Alternative finance and cryptocurrency expert, Rume Ophi, has cautioned Nigerians against being influenced by celebrity endorsements or promises of quick wealth. In a statement to Vanguard, Ophi, known as the Cryptopreacher, highlighted the risks inherent in the cryptocurrency market.
Ophi stated, “The cryptocurrency space holds great potential but comes with significant risks if not approached with caution. The current market trends are highly concerning.”
He specifically referenced the recent collapse of $Jota Coin, noting, “The coin’s value has plummeted from its initial hard cap of over a hundred thousand. More alarmingly, evidence indicates that the project initiators withdrew liquidity within 30 minutes of the launch.”
This warning is not Ophi’s first regarding dubious cryptocurrency projects. As the Cryptopreacher, he has a track record of identifying potential scams before they become widespread. “We’ve seen this pattern before,” he remarked.
Ophi also pointed out that the Securities and Exchange Commission (SEC) had previously warned Nigerians to avoid such tokens. “History is repeating itself,” he said.
He drew a parallel with recent incidents in the United States, where celebrities faced substantial fines for promoting cryptocurrency projects without adequate disclosure. “The Kardashians were fined millions for similar issues. Nigerian celebrities should be very cautious about the cryptocurrency projects they endorse,” Ophi advised.