Nigerian man returns N21.06m ($14k) mistakenly sent to him by foreign crypto trader as giveaway

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A Nigerian man has returned $14,000 (which is equivalent to N21,063,000 at the exchange rate of N1504/$) that was mistakenly sent to him by a foreign crypto trader after he won $100 in a giveaway on X, formerly known as Twitter.

The young man identified as Lucky with username @oku_yungx won $100 in Solana in a giveaway organized by a foreign crypto trader, Raffay Alvi, the Founder of The Crypto Network.

However, rather than send him the $100 Solana, he had sent him 100 Solana in total which is estimated to be $14K.

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Raffay Alvi stated that he asked Lucky to send him back 90 Solana and keep the 10, and much to his surprise, the young man sent it back.

He expressed happiness over his honesty, saying that there is still hope and honest people in the crypto community.

This remarkable act of honesty and integrity has moved many netizens as they praised Lucky and thanked him for giving Nigeria a positive outlook.

A facebook user, Prince Samuel said; “A good name is better than wealth, at least make we the try give our own Nigeria good name small ? if Na some of u now u go dissappear wereh ?

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Another user, Ada Ide said; “Thank God o!!…. At least one good example putting our good name on the map.

An X user, @samCodeNg said; “We’ve got good Nigerian guys in web3 ✨ proud of you @muchino67

@danoracle22 said; “The fact that he is from Nigeria and still did this should clear the Nigeria stereotype!
There are good people everywhere.”

@Cryptoalert_786 reacted; “Mashallah not many people like that nowadays may Allah swt bless muchi bro.”

In a related development, Nigeria’s cryptocurrency market has surged above $400m despite the significant regulatory uncertainties, the Director General of the Security and Exchange Commission, Emomotimi Agama, has said.

According to a statement, the SEC DG disclosed that during the 2024 Annual Conference of the Association of Capital Market Academics of Nigeria in Abuja recently.

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Agama also highlighted the challenges and potential of crypto assets in Nigeria’s economic landscape.

He said, “Reports indicate that Nigeria’s crypto transaction volume reached $56.7bn between July 2022 and June 2023, representing a nine per cent year-over-year growth.

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“The country’s crypto market is estimated to be worth over $400m, with a significant portion of the population involved in cryptocurrency trading and transactions.”

Agama highlighted that Nigeria’s cryptocurrency transactions reached $56.7bn between July 2022 and June 2023, reflecting a robust adoption rate despite economic challenges.

He noted that approximately 33.4 per cent of Nigerians were actively involved in cryptocurrency trading and transactions, indicating strong market penetration.

According to the SEC DG, regulatory uncertainty, security concerns, and financial literacy seriously threaten crypto use.

“The lack of a comprehensive regulatory framework has created uncertainty, which can deter both investors and innovators. Cybersecurity threats, including hacking and fraud, pose significant risks.

“A substantial portion of the population lacks adequate financial literacy, making them vulnerable to scams and risky investments,” he explained.

Nigeria faces a challenging task in regulating its rapidly expanding cryptocurrency market, aiming to balance innovation and financial inclusion against concerns about financial stability and illicit activities.

In February, the Central Bank of Nigeria raised alarms over the significant volume of transactions flowing through crypto exchanges from unidentified sources. The apex bank reported that $26 billion had passed through Binance Nigeria alone from such sources last year.

In response, cryptocurrency trading platforms have faced intensified scrutiny amid suspicions of manipulating the local currency’s forex market value. This scrutiny led to the departure of Binance, the country’s largest cryptocurrency platform, and the removal of the naira from peer-to-peer platforms.

Recently, the International Monetary Fund (IMF) urged Nigeria to establish a robust regulatory framework to oversee its burgeoning crypto market.

In line with this, the Nigerian Securities and Exchange Commission (SEC) issued a mandate for all crypto firms and businesses to re-register within a 30-day period under its new regulatory regime, marking the latest effort to bring stability and oversight to the sector.

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