At the moment, there are many cryptocurrency projects like Cardano, which wish to establish themselves in African countries. The current environment for a decentralized economy is ideal for African people if it is used responsibly and productively. Meanwhile, many African countries have attempted to impose a complete ban on cryptocurrencies to protect their money from devaluation.
Under these circumstances, a new development has completely changed the narrative. It seems that Nigeria is becoming the center for running crypto scams on an international level. As noted by Whitestream-Israel based service, these scammers are posing with fake social media accounts and committing cyber crimes in the western crypto markets.
The rise of the Nigerian crypto pirates that has duped thousands of users
The scammers based in Nigeria use VPN services to look and appear as they hail from the United States or any other western country. These scammers also show their followers that they are leading a very happy and luxurious lifestyle from their crypto earnings. The vulnerable users who are affected by such tactics end up contacting them.
The scammers then convince the victims to send them Bitcoin or any other cryptocurrencies they might be holding. Victims who are fooled by the idea of sending their crypto holdings for raising stakes agree to wire them the required cryptocurrency. In some cases, victims are lured to keep sending more crypto to make up for the loss in the trade. In the end, the scammers send these Bitcoins into Binance and cash them out in fiat money.
Scammers cannot make Investors Run Away from Crypto Markets
The Whitestream also provides services to the Israel defense ministry and some private cybersecurity firms. The enterprise has managed to crack down on the myth of the cryptocurrency fraud hailing from Nigeria. However, the service is certain that it would not be possible to stop cryptocurrency from going into the mainstream markets anymore.
The same statement was also issued by David Rubenstein, founder of the Carlyle Group. Scammers and criminals always follow a pattern, and anyone with a sharp eye cannot help but notice these signs. These scammers are busy stealing the private properties of innocent people without any remorse or shame. It is the responsibility of the common masses to bring these bad actors to justice and shut down their wretched games.