English>

Market News

Crypto expert cautions on celebrity endorsements, promises of quick riches - VANGUARD

SEPTEMBER 05, 2024

By Tunde Oso

Alternative finance and cryptocurrency expert, Rume Ophi, has warned Nigerians against being swayed by celebrity endorsements or promises of quick riches.

In a statement sent to Vanguard, Ophi, widely known as the Cryptopreacher counselled, “The cryptocurrency space has enormous potential, but it also carries significant risks if you’re not careful. What we’re seeing in the market is extremely concerning.”

How my Husband died during our fight over another woman he impregnated - Beatrice, ex-convict

He issued the warning to the Nigerian public citing the recent collapse of the $Jota Coin, explaining: “The coin’s value has dropped significantly from its initial hard cap of over a hundred thousand. But more alarmingly, our evidence shows that the contact address of the project initiators withdrew liquidity within 30 minutes of launch.”

This isn’t the first time Ophi has raised the alarm about questionable cryptocurrency projects. As the Cryptopreacher, he has built a reputation for identifying potential scams before they fully unfold. “We’ve seen this pattern before,” he reminded the public.

“The SEC had to step in and warn Nigerians to stay away from such tokens. Once again, we’re seeing history repeat itself.

He drew parallels to recent events in the United States, where celebrities faced significant fines for promoting cryptocurrency projects without proper disclosure. “The Kardashians got themselves involved in similar situations and paid huge fines in the millions. Nigerian celebrities need to be very careful about what they endorse in this space.”


SEE HOW MUCH YOU GET IF YOU SELL

NGN
This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics