Be careful about bad naira while doing p2p trading

[Cryptomultiplier]

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.

This post deserves more merit because it highlights what many of us P2P traders would ignore on a normal day because we simply want our funds anyways without properly checking details and sources of funding from the buyer.

For one, receiving payment from a different account from the name that appears during the transaction is breaking the platform rules to begin with and it's a big red flag.

It is proper to do a strict name verification before releasing or completing a transaction, otherwise refund and leave a review on the platform.
One thing scammers and criminals prey on is your patience and when you act in a hurry, and they use delay tactics, it's probably a start of how you get into trouble and that's why it's good to be patient and relaxed and in a comfortable situation not under duress, before making and completing a P2P transaction.
I love keeping records and as a trader please learn to do so, it would save you a lot of such issues in the future and lastly, I prefer to use a short timer so as to ensure there's not enough time for a trader with bad intentions to fulfill their agenda.

Stay vigilant and cautious and trust your instincts, because the crypto currency space is a delicate one and there's no saying what kind of ploy criminals may come up with during any transactions.

[Son Of Blockchain (SOB)]

 Lack of patience has caused him big problem but the good thing is that he's not the main culprit but a suspect since money was sent to his account from a fraudulent account. My suggestion is that he should've reported the issue to the exchange and save it as an evidence so he'll show it to the authorities that he's already reported the issue in the exchange he used.
 I think some exchange do leave an indication that customers should report merchants who send funds with accounts with names that doesn't tally with the one on their exchange. If he had ordered a dispute immediately after that transaction he would've had an evidence as proof of not being guilty.

[Mate2237]

Going by the story this is not a very good situation that this fellow finds himself, and from the look of things he is not definitely going to get out even if he explains himself because, the security operatives are not going to listen to his story of been innocent. And not noticing that the name of the sender is not thesame with that of the vendor. This person will be seen by the security agents as someone with a link to the account that send the money.


I just hope that, this person gets out of this problem which will be very difficult but, this should sound as a very good lesson to us. Beyond the risk of fraud going on while using p2p . There is even the bigger probability of one getting himself into bigger problems like this.

[BIT-BENDER]

Going by the story this is not a very good situation that this fellow finds himself, and from the look of things he is not definitely going to get out even if he explains himself because, the security operatives are not going to listen to his story of been innocent. And not noticing that the name of the sender is not thesame with that of the vendor. This person will be seen by the security agents as someone with a link to the account that send the money.


I just hope that, this person gets out of this problem which will be very difficult but, this should sound as a very good lesson to us. Beyond the risk of fraud going on while using p2p . There is even the bigger probability of one getting himself into bigger problems like this.

It's a very awkward situation the person finds himself and especially with our type of system that don't do adequate investigation it will require a lot from him to come out of this.
So far investigations has been slow and the person has spent so much time in detention already.
I think this is something we need to learn from, if the account had tallied with the vendor's name then it would be a very issue situation even if they vendor has committed external criminal activities, once you can prove that there was a transaction on an exchange that should be adequate prove.

[Tonimez]

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.

There are many areas of life that one can not completely run away for cases like this because as humans, we do our best and leavythe rest. I understand the concept you are bringing to reality and I admit it's a very serious issue when it happens. However, justike Eminem's line said, we're "Hoping for the best and expecting the worst".

Sometimes a vendor can give you reasons of network or other grounds to pay through other accounts and you are unsuspecting and you sell.

 For me, what I think is that everyone should try making their trades through the reputable traders. Check the volume of their USDT and number of orders and reviews. There are reputable people with very large volume of USDT that wouldn't want to endanger their accounts and if it happens their sweat over the years have been destroyed. Security is everyone's business, if you want to do anything online analyse the risk factors and go for the best options.