Results from research conducted by the Cryptonews9ja team shows that 80% of Nigerian Cryptocurrency users learnt about Cryptocurrency for the first time on social media. Surprisingly some of these social media platforms like Facebook, twitter and youtube had past operating policies that has not favored the subject of Cryptocurrency.
Some months ago Google through youtube made some moves to ban sponsored adverts which promotes Cryptocurreny on their platform. Similarly, Facebook and Twitter followed sooth until lately when they decided to lift the heavy restriction these ads.
Despite these factors that ought to have mitigated the trend of doing crypto on social media platforms, the trend hasn’t stopped yet. Rather Crypto users have explored other social media platforms that allows for easy use of Cryptocurrency. One of these platforms is the Telegram messenger app. Not only have Crypto users taken advantage of this messenger app, Scammers have also exploited the opportunity. They have taken advantage of this messenger app which has proven to be a safe haven for them.
The most common strategy used by Telegram Crypto Scammers is the use of High Yield Investment (HYIP) and MLM programs. In developing countries such as Africa, it has taken a different turn, especially because of the poor economic situations and the high rate of unemployment. Nigerians particularly have resorted to look for alternative sources of incomes. Most of these Crypto newbies only get to know what Cryptocurrency is through these Telegram HYIP and MLM platforms who use Crypto as their means of investments.
On the long run after getting scammed by these programs, these Crypto newbies end up getting the wrong impression about Cryptocurrency. They as a matter of fact find it difficult to distinguish between the concept of Cryptocuurency and Scam Investment programs. They out-rightly distance themselves from anything related to Cryptocurrency and assume it’s a scam. This is one reason why we strongly discourage newbies from getting introduced to Cryptocurrency via social media platforms.
Do not wait to be introduced to some Scam ETH Investment Program on Telegram before you start asking important/necessary questions like ;
” What is ETH?
Where do i get/buy ETH from?
How does ETH work? “
Please do your personal research on what Cryptocurrency truly is.