According to a new report by the Israeli blockchain analytics company Whitestream, cryptocurrency scams in Nigeria have become rampant to the point when it can be said that the country is in a cryptocurrency scam crisis, with scammers constantly targeting locals. According to the report, scammers make off with tens of thousands of USD every month. At a first glance that number may not seem too high, but context is important – a middle-class family in the country makes about 500 USD per month.
The vast majority of the aforementioned scams are apparently conducted on Instagram, where the scammers make fake profiles, showing off their luxury lifestyle to promote investing in whatever crypto they are shilling, claiming that it is how they became rich. Once the victim is hooked up, they set up private chats and start promising unrealistic results. Then they liquidate the investment through some of the popular crypto exchanges.
Cryptos were recently banned in Nigeria, but this has not helped the situation at all – in fact it made the situation worse.
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As usual scammers target the most vulnerable people possible.

Geeze. It seems like every time BTC has a rally to the upside these bums start scamming again

Jimmy wrote: Fri Mar 05, 2021 5:06 am Geeze. It seems like every time BTC has a rally to the upside these bums start scamming again

They never miss an opportunity. It's both fascinating and nasty.

Is there anything from Nigeria that's actually not a scam?

Nigeria has the largest economy on the African continent, I think there are plenty of businesses there that are not a scam. The problem with big economies with lax regulations is that, unfortunately, they do attract a lot of scammers.