Last Updated on January 15, 2022 by Ope Quadri
The blockchain industry in Nigeria is growing astronomically and as usual, scammers are out there to exploit unsuspecting interested individuals who want to invest in cryptocurrency.
To curb the excesses of crypto scam and fraud in the blockchain space, the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) was birthed in 2018 with Paul Ezeafulukwe as its President.
Two years after it came on board, the promising association has done some remarkable jobs in an effort to fumigate the emerging blockchain industry in Nigeria.
So, you might want to ask:
- What has SiBAN done far?
- Can I report crypto scam to SiBAN?
A scam is a general problem in any emerging industry, but the anonymity of cryptocurrency makes it more challenging to fight. Crime within the blockchain space can be minimised if it’s difficult to eradicate totally.
Everyone cryptocurrency enthusiast wants to have a good cut from the upward movement of coins like bitcoin, ethereum, BitcoinCash, Chainlink, and other cryptocurrencies out there.
Right now, the most valuable digital asset remains bitcoin, trading at over $58,875.54 according to paxful.
1BTC was NGN33,382,431.18 at the time of publishing, coming at a time Nigerian Naira is incurring a huge loss at the exchange market.
So, it’s expected that those who have been following the trends in the crypto market may want to increase their portfolio through BTC investment, making them susceptible to the crypto scam.
Blockchain stakeholders in Nigeria realized that the government can’t do it alone, the reason for SiBAN in the industry, a very commendable effort by Nigeria’s self-regulatory blockchain body.
What has SiBAN done far?
A few months ago, a colleague sent a link to me to join a Crypto Investment Telegram Group, alas, I landed on in Inksnation group, the promoters of pinkoin, a dubious coin in Nigeria
From the model, I swiftly told my friend that the coin was a modified MMM, one of the biggest scams where thousand of Nigerians lost billions of Naira in a move to multiply their investment 100 folds within a month.
A step further landed me on SiBAN warnings to Nigerian investors in pinkoin. SiBAN doesn’t just issue a warning, such is based on deep research on the model of a blockchain company.
How sustainable is pinkoin model?
How on earth would one promise to eradicate poverty by in the World by simply investing in his non-existent coin?
The founder of Inksnation’s Pinkoin, Omotade-Sparks Amos Sewanu, which hid under iBSmartify was out to exploit some of the investors who know little about the operation of blockchain.
The effort of SiBAN, I believe, prompted the Security Exchange Commission (SEC) to issue strong warnings to prospective investors to steer clear of the questionable blockchain project, which is nearing collapse at the time of this report.
The same SiBAN’s effort prompted Nigeria’s EFCC to declare the founder of pinkoin wanted.
Before the Economic and Financial Crimes Commission (EFCC) stepped in, Amos Sewanu had raked in 82, 000 US dollars from Nigerians who put their money into inksnation.
But, he would have been able to cause more financial havoc if not for SiBAN investigation into its operation.
Blockchain stakeholders deserve kudos.
Can I report a crypto scam to SiBAN?
The answer is a big YES.
That’s why the association launched an awareness campaign to further educate and inform the public about blockchain and cryptocurrencies on the continent.
Recently, Vice Chairman SiBAN on Policy and Policy Lucky Uwakwe, said the association continues “to seek relevant government agency in the sanitization of the space to ensure a fair and open market”, bitcoinke.io quoted him as saying.
Have you seen a questionable blockchain project in Nigeria or cryptocurrency Ponzi? Head straight to SiBAN website to report scam activities.
Don’t be quick to invest your hard-earned money in the crypto investment you know nothing about, ask blockchain analyst. Bitcoin Ponzi operators are out there with impersonating names. Don’t be a victim!
Ope is the Head of Content at InfomediaNG. He’s a researcher whose interests cut across real estate investment, stocks, financial technology, and youth empowerment. He’s awesome in Content Marketing and SEO. Favourite Tools: Google Analytics, Canva, UberSuggest