Cryptocurrencies are in the rise. However, buying a cryptocurrency especially Bitcoin, Euthereum, Ripples or Litecoin are very expensive. However, some cryptocurrency dealers has introduce “Initial Coin Offering”, ICO, to sell some sort of coins to carryout a project in which they promised bitcoin in exchange of it.
However, not all cryptocurrency exchangers doing this activities are genuine some are fraudsters. The problem with ICOs is lack of regulations.
A well known investor in Crypto, Victor Asemota, has disclaimed that most of this fraudsters are not Nigerians in a Twitter post. He said that ICOs scam shows that greed and fraud are everywhere and not limited toAfrica, especially Nigeria has they are purported to be and named 419 in the country.
All this shitcoin and ICO fraud show that Nigerians were probably given a bad rap on 419 crimes. I am sure a lot of the fraudsters were not even Nigerians and only learned from Nigerians. ICO scams show that greed and fraud are universal.
— Victor Asemota (@asemota) April 5, 2018
Continue reading from Technologywatch