2 years ago
After reports that merchants and holders of “Zugacoin” cryptocurrency are incapable to marque withdrawals, the laminitis of the Nigerian crypto, Sam Zuga responded by accusing unnamed “ignorant people” of moving to tarnish the project. One Nigerian adept has advised prospective zugacoin investors to prioritize learning finer details astir the task earlier investing.
A Financial System for the Future
As promoters of zugacoin — a Nigerian cryptocurrency ostensibly created to extremity poorness successful Africa — proceed to tout the token arsenic a morganatic integer currency, determination are increasing reports connected societal media of merchants and holders of the coin who person failed to withdraw. These reports person sparked allegations that the task is yet different scam which is cleverly disguised arsenic a analyzable cryptocurrency project.
The complaints and allegations against the task have, successful turn, prompted Archbishop Sam Zuga, the laminitis of Zugacoin, to contented a flurry of Facebook posts condemning “ignorant people” peddling mendacious accusation astir the project. In 1 of his latest posts, Zuga said helium was not engaged successful cryptocurrency trading but was alternatively “building a integer fiscal strategy to close a fiscal future.” He added that his crypto, which “automatically gives you 200% nett of immoderate magnitude you transportation to it,” is lone being utilized arsenic a “driver of the strategy into that future.”
In the lengthy August 25, 2022 post, the laminitis denies allegations of manipulation wrong the Zugacoin ecosystem. Zuga’s station besides explains however the ecosystem works and wherefore immoderate holders whitethorn beryllium having problems withdrawing. He said:
“The lone situation is deficiency of cognition from the users. Anyone tin retreat conveniently if the radical that are withdrawing are little than the radical who are depositing. No strategy tin past if what is going retired is much than what is coming in.
“There is nary occupation anyplace successful the Samzuga ecosystem. The lone occupation is your ignorance of however the strategy has been designed to work. Merchants tin transportation wealth from the Merchant country of the merchant app to the Merchants wallet and from determination to P2P conveniently.”
In his earlier Facebook posts, Zuga likewise attacks unnamed individuals whom helium accuses of besmirching the “noble project” with their ignorance.
Experts Question Project’s Lack of Transparency
However, contempt Zuga’s spirited defence of the crypto project, influential players successful Nigeria’s blockchain manufacture told Bitcoin.com News they remained unconvinced. They constituent to the project’s deficiency of transparency oregon its evident exploitation of Nigerian people’s affinity to religion oregon their spiritual leaders arsenic reddish flags.
One of the players, Ophi Rume, aka “Cryptopreacher,” told Bitcoin.com News that unless the Zugacoin laminitis reveals the remainder of the squad down the task it volition beryllium hard to marque a judgement astir the project’s legitimacy. Noting that scammers often exploit people’s desperation and ignorance, Rume, a blockchain expert and educator, said mean Nigerians should lone see investing successful this task aft doing immoderate basal owed diligence. He noted:
As basal arsenic searching for the words; Is Zugacoin a scam oregon a Ponzi strategy via Google, Nigerians tin work and larn a batch of things astir this project. Also, earlier investing Nigerians request to cognize those progressive successful the project. They request to cognize the committee of directors, the developers and whether the task is connected Github.
According to Rume, erstwhile prospective investors larn oregon go alert of specified details astir this task they volition apt determine against investing and frankincense sphere their meager savings.
Meanwhile, different adept who wished to stay anonymous lamented scammers’ increasing usage of spiritual titles erstwhile selling their projects to unsuspecting victims. According to the expert, erstwhile a dubious cryptocurrency task is fronted by a spiritual leader, radical volition refrain from criticizing it. The adept explained:
“I person recovered that nary 1 wants to beryllium seen arsenic the prophet of doom oregon force of advancement erstwhile it comes to large and questionable projects similar Zuga. Besides, the laminitis is simply a Christian person with a sizeable pursuing who has besides utilized his power to task Zuga retired there. Remember Inksnation.”
For Paul Ezeafulukwe, the erstwhile president of Stakeholders successful Blockchain Technology Association of Nigeria (SIBAN) and the squad pb astatine Bitget Africa, zugacoin is the astir volatile cryptocurrency and 1 that has wholly failed to present connected its promises. Some of the promises see claims that the cryptocurrency volition extremity poorness arsenic good arsenic assistance Nigeria trim its debt.
“Another committedness they person made which is similar tales by moonlight is their quality to wage $97 cardinal dollars worthy of Nigeria’s nationalist indebtedness and besides assistance Africa wide her debts. From their presumption it is wide they don’t recognize however cryptocurrencies work, I judge the promoters were sold a prevarication that your quality to mint a token could construe to instant monetary worth without gathering an ecosystem to enactment the inferior of the token,” explained the ex-SIBAN leader.
Ezeafulukwe said it is unfortunate that immoderate mediocre and gullible individuals person invested successful zugacoin based connected these promises. For investors who are inactive reasoning of buying zugacoin, Ezeafulukwe said they indispensable “look astatine these 2 promises [poverty eradiction and paying disconnected Nigeria’s debt] and bash elemental probe to find retired if these things are imaginable by a azygous individual.”
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