Published On: Wed, Nov 29th, 2017

Sweet Irony! Nigeria Warns Its Citizens About Cryptocurrency Trading

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The Nigerian Deposit Insurance Corporation is warning its citizens about the dangers of cryptocurrency trading, which is highly ironic as Nigeria is synonymous worldwide with scamming others.
The internet is often a seething mass of flame wars, memes, and scams, but there is one criminal activity that is known throughout the world – the Nigerian scam, also known as the 419 scam due to the Nigerian Criminal Code’s section that pertains to fraud. Many online users have gotten one of the infamous emails that detail that some person is in line to receive millions of dollars, but they are unable to access it without the help of the email recipient. For handing over all pertinent banking and identifying data, the recipient will get a share of the newly-acquired funds. Needless to say, the end result is that of the email recipient getting their own bank account cleaned out. Now in a major twist of irony, the Nigerian Deposit Insurance Corporation is warning Nigerian citizens of the dangers of cryptocurrency trading.

Nigerians Getting Scammed
The Nigerian Deposit Insurance Corporation (NDIC) recently made comments on cryptocurrency trading at a workshop. A director at NDIC, Mohammed Umar, warned citizens that there are …

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