Telecom
How to Identify Cryptocurrency Scams And Avoid Falling for Them

By Jide Williams,
The number of cryptocurrencies on the market is on a steady rise. Every year, dozens of new cryptocurrencies enter the market and these are often followed by a series of Initial Coin Offerings (ICOs) (Source), which are a major source of funding for new cryptocurrency projects.
Unfortunately, there are many potential pitfalls laying ambush for new and even more experienced investors. The rabid rave around cryptocurrencies, especially fueled by the false notion that cryptocurrencies are an avenue to get rich quickly, has made many people susceptible to cryptocurrency scams.
Many people have made a lot of money from cryptocurrencies. But cryptocurrencies are by no means a get-rich-quick scheme. There is a significant amount of profit to be made in cryptocurrency, but losses also exist. Knowing the real deal from the cubic zirconias can be the difference between gaining and losing.
Before investing in cryptocurrencies, it is important to know exactly what to look out for. While some cryptocurrency scams are so well-thought-out that it is hard to spot them, many are sloppy and the telltale signs are always there. This article explores both the glaring and the less obvious signs of a cryptocurrency scam.
Types of Scams
Cryptocurrency scams come in different forms. The most common types of cryptocurrency scams are:
Bogus ICOs
A 2017 study revealed that over 80% of ICOs were fraudulent, Centra being one of the most well-known ones. This project raised about $32 million and was endorsed by DJ Khaled. Centra turned out to be a scam and the founders were arrested. One of the telltale signs of a bogus ICO is that the promised rewards are often too good to be true. In the case of Centra, investors would join the Centra ICO telegram group and get contacted by someone who appears to be the administrator. Investors would then get offered private bonuses for sale, sometimes receiving offers to buy the token at a third of its current value.
Once an investor falls for the trick and sends the money (usually in cryptocurrency) to the “special address” they are given, the scammers vanish.
Cloud Mining Scams
Because mining cryptocurrencies often requires copious amounts of processing power and electricity, which many people do not have access to, the option of cloud mining exists to expand inclusivity in cryptocurrency mining. Scammers recognise that this is a viable market and have infiltrated the cloud mining space as well.
MiningMax was a fraudulent cloud mining service. It offered daily returns on investments of $3,200 to investors, with a $200 referral bonus for investors who bring other investors on board. This company ran for two years, and in that time, duped investors of roughly $250 million.
Clone Websites
Some scammers go to the lengths of creating fake websites that are strikingly similar to the original website they intend to replicate. These replica websites are often so well done that a cursory glance through them will not reveal their dubious nature to the average eye.
These clone sites are often created in an attempt to carry out an act called phishing. Unsuspecting visitors who visit these phishing sites would unwittingly give out sensitive information about themselves like their wallet seed or key phrases, or passcodes to these attackers.
These phishing sites are usually registered under domain names similar to the original site as well. For example, using an “m” in the place of an “n,” a “0” in the place of an “o,” etc. Always double check the URL of websites that you are not entirely familiar or comfortable with before saving any sensitive information on such sites.
Cryptocurrency Ponzis
Before cryptocurrencies even existed, Ponzi schemes had been a common fraudulent tactic. As cryptocurrencies gained mainstream popularity, scammers capitalised on the public interest to set up cryptocurrency Ponzi schemes. These work like regular Ponzi schemes, but with cryptocurrencies as the medium of exchange rather than fiat currency.
Bitconnect is perhaps the most notorious cryptocurrency Ponzi scheme. It lasted for over a year and had a market cap of $2 billion. On the day the scheme fell apart, its unit value dropped from $320 to $6 in less than 24 hours, and its market cap to $40 million (Source).
Three men were arrested last year, in 2019, for defrauding investors of $722 million. They ran a Ponzi scheme named BitClub Network for years.
Fake Cryptocurrencies
Some scammers sell the idea that it is too late to cash in on Bitcoin to investors and try to convince them to invest in a new fast-rising cryptocurrency (a fake one) instead. One notable instance of this happening was with a fake cryptocurrency called My Big Coin. Fraudsters robbed investors of over $6 million via this scheme before they were finally caught and shut down.
Fake cryptocurrency projects would usually set up an ICO and convince investors to buy these tokens at a pre-sale price with promises of exponential rewards upon its launch. Investors put their money into these coins and the team behind the projects vanishes, never to be seen again.
Pump-and-Dumps
If you’re into traditional investing (i.e. investing in the stock market), then you may be familiar with pump-and-dump schemes. In the golden years of the stock market (think Jordan Belfort from the Wolf of Wall Street times), a group of scammers would pool money to buy penny stocks (low-quality stocks), thereby driving the prices of these stocks up. Investors are then encouraged to invest in these seemingly fast-rising stocks with promises of easy big-money returns. These stocks eventually turn out to be worthless and investors lose a lot of money in the process.
Scammers have been clever enough to apply the same principle to cryptocurrency trading. These scams are often hidden behind a facade of legitimacy with fake celebrity endorsements and fake news articles.
How To Avoid Falling For Cryptocurrency Scams
The importance of knowing how to spot and void cryptocurrency scams cannot be overemphasised. Below are some precautions you should take to minimise your chances of getting scammed.
Know the Team
Every industry has its superstars. Hollywood has Angelina Jolie and Denzel Washington, and a song from Beyonce is likely to pique your interest. In the same way, there are known names in the cryptocurrency industry. Before investing in any cryptocurrency, be sure to research the individual team members thoroughly.
One of such figures is Vitalik Buterin, the creator of Ethereum, which is the second most valuable cryptocurrency in the world. He is one of the most well-known figures in the world of cryptocurrency and has been actively involved in the industry for ten years.
Try to find out who the names listed on a cryptocurrency project are, and check the names listed on platforms like LinkedIn and other social media to vet their legitimacy. Check their followers, their posts, and how well they engage and interact with their followers. Many scammers make up fake founders and even create fake social media pages for them. Check when these accounts were created and how active they are.’
Peruse the Whitepaper
A whitepaper is an official document that details the strategies, goals, and timeline for a cryptocurrency project. Whitepapers are supposed to be incredibly detailed and include information like the financial model of the project, the legal concerns, SWOT analysis, and an implementation roadmap (Source).
Read whitepapers thoroughly. The real juice about a cryptocurrency project is in its whitepaper and you would be doing yourself a disservice if you only skim through it.
There have been rare cases where a fraudulent cryptocurrency project presented a whitepaper that was so good, they were able to pull in millions of dollars in investments. This was the case with PlexCoin. The company had raised over $15 million in investments before the scam was unravelled and the United States Securities and Exchange Commission (SEC) had to step in and close it down.
Monitor the Initial Coin Offering
Also known as the token sale, the ICO drives the initial crowdfunding process on a new cryptocurrency project. A legitimate company will make its token sale process transparent, such that investors can monitor its progress (Source).
Any establishment that is being coy about its token sales should not be trusted. Some fraudulent companies hide the progress of their token sale under the pretext of individual funding addresses. Under such circumstances, it becomes impossible for potential investors to track the progress of the token sale. If the amount a cryptocurrency project has raised and how much time is left on the sale isn’t visible to potential investors, that is a red flag, and you should avoid investing in such projects.
Look Before Leaping
The temptation to jump in on cryptocurrency projects with ambitions of getting rich quickly is pretty high. Even after reading through the whitepaper carefully, do not be quick to hop on a cryptocurrency project without doing your due diligence on all fronts.
A good place to start might be cryptocurrency and ICO spaces. These are popular on platforms like Reddit and Quora. Follow credible cryptocurrency accounts on social media and immerse yourself in the world of blockchain projects. And in all you do, ensure that you keep both your eyes peeled, not just for scams, but also for potential pitfalls inherent in projects before investing your money in them.
This brings me to my final point.
Evaluate the Project’s Feasibility
As a cryptocurrency investor, you need to know the markers to look out for when deciding what ICOs to take. This is why studying a project’s whitepaper like a manual is important. You need to understand what a project’s aims are and whether or not they are feasible (Source). Projects with overly-optimistic projections and shady timelines are best avoided. If it looks too good to be true, it probably is.
Final Thoughts
If you are going to invest in cryptocurrencies, it is imperative that you go into it equipped with as much knowledge as you can. There are many avenues to make profits from cryptocurrency trading, but there are also many ways to lose money. The more you know about the market and the latest trends and schemes, the less likely you are to get defrauded of your money. If you are patient, keep a cool head, have realistic expectations, and eschew greed, you significantly improve your chances of getting the most out of the good deals and you avoid falling prey to the bad ones.
Jide Williams, a Tech Professional with a Product Development Background
Telecom
Airtel Launches AI Spam Alert in Nigeria

Airtel, one of Africa’s leading telecommunications providers, has launched a groundbreaking Artificial Intelligence (AI)-driven Spam Alert Service in Nigeria, aimed at tackling the growing issues of spam messages and fraud.
Speaking at the launch event held in Lagos, Dinesh Balsingh, Managing Director of Airtel Nigeria, revealed that the innovative service will be rolled out across Airtel’s 14-country footprint.
Notably, Airtel subscribers in Nigeria can access the service at no additional cost.
The AI-powered solution detects and alerts users in real-time about suspected spam SMS, safeguarding them from potential fraud and cyber threats.
Highlighting the company’s commitment to technology-driven customer solutions, Balsingh said, “this is a game changer for the telecoms industry in Africa and as we move forward, we will continue to address customer challenges through proactive tech-driven solutions.”
The service is built on a proprietary dual-layer protection system that analyses over 250 parameters, including sender behavior, SMS frequency, and target location patterns.
Capable of filtering over 1.5 billion messages within two milliseconds, it also features a centralised database of blacklisted URLs to warn users about suspicious links.
“With the launch of this AI-powered Spam Alert Service, Airtel Africa has reaffirmed its commitment to delivering innovative solutions that enhance customer experience, safety, and digital inclusion across the continent.
“As Airtel continues to expand its footprint, it is expected that this pioneering solution will set a new standard for the telecoms industry in Africa.
“Also, as the digital landscape continues to evolve, Airtel Africa remains at the forefront, pushing boundaries and shaping the future of telecommunications in Africa,” said Balsingh.
He emphasised that as Airtel continues to expand, the pioneering solution will set new benchmarks for Africa’s telecom industry.
The initiative has received commendation from key stakeholders, including Dr. Bosun Tijani, minister of Communications, Innovation, and Digital Economy.
Dr. Tijani lauded Airtel’s efforts in boosting Nigeria’s technology ecosystem, particularly through solutions that enhance online security and foster digital inclusion.
Similarly, Dr. Aminu Maida, executive vice chairman of the Nigerian Communications Commission, hailed the service as a major step in addressing the security challenges faced by telecom subscribers.
As the digital landscape evolves, Airtel Africa continues to push the boundaries of innovation, shaping the future of telecommunications across the continent.
Telecom
NCC, ALTON, LASIMRA Engage to Strengthen Telecom Infrastructure in Lagos

The Lagos State Infrastructure Maintenance & Regulatory Agency (LASIMRA) recently embarked on a historic working visit to the Nigerian Communications Commission (NCC) Headquarters in Abuja.
The LASIMRA delegation was led by its Chief Executive Officer, Prince Oyekanmi Elegushi, alongside members of the senior management team.
The delegation was warmly received by the Executive Vice Chairman of the NCC, Dr. Aminu Maida, and the Commission’s management team. The visit marked a significant milestone in strengthening collaboration between LASIMRA and NCC towards improving the telecommunications sector in Lagos State.
The meeting was further enriched by the presence of representatives from the Association of Licensed Telecommunications Operators of Nigeria (ALTON), including the Chairman, Engr. Gbenga Adebayo, and the Publicity Secretary, Mr. Damian Udeh.
Discussions focused on addressing critical issues affecting the industry, with particular emphasis on the security and protection of telecom infrastructure.
LASIMRA reiterated the need for effective oversight and safeguarding of these essential assets under the jurisdiction of the Lagos State Government.
A key highlight of the meeting was the Tower Enumeration Project—a comprehensive audit initiative aimed at identifying all distressing communication infrastructure across Lagos.
LASIMRA also raised concerns about damages to public infrastructure caused by some operators during fibre deployment and reaffirmed its commitment to enforcing appropriate penalties to preserve public assets.
The parties agreed on the importance of a unified strategy involving NCC, LASIMRA and other stakeholders to bring order to the sector, improve connectivity, and ensure widespread access to high-quality telecommunications services across Lagos.
LASIMRA expresses its sincere appreciation to the NCC for its support and collaboration. Together, we remain committed to building a more connected, secure, and digitally inclusive Lagos.
Telecom
NANS Issues Fresh Protest Notice over Telecom Tariff Hike

National Association of Nigerian Students (NANS) has condemned the recent increase in tariffs by telecommunications companies in Nigeria, threatening to embark on a nationwide protest to compel a reversal.
In a statement jointly signed on Thursday in Abuja by Comrade Anzaku Shedrack Ovye, national secretary-general, NANS and Comrade Samson Ajasa Adeyemi, the student body gave the Federal Government and telecommunications companies a 72-hour ultimatum to reverse the tariff increase.
The students warned that upon the expiration of the ultimatum, students across the country would be mobilized for a series of street protests nationwide to ensure a reversal.
They argued that the arbitrary action of telecommunications companies has further exacerbated the financial burden on millions of Nigerians, particularly students and youths, who are among the dominant end-users of their services.
The statement read in part:
“This decision, which has led to a significant rise in the cost of calls, data, and other communication services, is both unjustifiable and insensitive, given the prevailing economic challenges faced by the populace.
“NANS views this development as a blatant disregard for the welfare of Nigerian citizens and an affront to the principles of affordability and accessibility that should govern the telecommunications sector.
“This administration is committed to promoting the welfare of Nigerian students; hence, it will vehemently oppose any tendency that does not align with this vision.
“NANS is deeply concerned about the adverse impact this tariff hike will have on students, many of whom rely heavily on affordable telecommunications services for academic research, virtual learning, and staying connected with their families.
“Therefore, it is worrisome to comprehend the justifications for these increments, as NANS considers this action a direct threat to the security of Nigerian students and an attempt to further impede their ability to navigate their academic endeavors, maintain familial connections, and secure legitimate personal incomes, particularly for independent students responsible for their upkeep.
“We hereby issue a 72-hour ultimatum to telecommunications companies, the Honourable Minister for Innovation, Digital and Blue Economy, Dr. Bosun Tijani, and the Nigerian Communications Commission to reverse this tariff increase and provide a clear roadmap for ensuring affordable telecommunications services for all Nigerians.
“Failure to comply with this ultimatum will leave NANS with no choice but to mobilize students across the nation for a series of peaceful protests to demand justice, accountability, and a comprehensive audit of activities in the telecommunications sector,” NANS stated.
The leadership of NANS maintained that as student representatives, they would not stand idly by while the rights and welfare of Nigerian students, which they have vowed to protect, are trampled upon by greed, “corporate capitalism,” and regulatory complicity.
NANS also called on the Federal Government to intervene promptly and decisively to address this issue.
Additionally, they urged telecommunications companies to prioritize the interests of their customers over profit margins and to engage in meaningful dialogue with stakeholders to find sustainable solutions rather than inflict further hardship on Nigerians who are already struggling economically.
“As the voice of Nigerian students, NANS remains committed to advocating for policies and actions that promote equity, fairness, and the overall well-being of all Nigerians.
“We will continue to hold all parties and duty-bearers accountable to ensure that the rights of students and citizens are protected,” the statement added.
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