With the rise of virtual and digital currencies, especially cryptocurrencies, in Nigeria, there has been a proliferation of platforms promising rewards in the form of crypto points that can be converted into money. These platforms are increasingly popular, with mobile applications like Notcoin, Tapswap, Hamstar Kombat, and Poppo allowing users to simply tap on their phone screens to earn points that can later be monetized.
While some individuals claim to have made money through these platforms, many are skeptical due to the lack of full project launches and the requirement to access these applications through Telegram. Ejike Okonkwo, a seasoned tech expert with over a decade of experience in the crypto sector, has raised concerns about the risks associated with signing up for such platforms, particularly the reliance on Telegram for access.
One of the primary risks highlighted by Okonkwo is potential cybercrime, with users at risk of losing money by submitting their crypto wallet details to claim earned points. Additionally, there is the possibility of platforms asking for payments to artificially inflate points, which may never materialize into actual rewards. This lack of transparency and security poses a significant threat to unsuspecting users.
Furthermore, users engaging with these tap-to-earn platforms may encounter various tasks, such as liking or reposting social media content, joining online forums, or participating in live broadcasts. However, many users may not fully comprehend the implications of these actions, potentially exposing themselves to illegal activities without their knowledge.
Another critical issue highlighted by Okonkwo is the exposure to malwares, especially through the use of VPN software to disguise one's location for higher rewards. By using VPNs, users risk downloading malicious software that collects personal data and compromises their online security. Additionally, some individuals employ click-bot programs to automatically generate points, posing significant risks to users' devices and personal information.
The lack of regulation in the cryptocurrency sector in Nigeria further exacerbates the risks associated with tap-to-earn platforms. With the Central Bank of Nigeria imposing restrictions on banks related to crypto activities, the absence of regulatory oversight leaves users vulnerable to potential scams and fraudulent schemes. In the recent arrest of Binance executives for money laundering and tax evasion, the lack of regulatory control is glaring, highlighting the challenges faced by investors in the crypto space.
Japhet Jackson, another crypto expert, emphasized the need for caution when engaging with these platforms, as the intentions and backgrounds of the operators remain unknown. Millions of Nigerians are exposing themselves to potential risks by participating in these schemes, with little recourse available in case of financial losses or platform closures. The long-term consequences of such activities may only become apparent in the future, underscoring the importance of vigilance and due diligence in navigating the crypto landscape.
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