After reports that merchants and holders of “Zugacoin” cryptocurrency are unable to make withdrawals, the founder of the Nigerian crypto, Sam Zuga responded by accusing unnamed “ignorant people” of working to tarnish the project. One Nigerian expert has advised prospective zugacoin investors to prioritize learning finer details about the project before investing.
A Financial System for the Future
As promoters of zugacoin — a Nigerian cryptocurrency ostensibly created to end poverty in Africa — continue to tout the token as a legitimate digital currency, there are growing reports on social media of merchants and holders of the coin who have failed to withdraw. These reports have sparked allegations that the project is yet another scam which is cleverly disguised as a complex cryptocurrency project.
The complaints and allegations against the project have, in turn, prompted Archbishop Sam Zuga, the founder of Zugacoin, to issue a flurry of Facebook posts condemning “ignorant people” peddling false information about the project. In one of his latest posts, Zuga said he was not engaged in cryptocurrency trading but was instead “building a digital financial system to correct a financial future.” He added that his crypto, which “automatically gives you 200% profit of any amount you transfer to it,” is only being used as a “driver of the system into that future.”
In the lengthy August 25, 2022 post, the founder denies allegations of manipulation within the Zugacoin ecosystem. Zuga’s post also explains how the ecosystem works and why some holders may be having problems withdrawing. He said:
“The only challenge is lack of knowledge from the users. Anyone can withdraw conveniently if the people that are withdrawing are less than the people who are depositing. No system can survive if what is going out is more than what is coming in.
“There is no problem anywhere in the Samzuga ecosystem. The only problem is your ignorance of how the system has been designed to work. Merchants can transfer money from the Merchant area of the merchant app to the Merchants wallet and from there to P2P conveniently.”
In his earlier Facebook posts, Zuga similarly attacks unnamed individuals whom he accuses of besmirching the “noble project” with their ignorance.
Experts Question Project’s Lack of Transparency
However, despite Zuga’s spirited defense of the crypto project, influential players in Nigeria’s blockchain industry told…
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