As Nigerians continue to invest in cryptocurrencies, the Economic and Financial Crimes Commission (EFCC) has warned that any investment that promises returns that “looks too good to be true should be considered a red flag.”
“Though risk-taking is considered by some as the oxygen that drives investment decisions, the Commission wishes to warn the public against taking an unmitigated risk in desperation to earn a windfall,” EFCC spokesman Wilson Uwujaren said in Abuja.
“Investment in Bitcoin, for instance, is a high-risk activity as the terrain is largely unregulated and prone to fraud.”
Uwujaren noted that the EFCC is alarmed at the rate Nigerians send petitions to the commission on fraudulent investments that promise a high return with little risk to investors.
According to him, Nigerians are losing, money to Ponzi schemes, forex trading, and most recently bitcoin trading, compounding the nation’s economic woes.