Topic: Nigeria SEC proposes 10 Years Jail Terms For Crypto Ponzi Scheme Operators - page 3. (Read 737 times)

10 years Jail term should be OKay, it's a financial offense, not murder and shouldn't get sentenced like one. The only changes I would have love to see is if found guilty the scammer is ask to pay at 40% of stolen money to victims and ofcos some part to the FG as fine.


Sometimes they go as low as defending obvious murderers for the sake of stanship.

If the SEC really pulls through with this bill, then they would have achieved a groundbreaking feat in Nigeria. This is because Ponzi schemes, both in the crypto world and the non-crypto world in Nigeria, are getting out of hand. Other countries have even started classifying anything scam with the world "Nigerian prince" equating Nigerians with scammers. This is robbing us of international opportunities. Some people just come up with their own coins and influences, riding on Nigerians innocence and the situation we find ourselves in.

Because we are struggling and trying different things to make money, it's really not fair. Today, it's this coin; tomorrow, it's that coin. The next day, it's another coin. Knowing the current economic condition of Nigerians, we are looking for a breakthrough. People go ahead and try these coins ignorantly, putting their money in and everything is gone.

To think that our fellow Nigerians are the ones coming up with some of these Ponzi crypto schemes is really disheartening. So, if the SEC really passes this bill and it's pushed through and functional over the years, then they would have achieved a really good feat in Nigeria. I just hope the Nigerian syndrome doesn't come into play. They say something today, and tomorrow, those in high office who are part of the Ponzi scheme will look for a way to cripple it and we won't hear about it again.

If they can take it seriously, because some people don't believe in this bill they are passing then it would be a very good thing. It's going to be a good thing for Nigeria as a whole, to redeem our name and to help those in the crypto space. The little money Nigerians have will not be ignorantly used on scams created by our own people and I pray it works out.

sometimes i don't entirely blame this celebrity because a lot of their fanbase allows it look like they are God and that anything that comes from them is authentic. some people already know that some of these project that comes into being through these celebrity won't stand the taste of time but will choose to invest in them just to prove loyalty and just to chase after clout.

when Davido brought up a token, a lot of the people that bought it were only following after trend and didn't find it necessary to do their own research to be sure of the authenticity of the project, the rest of the story we know is just history. should the proposal pull through, its going to be a development that will help a lot of the people that easily fall prey of these.

Honestly, this is a wise decision. Nigerian securities may have taken this seriously when it was presented to the former president. This year, many individuals became victims since our country is not used to dealing with such situations. All of these activities are illegal, but I'm curious why securities couldn't take action for a while now. If the bill had been stated earlier, those who were innocent would not have lost their money. All of these Nigerian celebrities make use of their fans. But I think the BrainJotter coin did not go popular like Davido and Sabinus.

However, our country's problems are difficult to predict at times, it's possible that they won't punish these individuals because they are wealthy, and we might not even hear about them again. Ten years in prison and twenty million is not a little punishment, and if they don't fail this time, it will serve as a warning for others who want to do the same in the future. Perhaps they will show concern for the innocent people who have been affected this time.

This is a very good decision and this will serve as an example for the remaining people who are planning to do this kind of stuff and scam people, if they do not take this kind of decision they will take the country for granted which will make other people believe that Nigeria is a country where you can come with a plan and scam people because they know that people in Nigeria like anything that concern invest and earn a profit, many celebrities have taken Nigeria to a country where they will do something and nothing will happen.

I prefer they should be sentenced to 20 years in jail so that even when they later come out they will never enjoy themself, only God knows how many people will fall into their trap, some people will even go and use their life savings and later if he discovers it was a scam only God knows how he will feel, those people deserve many years in jail and it will be very good if the Nigeria security takes action without corruption in that case because we all know how some of our security behave most especially the EFCC.

First and foremost I commend the Nigeria SEC for this singular act of theirs but as we all know the problem will always be the lower and upper chambers in the national assembly to take this bill serious, if this bill is been passed I think it will correct many things in Nigeria in regards to cryptocurrency.
Many people have been a victim of circumstance to this effect, though Nigeria is a bit backward in terms technology, in  Nigeria today the unwarranted victimization, molestation by EFCC and the suspicion of anything concerning crypto by the Nigeria security agents in general is attributed to as result of the dubious activities been carried out by some corrupt elements in defrauding unsuspicious Nigerians from the so called shitty scam coins, as a matter of urgency, this is a wise decision by the SEC and i will be very happy if the proposed bill finally sees the light of the day without being frustrated by the legislature.

At least with this, things can be done and seen differently in the Nigeria crypto space, it's a welcome development, we hope to see this come through soon.

Plenty of us for here get crypto knowledge, so we no go fit fall for crypto ponzi schemes, but e go so many Nigerians out there wey no know anything about crypto, but of course dem wan make money, so they easily fall prey when these celebrities promote these ponzi schemes and they lose their money through it.

I hope say dem go pass this bill into law, so many people dey only fall for these schemes because dem "trust" the celebrities wey dey promote am. These celebrities suppose they do their homework before advertising anything, but no, dem go just collect their money and promote anything with impunity.

This is a welcome development and I wish and hope it does scale through to the point of proper execution but on a second thought, the Nigerian government isn't in support of the usage of cryptocurrency due to regulatory issues so how then are they proposing a bill that will protect the crypto space, it sounds like a twisted irony to me, I just hope they aren't targeting at something because most times we have seen laws been made just to target a particular set of persons or to make sure to use it to achieve a goal thst will be beneficial to a prominent few, hopefully this isn't one of those schemes but for the protection of the crypto space it will be a good one

I guess the members of Senate are doing well with this proposed, if they can use some groups of people in the country to show example for the people in the country to know they mean what they said, many people have Lost a lot of money for all those scam token, because the celebrities and some politicians will tell their followers that they have made millions of naira from that token which is not true, but many people will fall victim to them in the country to invest everything in the token because they want to be wealthy like those celebrities and politicians.

For someone to spend complete 10 years in jail in Nigeria for such criminality, it will teach others people lesson that is using fake crypto to scam people in Nigeria because some people who don't know the potential of crypto will never agree that crypto can add value to country economy.

na a very good development because a lot of people don take advantage of say a lot of youths no get work and so any Ponzi scheme when come out, them go wan jump on am and then after the money go enter one chance.

all this pump and dump projects and ponzi platforms when full we nija de follow contribute to the fact say people still de associate crypto and bitcoin with Ponzi and so putting a penalty as this in place will go a long way to discourage people from devising to bring up new Ponzi scheme and that way, the system go de purged and bitcoin fit get the expected recognition when him deserve.

the ease in implementation no go worry like that because most of those old men for the house no de directly benefit from those ponzi platforms or the pump and dump project when our celebrity de create. if like say them de benefit from am, we for de sure say such bill is already dead on arrival but as e be say them already the government de somehow against digital things, i believe say them go implement am. but my own be say make them define wetin be ponzi scheme well make e no be say person bring up a project when him presume say go do well and the project come fail you go come de reason jail term for am.

Looking at the overall picture, it is important to point out that Nigeria has been plugging up cryptocurrency opening,In May 2023, the president of the country signed a bill into law that levies a 10 % tax rate on profits made from selling such assets as cryptocurrency, In December 2023, Central Bank of Nigeria also lifted the restrictions placed on the banking institutions in 2021 with respect to the provision of crypto services ‘to customers’ at supra-national level.
Although this Is very significant development for the country's cryptocurrency market,if the SEC regulate the bill and provides clear guidelines for cryptocurrency transactions and also reducing  uncertainty for investors and work hardly on fraudulent prevention  definitely it will help ellevate scams and protect investors if realy the proposed bill is a step towards creating a more secure and attractive cryptocurrency market in Nigeria,its indeed a great success depending on effective implementation and  collaboration.

https://www.mariblock.com/nigerian-legislators-considering-bill-to-recognize-bitcoin-and-other-cryptocurrencies

It seems we are in the same page here. 2024 became a year where celebrities' took advantage of their influence to scam their fans and other person of their money. Before then i usually though it was illegal in many countries especially to have an owned token or crypto. This will only mean that these celebrities' work with the legal teams often that is why they are not apprehend for all they do.

Twitter (X), TikTok and YouTube has been the means to which this celebrities operates.

The decision on the bill should stand quickly if not we wont see fast adoption in the crypto space if these scammers keep on soiling the mind of enthusiast.

After reading through i felt a warm relief in my mind. And this is because i am impressed for this development that is about to take place. In as much as people are eager to make quick bulk they are so vulnerable that they hardly can differentiate a real project or a fake one. This move will help eradicate those with bad intentions to stay clear from this part. At least if not completely, we will see less of it.

I know how many persons around me who are willing to invest into digital technologies especially cryptocurrency but are scared to start. And for developers in Nigeria who are willing to shape the country to a better place, they wont be hiding anymore to pitch their project to potential investors anymore. Transparency will be among citizens if this bill will be committed to.


Anyone can own a project in the crypto space now, even you too can own one. The projects owned by celebrities are literally memecoins that are hyped or influenced by the so called influencers and their associates. And the annoying part is that fans will still buy those coins knowing full well it has no usage or value to offer. They are blinded with the love and passion they have fans, its just like subscribing to an onlyfans account. People will keep buying the coins.

This is a welcomed development but the only problem with proposals like this is that it is hard to enact and even harder to enforce especially if the celeb caught has close relationships with law enforcements, they'll just get away with a slap on the wrist. This is why I'm not too excited about the bill. We would still see celebs supporting ponzi schemes and launching their own pump and dump tokens to their unsuspecting followers. Until I see one celeb arrested and put in jail, nah. Not buying it.

I would like to know, what are the necessities to owning a project. Many celebrities that has been called out for owning a pump and dump token so far does not even look eligible to own any because they barely have any useful or potential traits that omits a sense of having relevant outcomes. You just wake up in the morning and hear rumors of celebrities scamming their users with fake cryptos, no legitimate promotion and proper marketing that can bring long eligible investors, not even a whitepapers/roadmap for their project that should have reveal the potentials and proven worthy of our funds.

I may partially with due reasoning put the blame on people who chose to be folded by this called influencers and risk their money, anyone with a good knowledge won't even think about risking what they have into something like that.

When i think about how many innocent Nigerians have lost their hard earned money to these Ponzi schemes boys because of quick gains i feel that this bill is what the citizens needs now. The 10 year jail term and N20 million naira fine is the kind of punishment these scammers need and i am cool with it. This will help clear a sound message to others who still intend to go about crypto Ponzi schemes. If they want to hustle then they should do it the clean way like we do here or don't do it at all.

And to be honest, the bill will help protect the entire crypto ecosystem in Nigeria. So that if any foreign investors hear about Nigeria they don't get to think about Ponzi shemes as the first thing to cross their mind. At least the mindset of Nigerians being scammers would change. People will see crypto and Nigeria as its meant to be.

This i cannot complete say for sure that the bill will be accepted because the current government has not shown any much difference from the recent. However, during the time of Buhari things were a bit new to some persons, especially crypto was still a new things, so people don't understand it much. But now, i believe crypto is not a new thing to anyone in the rural area anymore. One way or another they must have heard about it. So, lets back the bill and support the motion. Its a huge step forward.

You can't blame them for spending blindly; instead, blame celebrities for exploiting their fans' emotions and love to hype and promote a fake businesses. A celebrity that loves and respects his fans will never mishandle them or take their money.

This is why it is never a good idea for celebrities to own a crypto project. If you believe in anything, you will be willing to follow it to the death; there are those who would follow Elon Musk to the grave if given the opportunity.

For the fact that Nigeria does not follow by the rules initiated when the walls collapses around the wealthy, fines might be attached but for the sentencing it is not even among the punishment if they should be convicted. No body with their right senses should be opposing against this bill, we all love to keep the space free from scam and enable a safe room for new investors to partake in this digital space were assets like Bitcoin and others are worth putting our money inside.

Aside this bill being passed, it is enough that we also play our roles by being conscious of how we delve into stuffs that has higher possibility of not being real enough to give back what we put inside, for no reason should we enslave our funds all in the name of celebrities promoting and managing assets, the rich would go all measures just to keep their pocket filled because they have a counter back up for their crime and punishment and it won't be as that of a common individual.

Whether the proposed bill is implemented or not, only by mentioning it alone will send a warning signal to those influencers and celebrities who uses pump and dump coin to defraud and deceive their followers to invest in shit projects because one thing about Nigerians is that when one person does something bad and gets away with it, others follow in same directions. The rate at which some celebrities go about promoting crypto scam projects is on the rise, so if the bill is passed, it will help reduce the number of all these incessant scam projects that influencers promote just for their own selfish interests.

I'll love if this gets through but we know Nigeria and how they don't care much about things relating to crypto. The bail might fail to get its final reading but it would had been good for the crypto community as it protects us against this celebrities that aren't satisfied with the money that they have already but trying to steal the little ones that we have. Well, we get ourselves to blame because this celebrities, they no force us to buy their tokens. Na out of our greed na him make we dey invest and also invest more than our capacity to endure the loss.

We already know how this type of tokens dem they end yet we go still carry our money go put inside. At times I dey feel say we deserve wetin we dey get because assuming we stop to dey buy all this token, dem go stop to dey create am but na because we dey buy everything wey we see because we think say crypto na Ponzi, na wetin make we dey become victims.