Tapswap, Notcoin, Hamstar Kombat – di dangers of tap-to-earn crypto platforms wey dey trend for Nigeria

As di topic of virtual and digital currencies – also known as cryptocurrencies – dey become more popular for Nigeria, plenty platforms dey come up evriday wey dey promise to reward pipo wit crypto points wey dem go fit convert to cryptocurrencies and earn money...ĊONTINUE.THE FULL R£ĄÐING.

Di latest now na plenty mobile applications wia users gatz only dey tap on dia phone screens several times to earn points and di points go later translate to money.

Most popular among dis types of crypto platforms na Notcoin, Tapswap, Hamstar Kombat, Poppo, etc.

Some pipo say dem don earn money from some of dis platforms, but odas na still promises dem dey make as dem tok say dem neva fully launch dia projects.

Most of dis platforms na usually from telegram pipo go fit download dem, or even wen dem dey for app store, pesin gatz get Telegram account bifor e go fit get access.

Dat na big red flag on im own, according to Ejike Okonkwo, one sabi tech pesin wey don dey di crypto sector for ova 10 years.

Oga Okonkwo tell BBC Pidgin say plenty risks dey for pipo wey dey sign up to some kain platforms wey nobody really know who get dem, and di first risk na di fact say na only thru Telegram pesin fit get access.

“Telegram na platform wey dey very liberal, anything fit happen dia. Pesin fit create account dia witout any verification and pesin fit delete chats anytime. Na one platform wey you go assume say hackers go like to dey use bicos restrictions no too dey,” e tok.

Potential Cybercrime risk

Okonkwo explain further say di risk dey for pipo to lose moni, even though as e be now, di platform no dey ask for money yet bifor pipo go begin tap to earn.

“In order for di pesin to claim di points wey e don earn, di app fit require di pesin to submit dia crypto wallet, and dat na potential risk to lose moni, becos you no know wetin fit happen.

“Also dem fit ask you for some kain payment for dem to double or triple your points for you. Remember say dis na project wey neva launch o, e fit turn out say dem no go eva launch, and pipo moni go just go.

As pipo dey interact wit dis platforms wit di hope to earn money, dem go dey get different tasks to carry out, such as to like or repost a social media post, to join online forums, to do live broadcasts, etc.

“Most young pipo no go even read di post wey di app tell dem to like or repost, dem go just repost becos dem wan earn tokens. E fit be say di post na illegal something and di pesin go enter trouble wit law enforcement for wetin you no know.”

Exposure to malwares

Oga Okonkwo also tok say some of dis crypto platforms dey offer rewards according to di location of di user.

Sometimes, users in Europe or America get higher rewards for doing di same tasks dan pipo for Africa. So some pipo dey download Virtual Private Network (VPN) softwares to take pose like dem no dey for Africa.

“Plenty of di VPNs na malicious softwares dem be becos dem dey collect important data and personal information from di users who no go know wetin dey happen.”

Also, pipo dey use click-bot soft wares so dat even overnight di software go dey tap for dem dey generate points. “Such softwares dey usually dey very risky,” Okonkwo tok.

According to di crypto sabi pesin, some of di crypto platforms fit just use di tap-to-earn model to generate engagement and awareness for dia projects, and dem fit no pay pipo money las las, or even if dem pay, e fit be chikin money wey no go justify di time pipo spend dey tap dia phones.

Lack of regulation

Cryptocurrencies na still controversial topic for Nigeria.

Di CBN ban any bank from opening crypto accounts or holding or trading any virtual asset.

Recently, Nigeria goment arrest two executives of Binance, wey be di largest crypto trading platform in di world, for money laundering, currency racketeering and tax evasion.

One of di arrested Binance workers, Tigran Gambaryan still dey for Kuje prison for Abuja, while di oda one, Nadeem Anjarwalla bin escape.

Di lack of regulation mean to say if pesin lose moni, or a crypto platform close, e no get any way for di customers to get back dia investment. E don go be say e don go.

Anoda crypto sabi pesin, Japhet Jackson, tok for interview wit Nigeria newspaper Daily Trust say: “We no know who dey behind dis crypto platforms, we no know wetin be dia intention, but we don dey see millions of Nigerians exposing diasef on dis platforms, at di end of di day, anything fit happen.

“You fit no see di effect now, but in a few years time, maybe when you wan use your crypto wallet to do something important, na den e go clear you wetin don happun.”…Continue The Full Reading.>’.

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