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Facebook users beware, ‘Bitcoin Trade Investment’ is not a legitimate platform operating in Nigeria

IN SHORT: Some Facebook posts claim that an investment platform called Bitcoin Trade Investment can double people’s money. But this is not a registered company in Nigeria, so users should be careful.

“Good day everyone ? I'm here to invite everybody to invest in this platform that could bitcoin trade investment platform because , i just receive double of what I invested now,” reads a post on Facebook. 

The 16 August 2023 post also says: “This is my credit alert successfully I invest with 10'000 naira them have credited me with some of 20,000 naira, immediately into my bank account this platform is so real I swear.”

It then calls on users to invest with the platform and click on the WhatsApp link attached.

Bitcoin is a virtual currency without any kind of centralised management, bank supervision or government regulation. 

But is “Bitcoin Trade Investment” to be trusted? We checked.


Investment scam signs

The promise to double users’ money in a short period of time is usually a red flag.

In a post on X (formerly Twitter), Nigeria’s Economic and Financial Crime Commission warned the public against investing in businesses that offered quick and unrealistic returns. 

The post also asks users to send messages to the WhatsApp link attached. This is a common method used by fraudsters to obtain people’s personal or banking details. This information might be used to commit fraud.

Searching for the platform’s name on Nigeria’s business register came up empty.

These red flags point to the investment platform being a scam and Facebook users are urged to steer clear of it.

Africa Check has previously investigated similar false investment schemes here, here, here and here.

To help protect yourself against online scams, read our guide to spotting investment scams on Facebook.

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