Topic: How African Students Became Victims of FTX’s Collapse.. (Read 110 times)

Even if Binance collapsed today, I will not be surprised to hear something like this. Those exchanges have ways of making Africans and people in other continents to know them.

We can also blame this on lack of regulations in Nigeria and other African countries. An exchange that do not have an office in Nigeria but given the environment to do something like this.

Exactly.

This is what some people do not know, you will not believe it or you may be surprised if you ask some students that were victims to mention a bitcoin or crypto wallet as they will say FTX is a wallet, not to talk of differentiating between custodial and noncustodial wallet.

SBF na better criminal and TBH i wish he is sentenced to a very long time in prison, so that e go fit serve as deterrent to other individuals like him in the crypto industry wey get businesses such as an exchange, them dey only care about the money wey dem go fit make, nothing concern them if dem lose people's money as they try to do that. SBF really destroyed quite a lot of people's lives

Research dey very important, because it is sad how people can take up this ambassadorial role in FTX without even understanding the risks, not to talk about the gullible people wey put their money there thinking they would become rich afterwards, dem no know say dem go fit lose their money at anytime. Take this lesssons wella oh, no dey give anybody financial advise and no carry your money put for exchanges, e dey too risky.

All dis enticing offer was just a bait to get dem to bring people into investing into their exchange. Dis is all marketing strategy and they were able to pull it through d students and dey fall victim of it. They just got hold of d FTX student ambassador and brainwashed him into bringing people to invest with dem, what a marketing tactic employed there. Dis is another reason why before joining any investment even outside the crypto industry, you should have a full understanding of what they do, how they operate, and how secured they are to keep money with. This must have hit the students that invested so hard, I hope they come over it and won’t have to go extra mile to the undo as a result of the loss of money to them.


Actually, na my first time be dis wey I dey hear say Naija people dey affected by dis scam wey happen for FTX. I been dey reason the exchange as a hub for international people I no know say dem don expand come Africa so tey dem get ambassadors wey go dey help dem get more customers. Those people wey fall victim of dis FTX scam, I dey sure say na negligence and most of dem no know d risk of investing in cryptocurrency talk more of putting their money into an exchange that is centralized. I feel pity for dos dat lost their money to dis FTX collapse, but as the saying goes once beaten, twice shy. They must have seen and know the consequences by now and won’t fall for such again in d future. Again, don’t keep your savings in a centralized exchange, they are just as good as owning your total assets you’ve worked for and put in their custody for you.

Ambassador program is not perculiar to FTX because many projects including exchanges do that as well. They use these ambassadors for various purposes such as creating local awareness, bring investors and many other areas. It is not actually a bad initiative if not that FTX decided to go in the direction of scam.

The only part of the program I don't like is mandating the ambassadors to bring investors. It is not supposed to be their job to avoid them sharing in the blame in case of scam because they work directly with their local community.

What I see in this scene is that people that don't know anything about cryptocurrency are the ones claiming that they know and are also claiming to teach people what he doesn't know, due to the fact that he is after peoples money. If not imagine those students that are claiming to be FTX Ambassador going everywhere to bring in people into the platform to make profit, don't even know that one is not suppose to keep funds in an exchange, and they foolishly told candidates to keep their funds in the exchange.

It was all their fault because they don't have the knowledge of what they venture into, and this has led to sp many people losing there funds. Who do they think these victims would hold responsible for their loss, if not them. This is because they don't even know who is SBF, not after the crash. This is should be a lesson to them and people who don't know what something is all about and parade themselves like professionals in the crypto industry.

SBF and FTX crash did a big harm to people worldwide, and I hope that wouldn't make these victims give up on cryptocurrency, trading shouldn't be what is attracting us into bitcoin but to invest in it for a long time and get profit from bitcoin, because it is only through long term investment that newbies or beginners can use to learn how to hodli and also other aspect of bitcoin that is of their interest.

Firstly, exchange no be where people supposed dey hodl/save funds, but where to transfer funds to if you want to trade, while for those that want to hodl funds, na non-custodial wallet sure pass.

However, it's quite sad to have seen these students lose their hard-earned money to the crash of FTX which happened last year 2022, due to the fact say we dey always like to explore tins. But just as you talk am, this should be a lesson for people trying to invest to only invest an amount they can always afford to lose in whatever they are introduced to, because as eh be like this, nobody dey smile anymore, of which if you fall mugu, people go carry you shine, because everywhere hard for we country, and as such, so are we likely to keep see more scamming platforms getting launched with a different format looking for potential victims. So wise up

You know one thing, mate. I have come to understand that at the university today, there are some students, mostly newly admitted students. Some of them can be naive, and when all these so-called ambassadors see it, they will want to take advantage of those students. There's a saying that "you can deceive many, but you can't deceive all." At the university, there are students who are hastily looking for a source of income that they can use to support themselves while in school. If these students fall into the hands of those scammers who are looking for students to scam, they can obviously fall victim, but they can also scam many people, but not all, and those that got scammed will learn from their mistakes.

Trading is not something to rush into, but some fake traders go along telling people that it's very easy to trade and they can even offer to trade for you, and with an agreed profit you will earn from them. By the time you give them your money to trade for you, they will disappear with it. Every newbie should just be careful about what they learn. Always learn to verify every piece of information you get.

It is quite shocking, that FTX has the intention of scamming so many persons all over the world, by having FTX Ambassador in different part of the world,
 especially in Africa who will go and look for students that they can deceive to join the trading platform, and tell them to keep their funds in FTX where they can use the money to trade. These Ambassadors are the ones that claim to be an official agent from FTX, that will be teaching these university students that they can convince to learn trading, in other to make them get rich. The name of this program was called FTX Africa Campus meetups.

Nigeria, is a country that due to the devaluation of Naira, everyone is looking for a means to beat the inflation adopting cryptocurrency and for this reason so many people fell victim to FTX plans. These Ambassadors went recruiting people and also collecting $1 each from them as registration fee, so that they can teach them trading. Due to the hardship in the country so many persons involved their friends and families to key into the opportunity of learning through FTX Ambassadors on the platform.

Victims were asked to keep funds in the exchange, which so many of them did in order to get ready to learn trading. After the crash of FTX, these victims became frustrated and even threatened to kill those people that are claiming to be FTX Ambassadors who introduce them into the trading scheme, as a representative of FTX, and they are scared of their personal safety because they have made so many people inclusing their friends are families get scammed through this scheme. Imagine one of the FTX student Ambassador made people to invest 20million Naira in the exchange and how will this person payback those funds to the victims. FTX contract, which says the students would receive 30% of transaction fees paid by people they referred to FTX, plus an additional $500 per month based on performance. Imagine their telegram channel has more 10,000 members.

To cut the whole story short, it means that one should be very careful with information that he is hearing about cryptocurrency trading as this is the method that scammers are using to scam people from their hard earned money. It is not everybody that claims to know trading that is a good trader, and it is better that you make you learn the fundamental analysis and technical analysis with risk Management before jumping into trading. Only use small amount of money that you can afford to lose for a start, so that you can practice with that.

Lastly, never trust any exchange to the extend of leaving your funds in it, you should only leave the amount that you can afford to lose. Actually I been no know say this FTX crash affect so many people for Naija self.

https://www.coindesk.com/consensus-magazine/2023/10/17/how-african-students-became-victims-of-ftxs-collapse/?_gl=1

Abeg wetin una get to talk for this matter, and I won ask if anybody don come across anybody wey follow for this loss.