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Business News

Dear Nigerians, beware of Bitcoin fraudsters

The fraudsters use both old and new tactics to defraud their targets in schemes based on Bitcoins exchanged through online ledgers known as blockchain.

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How Cryptocurrency-Based Companies Like Patricia are Shaping the Digital Currency Market in Nigeria,Bears extend reign to crypto market, drops by about 50%, Answering the big Bitcoin question - buy, sell or hold?, Why cryptocurrencies are falling lately, Nigerians passion for bitcoin, Bulls push Bitcoin pass $7200 level, Bitcoin breaks past $7500 for the first time since early March, Nigerians Beware Of Bitcoin Fraudsters

The most popular digital coin in the world, Bitcoin, recently broke the resistance level of $7500 after re-entering the bullish level above $7000. This development has made a lot of Nigerians inquisitive about how to invest in the Bitcoin market.

Just in case you are one of those contemplating this, it is imperative to learn how to keep your investment safe in this market. This is because thousands of Bitcoin investors have, overtime, been defrauded of their hard-earned money around the world. The fraudsters use both old and new tactics to defraud their targets in schemes based on Bitcoins exchanged through online ledgers known as blockchain.

Have you been approached by an unqualified investment professional asking you to invest in the Bitcoin market, without doing any professional analysis about the Bitcoin market? Perhaps this unqualified investment professional asked you to invest without even without showing you evidence of his accomplishments?

Have you been receiving email messages about investing in bitcoin with the promise of too good to be true returns on your investment in a brief time? Have you ever been asked for your private Bitcoin wallet login details?

READ ALSO: 5 agritech investments to consider, as COVID-19 causes uncertainty in stock market

If yes to any of these questions above, you might need to be incredibly careful. Bitcoin fraudsters use tactics such as:

Aggressive marketing 

Aggressive marketing tactics are often used by Bitcoin criminals to make you invest your funds in their scheme without conducting enough due diligence about them, like checking if they are regulated in their respective jurisdictions for such services.

Bitcoin users rise in Nigeria despite Senate, CBN campaign against it, Nigerians losing millions to crypto fraud, Investing in cryptocurrencies in this economic shutdown, Nigerians Beware Of Bitcoin Fraudsters

A pile of bitcoins

If you’re being pushed hard to invest your funds quickly via unsolicited emails, Instagram, Twitter, or Facebook, without carrying out due diligence about the company or fund you are investing in, be cautious; there is a high chance that you will end up losing your funds.

Recently, a hacker compromised multiple accounts of YouTube users to broadcast a video of Bill Gates talking about investing in a cryptocurrency fund. Details revealed that the hacker had taken an excerpt from the original speech and stratified it with details of a Ponzi scheme, deceiving individuals to invest in the scheme. 

Unrealistic returns 

One of the most peculiar characteristics of financial scams is the promise of unrealistic high returns. An investment firm that promises you 100% returns in a brief period after investing is a Ponzi scheme.

bitcoin train

They use too-good-to-be-true tactics to lure victims into their Ponzi scheme nets. These financial criminals promise unrealistic returns to investors, returns never again seen (like the bull run of 2017) in the Bitcoin market.

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(READ MORE: Bitcoin is giving better returns than the Nigerian stock market)

Identity theft

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Recently, a bitcoin exchange known as Bisq found out that a hacker took advantage of a flaw found on its trading software and stole money directly from its users. These cryptocurrency thefts were executed when the attacker managed to compromise users’ accounts without their knowledge.

blockchain technology, Bitcoin giving better returns than the Nigerian stock market, Nigerians Beware Of Bitcoin Fraudsters

Using cold wallets or a proprietary smartphone is recommended. These are specifically designed tools to keep your bitcoin from falling into the hands of hackers on the internet.

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Next time you are thinking of investing your funds in a bitcoin fund or firm, consider the promised returns versus the performance of the cryptocurrency market. A fund cannot promise 100% returns, while Bitcoin is only seeing 9% increases weekly. 

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

2 Comments

2 Comments

  1. Yasibu

    April 28, 2020 at 10:51 am

    Well Thanks for this !!!
    This is exactly what’s been happening

  2. Obasedje Aghogho

    July 10, 2020 at 12:00 pm

    Please help me to verify if these person Theo Mann Griffin A cryptocurrency account Manager is not a scammer

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Coronavirus

Covid-19: Governors to discuss distribution of vaccines today

Governors of the 36 states of the federation will today meet to discuss the sharing formula for the recently delivered Covid-19 vaccine.

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Oil Price Crash: Governors to meet on budgetary and economic issues

The Nigerian Governors Forum has announced that all 36 Governors will meet today to discuss the distribution of the recently arrived 3.9 million Covid-19 vaccines through the COVAX programme.

This was disclosed by the NGF in a statement issued in Abuja on Wednesday by Mr Abdulrazaque Bello-Barkindo, the Head, Media and Public Affairs of the NGF Secretariat.

The NGF disclosed that the meeting, which would be held virtually, will commence by 5 pm.

“The meeting is of a single-item agenda, which will discuss the delivery of the COVID-19 vaccines and their distribution in the country,” he said.

What you should know

  • Nairametrics reported on Monday that 3.94 million doses of the AstraZeneca/Oxford vaccine, manufactured by the Serum Institute of India arrived at the Nnamdi Azikiwe Airport.
  • The National Primary Health Care Development Agency (NPHCDA) also released guidelines on registering for Covid-19 vaccination in Nigeria.

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Business

Royal Academy of Engineering invests over £3.5 million in Nigeria, others

The academy has awarded over £3.5 million in 37 projects in Nigeria and across 13 African countries.

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The Royal Academy of Engineering has awarded over £3.5 million to 37 projects in Nigeria and across 13 African countries to promote better training and sustainability and diversify economies.

This was disclosed by the Academy via a statement issued and seen by Nairametrics on Thursday to mark the UNESCO World Engineering Day 2021.

It stated that the Academy’s interest in partnering with partner academic institutions’ projects focused on realizing sustainable development goals.

One of such projects, according to the statement, is the renewable energy project recently embarked on by Engineering students in the University of Abuja, Nigeria.

It stated, “A new awardee of the HEPSSA programme, the University of Abuja, in a project titled “Renewable energy utilization: Accelerating diffusion of solar power systems”, seeks to address the problem of access to affordable and clean energy with a view to enable accelerated diffusion solar power systems.”

Commenting on the progress achieved in Africa, Nigerian born Engineer in the UK, Yewande Akinola MBE, who is also a member of the Royal Academy of Engineering GCRF Africa Catalyst Committee, said:

“While we see immediate improvements in skills and innovation through these programmes, the real win is establishing a framework for lasting change. This will equip communities in Africa to anticipate and plan for the challenges posed by climate change, urbanisation and economic development. The continent is transforming rapidly, and those engineering its future need the skills to think on their feet.”

Stressing the need for strategic partnerships and buy-in of stakeholders, she said, “By developing strong alliances between local partners in sub-Saharan Africa and the UK, we can enable learning, collaboration and sharing of best practice, which in turn will build skills to boost innovation. But there is much more to be done, which needs the continued support of investors and partners.”

She added that the Academy aimed to support the development of a diverse and future fit workforce across the continent.

“It is estimated that fewer than 10% of engineering posts in Africa are currently occupied by women. GCRF Africa Catalyst has worked with Women in Engineering (WomEng) to promote gender diversity across a wide spectrum of professional experience.

“WomEng’s work with Eswatini’s Registration Council for Architects, Engineers, Surveyors and Allied Professionals has resulted in seven registered female members where they initially had none. A HEP SSA project with the Institute of Engineers Rwanda also helped to increase the number of female internship applicants from 5% to 2018 to 25% in 2019,” she said.

Highlights of achievements of the Africa grants:

  • Over 2000 professionals trained by Professional Engineering Institutions across sub-Saharan Africa.
  • Over 530 student industry placements since 2013. Number of students obtaining industry internships increased from 40% to 90% over the course of one project in Zambia
  • Diversity & Inclusion initiatives have driven equal gender participation in programmes. A project from the Institute of Engineers Rwanda helped to increase the number of female internship applicants from 5% in 2018 to 25% in 2019.
  • 50 individual course curricula reviewed and improved as a result of industry-academia partnerships.
  • Almost 50 UK organisations and 400 in-country bodies involved as project partners so far.

What you should know

  • Launched in 2016, with support from the UK government’s Global Challenges Research Fund (GCRF), the Africa Catalyst initiative allows Engineers to focus on issues of specific importance to their relevant jurisdictions while facilitating good governance practices.
  • The Royal Academy of Engineering is showcasing its impact on enhancing collaboration, education, and diversity in engineering in sub-Saharan Africa, delivered through its Africa grants programmes ahead of the second UNESCO World Engineering Day for Sustainable Development on the 4th of March 2021.

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