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Cryptocurrency Scammers Can Cheat People in Nigeria – Bitcoin News

Bitcoin News


  • As per Bitcoin news, the cryptocurrency scams may invade the blockchain space in Nigeria.
  • SIBAN is raising alarm.
  • Unemployment and underemployment has made the country a port for the scammers.
  • Scammers may cheat more people in Nigeria.

Bitcoin News – Nigeria’s Cryptocurrency Scams

The cryptocurrency scams in Nigeria is threatening to massacre the entire blockchain space. According to the Bitcoin news, the COVID-19, the global pandemic, has opened another way for the criminals.

Nigeria is one of the largest cryptocurrency markets in the Africa. Globally, it is regarded as the most influential adopter of the digital currencies. Experts reveal that Nigeria is reputed in the cryptocurrency market compared to the other African countries. Citizens use cryptocurrencies not only for international remittances but also for border crossing payments. But the growth of using the cryptocurrencies is facing a serious threat.

There are several concerned stakeholders who are raising the alarm. They are trying to stand against these criminals. The SIBAN (Stakeholders in Blockchain Technology Association of Nigeria) is an organization. This organization is actually sounding the alarm.

How Is SIBAN Ensuring the Protection against Crypto Threat?

This organization, SIBAN, is promoting the cryptocurrency adoption and is guaranteeing a firm protection against the threats. Senator Iyere Ihenyen is the General Secretary of the SIBAN. He has spoken to the Bitcoin news that to realize the rate of increasing threats and scams, everyone needs to understand the context. The country has more than 200 people. The rate of both underemployment and unemployment is very high, which has made a port for the scammers.

The scammers have found the Nigerian cryptocurrency market as an excellent sector for the desperate people. Some people have fallen victim to these scams because of their greed.

Ihenyen has observed that the scammers are raising the popularity of the cryptocurrency and blockchain so that they can easily defraud the public.

SIBAN is drawing a long-term plan to encounter these scammers. The organization is planning to build up a partnership with the BNUG (Blockchain Nigeria User Group), CDIN (Cryptography Development Initiative of Nigeria), and some other bodies as soon as possible.

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