by legal process if called upon, another thing i hope is if the system works fairly and the case won't be treated unjustly.

Caution must exist, but to chip in, everyone has to be selective of P2P merchants, some skip reviews before picking orders.

The judiciary system is a mess, but some sectors still work fine- cases like this is never easy because you have to prove it beyond reasonable doubts to get out of it and that's where a good lawyer comes in.

This is why it's always important to resend an errorious transfer back to the sender immediately it hits your account and make sure you're sending the exact amount too. Likewise to p2p trading; it'd save you from unforseen circumstances.

Being selective and choosing good vendors helps,  but remember everyone has a price and anyone can be bought for the right price to wash money even the best vendors on the markets.

[Donneski]

What's scary about the whole thing is you can actually be very licit in all your engagements in crypto and still find yourself in trouble because of the fiat payment in P2P.

The truth is it's not possible for us to know the naira that's clean and that one that's not but the safe measure we can use to avoid putting ourselves in this kind of situation is to always check and be sure that the merchants name matches with the sender's name. Make sure you don't accept those flimsy excuses some of them make to make you accept payments from third party.

It's safer and better to cancel the a trade than to rush and accept money from a third party. I hope this further teaches us that speed should never come before caution in P2P trading.

[BIT-BENDER]

Another thing is that it may not be an oversight, like people can actually see the sender name and the vendor's name are different but still carry on because the vendor gave name some sort of excuses, while carrying our p2p trading you must be very patient if you need the money urgently but faced with this situation you can borrow rather than still going ahead.

Getting a good lawyer is very expensive but in this situation it is necessary so it's best to be extremely watchful so you don't get involved in these type of situations.

[SatoPrincess]

To be fair this thing fit happen to anybody. Na small oversight na don put your friend for big wahala.

It's certain that we have to be more cautious whenever we are making a transaction in Bybit or any other exchanges. And true talk for the fact that this can happen to anyone we shouldn't overlook it.
In most scenarios no one is an exception, and the more we create awareness the more self conscious we are in this space that's all..

I’m curious though, if the person had realised that the names do not match and declined the transaction. Would the police still arrest him even though he transfer the exact money back to the account. Nigerian police can be funny most times, you really can’t predict what they will do.

[Frankolala]

Another thing is that it may not be an oversight, like people can actually see the sender name and the vendor's name are different but still carry on because the vendor gave name some sort of excuses, while carrying our p2p trading you must be very patient if you need the money urgently but faced with this situation you can borrow rather than still going ahead.

That's the problem we rush and ignore some important mistakes that can cost you a lot or even your life. Don't be in a hurry to make p2p transactions just like you don't need to rush into sending bitcoin from your wallet to avoid send it to a wrong address. If the merchant pay you with a different name, refund it back to his account for future safety.

[Orpichukwu]

You are very correct sir, even if we are  extremely careful in every transactions it can still happen to anyone. However, the best we can do as been said above is to ensure that the payment is coming directly from the expected source, let it correspond with the  name on the advert to be on a saver page. Atleast this the best we can do in our capacity, every other thing is left for God to protect us.

The part we have to play in this type of situation since we can’t control it is to make sure that when you observe something like that, you go through support and make a refund back to that same account, every penny of it, so that it will be clear you did not use the money and it can be considered a mistake if every detail and piece of evidence is clear. Aside from that, I don’t think there is anything else we can do to help here.

[Churchillvv]

Damn, it’s very unfortunate to encounter this kind of situation, I will give an instance that is not necessarily connect but is a similar situation, was buying food around school environment one day when a beggar approached me asking for money for food unfortunately I didn’t give attention to him and he kept following me around while I made purchase around the school main gate while leaving, the police around the school gate saw the beggar following me and suspected him for holding an illicit drug which was totally unknown to me, unfortunately I was called too and while they searched him I wasn’t search but my phones were more like a weapon in the eye of Nigerian police hence I was immediately arrested with the guy but while trying to explain I have to no connection with the beggar, the young man him self spoke up and started shouting they should let me go because we are not together that he was begging me for money. So because his voice was loud ad other students and the street attention was drawn, they let me go. I’m saying this because I would have had no excuse if they had taking me to their office and we know how corrupt the system is.

It’s very unfortunate that some of this p2p guys get in trouble too while selling and buying crypto hence some get their account and money dirty but then to use it to trade p2p to clean it and escape on the detriment of their customers.

We can’t be all careful all the time but it’s very important to be watchful as much as we can.

[Giwagi56]

Honestly a lot of people are not careful with all this p2p trading, this person is practically innocent but might be in a seriously difficult situation right  now because he wasn’t careful to take note of certain things. When it comes to p2p transactions on Bybit, I don’t even look at individual merchants, I Always trade with institutions that have reputable orders above 4000 orders. I don’t take silly risk that might end me in difficult situations. It might just sound like an ordinary mistake one can avoid but there are a lot of criminals out there trying to exploit us through every possible opportunity. We all need to take note of every transaction before we confirm it not just when we are selling but even when buying coin too, but the criminal activities often happen when you’re selling coins for fiat.

We have seen many things about p2p trading and ye some people still get involved in some cases that they know nothing about, if i want to do p2p i always make sure that i look the person and know that the buyer is someone who people have already trade with more than hundred people because i don’t want to get my self involve in anything that will make me go to any security place for any explanation or reason, some people find themselves in that situation because they don’t care who is the buye as long as they receive their money from the buyer before they release the coin they don’t care.

[Webutxo]

The part we have to play in this type of situation since we can’t control it is to make sure that when you observe something like that, you go through support and make a refund back to that same account, every penny of it, so that it will be clear you did not use the money and it can be considered a mistake if every detail and piece of evidence is clear. Aside from that, I don’t think there is anything else we can do to help here.

Na why person dy pray make e no fall in between unforseen circumstances because this doesn't mean dealing with a legit merchant can't lead you to problem. One problem about fiat transaction is thg once ₦5 don join other transactions and that money is illegal or it's a suspect transaction, any account that involved that transaction will be in big problem, plenty people don enter efcc prison because of these kind matter, make God just dy save person.

Another thing I go advice people be say, don't help anybody swap coins, they will put you in problem if you are not observant about the kind of people that you do transactions with. Some people will get coins from other places that are suspected of other things, if they are deposited on your account especially those exchanges, they will lock your account without any proper explanation.

[Agbamoni]

We cannot control the money we receive when doing p2p in a centralised exchange. Anyone would fall for this trap because it is a p2p trasnaction, and the merchant has the right to send from his account. However, what we can do is keep a proper record of the transaction and ensure that we receive the money directly from the merchant's personal account. Meaning the account on the exchange should match the account he uses to send the money. Avoid merchants that ask if they can send you money from a different account. Dont be nice when doing p2p, because one simple form of kindness can put you in a deep mess.

[ejikeme24]

This is why it's always important to resend an errorious transfer back to the sender immediately it hits your account and make sure you're sending the exact amount too. Likewise to p2p trading; it'd save you from unforseen circumstances.

These is true, i have seen a situation where a guy got punished for something he didn't do, just because someone transfered money to his bank account unknowningly but he never knew it was intentional act. It was one of these fraudsters that sent the money because they kept tracking him every where he goes and then he got frustrated and didn't know what to do then he came up with this idea of pulling out the money into any available bank account just to get out from that mess, and the guy who received the money was very sluggish instead of resending back the money to the sender, he  was contemplating if it's intentional or just a mistake at the same time saying that maybe it's the lord's hand work. The money stayed for almost one week in his account then one faithful day he was just sitting in his doorpost and then he saw two men coming he never knew its the EFCC that's how he got arrested. So if he had resend the money to the  sender he wouldn't have been a victim.