Oh darling, the Nigerian securities regulator has decided to play the role of the stern parent, warning us all about Zugacoin and Samzuga GPT, which they’ve deemed as unauthorized crypto capers. How positively scandalous! 💁♂️
Memecoins: The Comedic Tragedy of Pump-and-Dump Schemes
In a delightful twist of fate, the Nigerian Securities and Exchange Commission (SEC) has issued a public warning, branding Zugacoin and Samzuga GPT as unauthorized crypto operations. Apparently, the promoters of these digital darlings are as registered as a cat at a dog show! 🐱🐶
In an alert shared via X, the Nigerian regulator revealed that both Zugacoin and Samzuga GPT are classified as “meme coins.” How charming! The commission pointed out that these coins typically lack genuine use cases, intrinsic value, or any tangible projects to back them. Just like my last relationship! 💔
“Any attributed value to a meme coin is usually linked to its promoters or the community effort, which, more often than not, is susceptible to pump and dump schemes,” the Nigerian SEC stated. Well, isn’t that just a delightful little dance of deception? 💃
Under these so-called pump and dump schemes, promoters of the memecoin or tokens spread false or misleading information to inflate their prices artificially. Afterward, they sell their own holdings at the inflated value, leaving unsuspecting investors none the wiser. It’s like a magic trick, but with money! 🎩✨
The SEC’s alert came just weeks after it issued a warning against Crypto Bridge Exchange (CBEX), which had reportedly resumed operations across Nigeria. Rumor has it, CBEX was demanding $200 from investors with balances above $1,000, and $100 from those with less than $1,000 before they could withdraw their own money. How generous! 🙄
However, the regulator disclosed that enforcement action has already been initiated against CBEX and its promoters following their previous unauthorized investment antics. They’re collaborating with law enforcement agencies to investigate CBEX/ST Technologies International Ltd. and will take appropriate actions in line with the Investments and Securities Act 2025. Bravo! 👏
Meanwhile, the commission has reminded the investing public of the importance of verifying the authenticity of any crypto, virtual, or digital asset offerings. They urged investors to check the registration status of promoters and trading platforms via the commission’s dedicated portals. Because, darling, a little due diligence never hurt anyone! 🕵️♀️
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2025-06-20 00:31