According to a new report by the Israeli blockchain analytics company Whitestream, cryptocurrency scams in Nigeria have become rampant to the point when it can be said that the country is in a cryptocurrency scam crisis, with scammers constantly targeting locals. According to the report, scammers make off with tens of thousands of USD every month. At a first glance that number may not seem too high, but context is important – a middle-class family in the country makes about 500 USD per month.
The vast majority of the aforementioned scams are apparently conducted on Instagram, where the scammers make fake profiles, showing off their luxury lifestyle to promote investing in whatever crypto they are shilling, claiming that it is how they became rich. Once the victim is hooked up, they set up private chats and start promising unrealistic results. Then they liquidate the investment through some of the popular crypto exchanges.
Cryptos were recently banned in Nigeria, but this has not helped the situation at all – in fact it made the situation worse.
Source
Unfortunately, scammers always tend to target those who are the most vulnerable, ripping off people who already don't have a lot.
The vast majority of the aforementioned scams are apparently conducted on Instagram, where the scammers make fake profiles, showing off their luxury lifestyle to promote investing in whatever crypto they are shilling, claiming that it is how they became rich. Once the victim is hooked up, they set up private chats and start promising unrealistic results. Then they liquidate the investment through some of the popular crypto exchanges.
Cryptos were recently banned in Nigeria, but this has not helped the situation at all – in fact it made the situation worse.
Source
Unfortunately, scammers always tend to target those who are the most vulnerable, ripping off people who already don't have a lot.
