Bitcoin Ponzi Scheme Disappears With People’s Money In Nigeria

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Warning Signs of Bitcoin Pump and Dump Scams

A Bitcoin ponzi scheme shop that claimed to be Bitcoin company in Calabar has disappeared into thin air with millions of Naira of customer’s money. As early as 8am yesterday, customers besieged the company’s office on Bassey Duke only to discover that the company had closed shop and vanished with their money.

Several phone calls were made by the customers but no response from the company officials that started operations about two months ago, collecting money from customers and giving them a whooping 30 per cent extra after seven days online trading.

Akelicious reports that, at yesterday, over 1000 people who were expecting their monies, broke into the offices and carted away any item they could lay their hands on as little compensation for their investment.

The entire premises of the company that occupied few rooms in the Bassey Duke shopping mall was taken over by frustrated customers and one of them who gave his name as Ifeanyi said, “This is things fall apart. I put in over N2.5million and now everything is gone.”

Another customer, who cried profusely, claiming he put in N5 million said, “I saw people collecting 30 per cent interest after one week that is why I also put in money. A huge part of the money I put in was even borrowed”.

Some National Youth Service Corps (NYSC) members also invested and one of them said she put in N1.5 million and it was all her money in the world.

Another corper who put in N150, 000, said, “That money was all the money I saved in this my service year. This is painful, I thought I could do ‘business’ and help myself and my poor family”

It was gathered that thousands of people invested in the scheme, as someone told The Guardian, “The crowd you are seeing today are just a few that have come to get their money. They made millions and disappeared with our money. I don’t know why we would never learn.”

“MMM and the likes that promises quick profit have duped us in the past, yet we keep falling for them, including me. I put in N500, 000 into this one and now see my money has gone down the drain.”

The situation caused an atmosphere of pandemonium and some soldiers who arrived in the afternoon fired several shots in the air to disperse the people but they kept coming.

Everyone and their dog seems to be investing in bitcoin, but buyers beware: there are plenty of pitfalls. As well as holding your nerve as the value of the cryptocurrency rockets and plummets, potential investors have to be wary of hacks, bitcoin Ponzi scheme and confidence tricks.

Thanks to its early associations with dark net drug markets, there’s always been a whiff of the unseemly around Bitcoin and cryptocurrency. Stay away from bitcoin ponzi scheme.

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Adekemi is a Pastor by calling and Dentist by profession. She is the Co-founder of ‘Komplete Woman’ an organization whose aim is to inspire and mentor young women to discover their purpose early. She is an associate fellow of the Royal commonwealth society. She is passionate about God, writing, poetry and influencing the younger generation to fan the flame of their potential.