Topic: EFCC, Court Freeze N548.6 Million Belonging to ByBit, KuCoin 9ja Crypto Users. - page 2. (Read 569 times)

The federal government is still confused about the main cause of the fluctuating Naira, Even if they succeeded in freezing all the crypto participants account which the Federal government thinks is the major cause of the ridiculing Naira, the problem isn't going to be solved, Reason being that it is not the main reason why the value of Naira is on steady declined, which saw the exchange rate of USD/NGN skyrocketed to its ATH of $1/1900. And the Federal government is leaving to solve the problem of production, which Nigeria is a consuming nation as supposed to be a producing nation. There is no demand for Naira, and hence the value will continue to fall.

So since this matter still dey for this people mind reach today eh en, I no know but I thankgod say dem later remind us about the matter again because e go really help us to dey extra careful about people wey we dey do trade with.

Because if no be as Dem talk am again like this yesterday now most of us being don forget about this matter before, all thanks to (Oga Brainboss) for bringing this update to our Naija Local Board I believe say everybody don dey awer of the plan wey government get for there mind so everybody need to dey very careful now.

It is painful that the government left chasing the really problems of our country to be chasing shadows which is so unreasonable, the poor masses are suffering, instead of the government  to look in to improving the standard of living in our country, ensuring their is more of industrialization, good roads, pipe born water, quality education, hospital, market, employment opportunities, electricity, security and many more but few to be mentioned, this are the things they always promise during election campaigns ever since I was a child, but instead of focusing on things of this such they are busy making certain selfish laws that are affecting the poor masses while they fly their families abroad, it is just fucking bad that we find ourselves in this kind of country.

The matter with cryptocurrency fight in Nigeria has taken a mess stage, this is because recently while the government through the central bank try to kick against cryptocurrency traders, even though there are some bad actors in the Nigeria crypto space that try to manipulate the system in such a way that it will favour their on greed, which make government to pick a red spot against them, but we the ordinary p2p traders we may have less to worry about unless you are a manchant which at this moment you will be needing some level of license to operate, this will put you in the right track with the government.

What the government is trying to do is to regulate the Nigeria cryptocurrency space and at that we have to play along with the rules to remain save, because anything that act contrary to the law, so for sure we are good in the industry because if you don't scam or do illegal deals, using crypto in Nigeria is not an offence such like owning gold and other assets, the Nigeria crypto space is large and we have hard alot of crypto scheme ponzi and the rest so we having such red flag in that amount is quite alright but also we must continue to act with vigilance in other not to fall victim to what we does not know.

The more the government fight to silence crypto in Nigeria, the more crypto becomes popular, take a look at what is happening lately with all the tapping games that everyone is carried away with lately, this made a mess of the whole fight to silence cryptocurrency in Nigeria.

I think what the government need to do is that, their need more regulatory policies much more than fighting against cryptocurrency, the sec did well to have included and approve a number of local cryptocurrency exchanges recently.

Na wetin me sef don dey reason, make e no be say them go change mind con go stop p2p service on those exchange, e go wey crypto users well well, but still, wetin me believe be say, there must be a way out even if them stop am. Nigeria be the country wey be say them sabi figure out way sharperly sharperly when way don block.

This platform paxful currently known as Noones dey run p2p service too, if government stop Bybit and kucoin from running the service, you fit check out that platform, them dey fast as well.

I keep saying this, the Government are up to no good, all these recent actions from them are situated on something worth their personal interest. Tracking down all of these isn't going to change anything, they have done this before and what then has been the outcome after freezing and trials. Nigerian government are just happy frustrating crypto users, all in the glory of fighting fraud meanwhile they are the biggest of what they fight.

With Bybit included, means they already have their eyes on them already, what happened to Kucoin and the rest is now having a 50/50 chances of doing same with the only exchange left to carry out P2P.

Boss na this thing wey you talk wey me I dey do for long time now ooo. For long time now I no dey keep more than my weekly expenses budget for naira. I dey mostly keep my disposable income for usdt for my wallet. Na anytime wey I need money I dey sell to Naira. As this our government dey always do like people wey dey always dey high on weed, them fit wake up one morning and do anything wey enter their mind. Me I also see am say keeping Fiat self is not too advisable because of the inflation risk eating it up. Make this government no worry, them dey open people eye gradually. After this judgement, banks will start complaining soon that there is a heavy decline in Fiat savings in bank accounts belonging to the youths.

No where dey safe again. As e be now, na just make every body dey careful as dem dey trade for p2p this time around because we no know who be who again. Make person no dey where e dey hustle go put himself for problem. As I see this notification for my page I go check online  for confirmation. For me to dey sure I still call to confirm and na true. I just quickly begin do the needful because these days careless news dey very expensive to hear and prevention is better than cure. Any matter wey involve our government for money matter na till thy kingdom come so e better to avoid than to hear story that touches the heart.

People need to be careful because this government are just beating the bish looking for who to blame. We need to be very careful with the people will do trade with in exchange,  this affected people it could be that they were caught because of payment description,  using cryptocurrency terms while making good payments that was why their account was being freeze. Something like this happened some month ago when the government were shutting down exchanges and those who normally use payments descriptions were victims that couldn't have access to their accounts.

I can't believe I am seeing this now. I am as shock as you are(@Op). But I thought a user on this forum created a thread on this board about the federal government giving license to two exchanges in the country. Or did I read the thread in my dream or what?. N548.6Million is a massive amount that came about from the hard work of some individuals that choose not to indulge in crimes even in this current tempting administration. Since I joined the crypto space, I still don't know how the activities of merchant/p2p traders affect the Nigeria currency (naira). These Agencies (EFCC and others) are failing to go after the real culprit that are devaluating the Nigeria naira. Instead, they go after the hardworking, and seize their own personal source of income away from them. I really don't know what these government and agencies wants from crypto users, but I think they are still very much not in support of what we do.
What a shame.

This country no balance walai — Them don dey start another operation to oppress anybody indulging in crypto after them never provide clarity on crypto legality in the country. The sheer fact say politicians dey indulge in crypto but only civilian accounts are frozen is bad. I saw this news yesterday and my initial thought be say them freeze these accounts during that time or maybe them freeze am as part of the stolen funds wey hackers been use p2p offload some months ago but it looks like it's none of those cases.

I don always keep am in mind say most of those p2p agents are actually government agents in disguise.

Actually when I came across this topic on my notifications my heart flew I was thinking that bybit has automatically ceased operation before I had to open it to read its full content.
Things are really getting worse and Inflation are eating everyone up especially since the dollar is no longer increasing and price of things increasing exceedingly above the previous even when dollars was around 1.9k to 2k at least it was manageable than now, but yet it is not increasing but the government still putting eyes in our little ways we are aiming a living.

Of course no place is safe that is why we must not leave our coin inside exchange otherwise if they also decides to restrict Nigerians then our funds are gone. So best is to pull out our funds out of exchange to safe our life and funds we don't know whom to be affected or where to be affected.

They were always going to come for crypto exchanges; we all knew their temporary use of our foreign reserves to back up the Naira against the dollar was not going to last long; first it was Binance, and now that Binance has delisted Naira and stopped Naira p2p, the Naira has further depreciated; they're taking the wrong approach and chasing the wrong problem.

 If they succeeded in delisting the Naira on all platforms, it would not benefit the Naira and would continue to depreciate until the appropriate economic strategy is implemented.

The tin be say ,dis government na wa, Dem no want other people to chop, how is crypto the problem of this problem we are facing in our country? , na crypto dey make fuel dey increase again,why can't this government focus on the real problem of this country and solve it rather than pointing accusing fingers on the innocent,if they have nothing to offer,they should leave the seat for those that can govern the country well,they are only chasing shadows,it is now clear to me that what we are facing in the country right now is a deliberate act from the ruling party because they said it is their turn to embezzle , any way there is God.

Our government no try at all. Just as you talk I know say innocent persons go follow dey among the affected bank accounts. I pray make any of us no suffer this kind ugly fate because I just dey imagine wetin e go be like without access to your bank account and funds. That means even if you want trade your crypto to naira, you go either use physical trade or a close friend or relatives bank account. On a serious note, the inconveniences go dey too much, make all of us just dey careful.

Like ah done they fear now to keep my funds for any exchange. To they honest immediately i hear this news i first go withdraw all my funds wey i keep for centralized exchange directly to my wallet. E be like as we they complain everyday the government they ha[ppy say we dey suffer we they into cryptocurrency. Omor ah no lie ah just tire for this country. Because nothing go fit change. As i they like this if i get anything wey go help this country ah no go fit kil my self to share am o cos everybody just they do anyhow for this country.

I think, I also saw something like that Pulse news on cryptocurrency in TG. And I didn't pay attention to am and just waka passed. Op weti you talk na di truth be that. We no dey safe because of the transaction we dey do with those guys on the exchange. And also if anyone wants to keep money for bank, make him no keep am for the account wey him connect to the exchange but to another account and make di money no plenty. And only sell when we need funds to solve some problems. Nice advice.

I’m just seeing this news, for a certain reason they might even do worse compared to what they did to Binance. Decisions like this has been taken for long but what I don’t understand is the constant oppression and difficult situation they keep creating against crypto enthusiast. Some will say they don’t know the major problem or what? and it seems they’re mute concerning the development of the country although the EFCC work hand to hand with the federal government so I’m not surprised if they act strict. Just few weeks ago, Nigerians protested against inflation, inadequate infrastructure, naria devaluation, Price hike on everything yet Non of this caught their attention rather it seems they see the crypto field as one factor causing all this meanwhile the only reason people choose bitcoin is because it’s beneficial. Why are the government ruining the means of Exchange? At this point op advice is valid our safety is more important.
I came across this topic still on Exchange issue and it turns out the US demands Nigeria to release Binance executive as he face health challenges, una feel say the binance matter still worse and relating it with this current situation Nigeria government no wan carry ear hear crypto. https://cryptobriefing.com/binance-employee-release-nigeria/   

This one wey our government don dey behave like this, how them wan make we enjoy this crypto innovations na, this thing naw go make them reason to stop p2p service on these platforms as them don do on Okex and Binance. The moment the government don reason to do this kind thing then you know say them go do another gbege towards crypto again, this kind news no go end as I take see am.

Yes, na true you talk here, na fuel dey cause everything for Nigeria, once price of fuel rise, everything don rise. E go con dey make the market makers dey increase the price of their goods.

If you take look at all this matter all na just greediness because if you take look at why the government dey do this kind thing you no go see any good reason, I don even forget about all this thing's wey be dey happen since past months now and I see this news now I come dey think say our country will never change and all this thing no pass greedy because I don't know waiting cryptocurrency or p2p dey cause for naija, some times they will say dollar wey rise and even if dollar come down the price of the things go still dey high.

Nigeria problem no pass fuel, because if we look at it very well we will know that since the time wey price of fuel go up na E all Nigeria things dey high every day and instead the government to solve that problem them come dey put eyes for crypto money wey nothing concern them with it, okay as them they freeze people money waiting them wan use am do, the person no steal, no be kidnap or anything bad and they freeze the account, even the banks make them no worry because after them start to dey lose customers now their mind go dey and their eyes go open, them go know maybe na from government them they see money chop or from the customers.