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Nigerian Convicted for Scamming Australian in Crypto Fraud

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cybercrime - Investors King

A Nigerian, Moses Upkonahusi has been convicted of $5,576 cryptocurrency fraud perpetrated in Abuja after obtaining a bitcoin value of 0.11088059 from Adam Murah, an Australian.

Moses was arraigned by the Economic and Financial Crimes Commission, EFCC, before Justice Mohammed Zubair of the FCT High Court in Jikwoyi.

Investors King gathered that Moses was arrested on May 28, 2022, following Murah’s petition after falling for a cryptocurrency investment fraud scheme. 

According to EFCC, Moses posed as the Chief Executive Officer of Crypto Infinite Trade, a fake investment platform to defraud Adam Murah, an Australian citizen.

The financial watchdog noted that the offence violated Section 321 of the Penal Code Act, LFN, 2004 and is punishable under section 324 of the same Act.

After Moses pleaded guilty, the judge sentenced him to one-year imprisonment with an option of a N300,000 fine.

The court also directed that the recovered $5,576 be paid to the victim through the Australian High Commission in Nigeria.

Investors King understands that the rate of cryptocurrency scams has been on the rise in Nigeria. This calls for more caution among unsuspecting investors. 

Late last year, a Kaduna State High Court convicted and sentenced one Emmanuel Simon to three months in prison for offences bordering on cryptocurrency scam. 

The Economic and Financial Crimes Commission stated that Simon used Instagram fake accounts to send scam messages to unsuspecting persons to defraud them by telling them to invest in cryptocurrency trading with the promise that they will make profit in seven days. 

Simon was however allowed to pay a fine of N100, 000.00 as an alternative to the three months jail term. 

Meanwhile, an Israel-based blockchain analysis firm, Whitestream in its report has noted that bitcoin and crypto use has been booming in Nigeria, but the dark side is the rise of scams. The report added that scammers target new crypto users or investors who have no prior knowledge before. 

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Cryptocurrency

SEC Director General Lauds KuCoin’s Action, Urges Compliance with National Guidelines

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Kucoin

The Securities and Exchange Commission (SEC) Director General, Dr. Emomotimi Agama, has commended KuCoin, a prominent cryptocurrency exchange platform, for its proactive measures to delist the Nigerian naira (NGN) from its trading options.

This move aligns with recent directives aimed at safeguarding the nation’s economic interests and combating illicit financial activities.

In an official statement released by the SEC on Thursday, Dr. Agama expressed satisfaction with KuCoin’s decision to suspend peer-to-peer (P2P) transactions involving the Nigerian currency.

This decision comes as part of KuCoin’s ongoing efforts to adjust its platform to comply with regulatory directives issued by the Office of the National Security Adviser and the SEC.

The SEC’s stance underscores a broader initiative by Nigerian authorities to address concerns related to foreign exchange manipulation and safeguard the integrity of the nation’s financial system.

Dr. Agama emphasized the importance of adherence to established guidelines, emphasizing that regulatory compliance is essential for maintaining national security and economic stability.

The delisting of the naira by KuCoin follows similar actions taken by other cryptocurrency exchanges, including Binance, in response to regulatory scrutiny from Nigerian authorities. These measures signal a concerted effort within the crypto industry to cooperate with regulatory agencies and promote responsible trading practices.

Peer-to-peer cryptocurrency trading platforms have come under increased scrutiny due to their potential for facilitating illicit financial activities, including money laundering and fraud. By delisting the naira and suspending related trading activities, KuCoin demonstrates its commitment to upholding regulatory standards and fostering a secure trading environment for users.

Dr. Agama reiterated the SEC’s commitment to collaborating with stakeholders, including the Economic and Financial Crimes Commission (EFCC), to address challenges within the cryptocurrency space and combat financial crimes effectively.

He emphasized the importance of regulatory cooperation in tackling illicit trading practices and maintaining investor confidence in the market.

Furthermore, Dr. Agama highlighted the SEC’s ongoing efforts to implement the Revised Capital Market Master Plan, aimed at enhancing the resilience and competitiveness of Nigeria’s capital market.

He highlighted the potential of the capital market to drive economic growth and attract foreign investment, emphasizing the need for regulatory measures to protect investors and promote market integrity.

In response to Dr. Agama’s comments, the EFCC Chairman, Ola Olukoyede, reaffirmed the Commission’s commitment to combatting financial crimes and emphasized the importance of regulatory collaboration in addressing emerging challenges.

He commended the SEC’s efforts to enforce regulatory compliance within the cryptocurrency sector and pledged the EFCC’s support in safeguarding Nigeria’s financial interests.

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KuCoin Announces Temporary Pause on NGN Services to Prioritize Compliance

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Kucoin

KuCoin, one of the leading cryptocurrency exchanges globally, has announced a temporary pause on its P2P Nigerian Naira (NGN) services and Fast Buy service via Naira cards.

This move, set to commence from 2024-05-15 08:00 (UTC), aims to prioritize compliance measures within the platform.

In a message addressed to its valued users, KuCoin expressed its dedication to providing a robust and secure trading environment.

The temporary suspension of NGN services is part of the exchange’s commitment to accelerating the compliance process.

During this period, ongoing orders will be completed normally, and all other services on the platform will remain available.

KuCoin assured its users that their assets are safe and secure on the exchange. While acknowledging that adjustments might be required in trading preferences, KuCoin explained that this decision is a step toward enhancing the overall trading experience for its users.

The exchange reiterated its focus on compliance and creating a secure environment for all users. KuCoin aims to resolve the compliance-related matters swiftly and efficiently to ensure a seamless transition back to full functionality of NGN services.

The decision to temporarily suspend NGN services underscores KuCoin’s proactive approach to regulatory compliance, reflecting its commitment to maintaining transparency and trust within the cryptocurrency ecosystem.

KuCoin expressed gratitude for the understanding and cooperation of its users during this period of change.

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Crypto Exchange Giant Coinbase Grinds to a Halt in System Meltdown

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One of the world’s largest cryptocurrency exchanges, Coinbase, has been plunged into chaos as it experienced a catastrophic system-wide outage, leaving traders and investors stranded and unable to access their accounts.

The disruption, which commenced at 4:15 am UTC on May 14, has rendered both the desktop and mobile platforms of Coinbase completely unusable.

Users attempting to access the exchange are greeted with a frustrating “503 Service Temporarily Unavailable” error message, indicative of the severity of the situation.

Coinbase, known for its reliability and user-friendly interface, has been a cornerstone of the cryptocurrency market for years.

However, this unprecedented outage has shaken the confidence of countless traders who rely on the platform for their daily transactions and investments.

Coinbase swiftly notified its user base of the issue through its official status page, acknowledging the severity of the problem and assuring customers that their funds remain secure.

The exchange’s support team took to social media to disseminate updates, pledging to investigate the issue and work tirelessly to find a resolution.

This isn’t the first time Coinbase has faced technical difficulties during periods of heightened market activity.

Just months prior, on February 28, the exchange experienced temporary outages alongside several other platforms amidst a frenzy of trading activity during a Bitcoin flash crash. Such incidents highlight the strain that surges in traffic can place on even the most robust of systems.

While outages like these are undeniably frustrating for users, they often spark speculation within the crypto community.

Some enthusiasts view these disruptions as a bullish sign, interpreting the influx of traffic and subsequent downtime as indicators of growing interest and adoption in the cryptocurrency space.

Despite the inconvenience caused by the outage, there remains a palpable sense of optimism among certain factions of the crypto community.

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