Despite frequent and consisten warnings, ignorance and greed continue to sustain cryptocurrency scams in Nigeira, according to the Nigeria Blockchain Association (SiBAN).
Speaking to Bitcoin.com, the Secretary General of SiBAN (Stakeholders in Blockchain Technology Association of Nigeria), Senator Ihenyen, has expressed the organization’s position saying that the high rate of unemployment in the country is fueling the growth of crypto scams.
According to Senator, the large pool of desprate people is ground for scams to thrive. In addition, sheer greed for quick profit has also greatly contributed to their growth.
The growing list of crypto scams has become a worrying trend for SiBAN. So far, the scams below have been reported in Nigeria:
- Pinkoin by InksNation
- Ethereum Million Money
In order to curb incidences of cryptocurrency scams, Senator says the association is looking to collaborate with other like-minded institutions in raising awareness.
Some of these organizations include:
Together with these organizations, SiBAN is looking to launch The Anti-Scam Alert Project (ASAP).
In addition, SiBAN will be launching a special blockchain education project in collabortion with select local and global blockchain and crypto platforms to help in further educating Nigerians.
While the problem of cryptocurrency scams is not unique to Nigeria, but also common across other African countries, it is encouraging to see the association taking such initiatives in order to help sanitize the crypto and blockchain space on the continent.
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