[Crypto] OKX Naira Speculators and Manipulators

[Igebotz]

Another Naira speculator and manipulated is here on OKX- these are one of our problem and why OKX and other exchanges needs to moderate the Naira p2p from Marchants like this. This is outrageous, the current rate is still between N1250 -N1350 and this guy is already selling at N1500, this will no doubt push others to increase their rate to meet demand. OKX might be another target is this continues.... Na we be our own problem Las Las.

[SmartGold01]

@igebotz I have experienced something like this before on OKX exchange although I didn't go clicked on it because I know is just a market manipulation so, when you click to buy NGN it would automatically change to the original price, so it is like price tempting and if you are selling and mistakenly send payment to them then you are gone. In fact lemme say they are scammers so while dealing with them you need to be very careful otherwise your money is gone.

[Igebotz]

@igebotz I have experienced something like this before on OKX exchange although I didn't go clicked on it because I know is just a market manipulation so, when you click to buy NGN it would automatically change to the original price, so it is like price tempting and if you are selling and mistakenly send payment to them then you are gone. In fact lemme say they are scammers so while dealing with them you need to be very careful otherwise your money is gone.

Yes it's obvious looking at his success rate he's obviously manipulating the system. Scammers like this nain dey cause the government to take nasty actions wey go affect innocent legitimate business users

[SmartGold01]

@igebotz I have experienced something like this before on OKX exchange although I didn't go clicked on it because I know is just a market manipulation so, when you click to buy NGN it would automatically change to the original price, so it is like price tempting and if you are selling and mistakenly send payment to them then you are gone. In fact lemme say they are scammers so while dealing with them you need to be very careful otherwise your money is gone.

Yes it's obvious looking at his success rate he's obviously manipulating the system. Scammers like this nain dey cause the government to take nasty actions wey go affect innocent legitimate business users

The manipulation is much and I think this same thing is what happened with Binance as of them, I have also came across where someone set a very higher price of sell order causing the price to quickly surge to what we don't understand, when they see this price increasing uncontrollably it gradually affects other exchanges this is the results why Government started putting eyes on Binance exchange.

[Cantsay]

Yes it's obvious looking at his success rate he's obviously manipulating the system. Scammers like this nain dey cause the government to take nasty actions wey go affect innocent legitimate business users

Sorry to ask, but who will be gaining from this type of trade? Is it the merchant who has that price or the person selling to him? Because from the screenshot above it seem to me like those who wants to sell their coin will be the ones profiting from that increased rate.

I also went to KuCoin to scope around and it seems like they are beginning to spread it to other exchanges as well - I saw some merchants listing sells ads at 1480 per dollar and their minimum trade is just 50k unlike the 7 million in Op.

I don’t know their aim for doing this, but it’s certainly not something good.

[Igebotz]

Yes it's obvious looking at his success rate he's obviously manipulating the system. Scammers like this nain dey cause the government to take nasty actions wey go affect innocent legitimate business users

Sorry to ask, but who will be gaining from this type of trade? Is it the merchant who has that price or the person selling to him? Because from the screenshot above it seem to me like those who wants to sell their coin will be the ones profiting from that increased rate.

I also went to KuCoin to scope around and it seems like they are beginning to spread it to other exchanges as well - I saw some merchants listing sells ads at 1480 per dollar and their minimum trade is just 50k unlike the 7 million in Op.

I don’t know their aim for doing this, but it’s certainly not something good.

These are fake rates and the moment you click to transaction the rate changes without you knowing, these are Marchants who create unnecessary pressure to the black market rate.

[Cantsay]

These are fake rates and the moment you click to transaction the rate changes without you knowing, these are Marchants who create unnecessary pressure to the black market rate.

Ooh now I see. It reminds me of a thread I create in the past about merchants using this method to scam those that are not observant in KuCoin - I guess they have moved their madness to other exchanges as well.

Becareful when using p2p

[Fivestar4everMVP]

Another Naira speculator and manipulated is here on OKX- these are one of our problem and why OKX and other exchanges needs to moderate the Naira p2p from Marchants like this. This is outrageous, the current rate is still between N1250 -N1350 and this guy is already selling at N1500, this will no doubt push others to increase their rate to meet demand. OKX might be another target is this continues.... Na we be our own problem Las Las.

https://talkimg.com/images/2024/05/01/rIXc3.jpeg

He is not selling but buying, that is, the dude is buying dollars at the rate of #1510 per $1, is this really an issue?

If he is willing to pay #1510 to buy the dollar when others are buying same dollar at #1350 or there about, don't you think thats his business and cup of tea? Market is all about competition, and in the p2p market, the better offers stays at the top, maybe this dude wants to buy as much dollar as possible at that rate because he believes the dollar will rise even much more than that, allow him, it's his risk and loss if eventually dollar fail to reach that amount again.

[Agbe]

Even Kucoin too us manipulating the naira and I noticed that last week when I was trying to sell some unit of bitcoin and the first 5 vendors are not genuine and their price tags is very high to attract people to click them to buy or sell. Some them Buying from 12+ millions for one bitcoin which in reality one bitcoin is about 82+ millions and you can dat one from the image.

And the worst part is when place the order them no go pay sef. But just to attract sellers to them selves.

[Sim_card]

Another Naira speculator and manipulated is here on OKX- these are one of our problem and why OKX and other exchanges needs to moderate the Naira p2p from Marchants like this. This is outrageous, the current rate is still between N1250 -N1350 and this guy is already selling at N1500, this will no doubt push others to increase their rate to meet demand. OKX might be another target is this continues.... Na we be our own problem Las Las.

It is not only in OKX, I will say other exchanges too have this kind of fake ass people that love manipulating the dollar price. What I have observe is that, if you click on their offer, they will not trade with you or they will renegotiate the price and pay you lesser than what is on their price.
Take a look at this merchant from Kucoin exchange rate, it is similar.

[Rruchi man]

Another Naira speculator and manipulated is here on OKX- these are one of our problem and why OKX and other exchanges needs to moderate the Naira p2p from Marchants like this. This is outrageous, the current rate is still between N1250 -N1350 and this guy is already selling at N1500, this will no doubt push others to increase their rate to meet demand. OKX might be another target is this continues.... Na we be our own problem Las Las.

These speculators will move to other exchanges and if the government keep clamping down on them, we may no longer have an exchange to exchange our cryptocurrency to naira. The naira speculators contribute to the devaluation of our currency, but are they the only cause, our government are a part of it as well because if the economy is very good and everything is stable, there is no way speculators will be able to fix ridiculous prices as exchange rates.

[Cantsay]

And the worst part is when place the order them no go pay sef. But just to attract sellers to them selves.

Later on they’ll send you message that if you want them to continue the trade that they’ll have to reduce the rate that their rate is too high compared to others - I have encountered them several times and sometimes they’ll want to reduce the rate from 1,300 to 1,200 if not you’ll have to wait for the timer to end (which is usually up to an hour).

There are so many ways that exchanges have to work, in order to help minimize losses in p2p because newbies are definitely going to be hurt in this scheme of theirs.

[Cryptsafe]

Another Naira speculator and manipulated is here on OKX- these are one of our problem and why OKX and other exchanges needs to moderate the Naira p2p from Marchants like this. This is outrageous, the current rate is still between N1250 -N1350 and this guy is already selling at N1500, this will no doubt push others to increase their rate to meet demand. OKX might be another target is this continues.... Na we be our own problem Las Las.

I greet you specially sir and also congratulations on your new appointment as the lead head of our very own platform on top of the oda ama mata  aka btt. Your appointment is a well deserved one and I pray you take the board to a new level of operation.

So far, I have noticed that price manipulation on some other exchange platform where I do trade my coin. One thing I found about it is that when it is time to place order, the price drops automatically below the initial advertised price which makes it fishy and fraudulent.

The other thought on my mind is that EFCC agents have been recruited to infiltrate these exchange platforms to pick accounts of Crypto traders dealing on crypto currencies. Some days ago, I received a circular from a friend which contains some names of supposed EFCC agents on one of the exchanges trading and finding account to victimise.

All I can say is that we ought to be very much careful and not carried away by the price we see online when ever we are on the verge of selling  our coin for fiat via p2p platforms.

[Cantsay]

The other thought on my mind is that EFCC agents have been recruited to infiltrate these exchange platforms to pick accounts of Crypto traders dealing on crypto currencies. Some days ago, I received a circular from a friend which contains some names of supposed EFCC agents on one of the exchanges trading and finding account to victimise.

All I can say is that we ought to be very much careful and not carried away by the price we see online when ever we are on the verge of selling  our coin for fiat via p2p platforms.

If this is true then it means that both small traders and big traders will be in trouble for being involved in crypto - but wetin I nor really get be say, why dem Dey even bother boys wey Dey crypto? Small thing wey boys take Dey sustain for the country nah dem wan chock their ugly head put.

Instead of going to through this means won’t it be better for them to just settle things with the exchange and look for how to regulate the Dollar/Naira rate? I’m sure most of them that will be involved in this will just do it because of what they’ll be able to scoop out for themselves not because of government work.

[Agbe]

And the worst part is when place the order them no go pay sef. But just to attract sellers to them selves.

Later on they’ll send you message that if you want them to continue the trade that they’ll have to reduce the rate that their rate is too high compared to others - I have encountered them several times and sometimes they’ll want to reduce the rate from 1,300 to 1,200 if not you’ll have to wait for the timer to end (which is usually up to an hour).

There are so many ways that exchanges have to work, in order to help minimize losses in p2p because newbies are definitely going to be hurt in this scheme of theirs.

I am just happy that, I have seen another person that has the same experience with me. I have been suffering this guys that manipulate the naira in Binance from the first day of my visit to the exchange when I was about to sell NGN200k and the vendor say the price wey him put e dey high so him go reduce the pay. So we come dey negotiate oh but finally I no come gree. Na so we leave the trade me sef I look for another vendor and sell ma coins. And this same thing happened to me again in OKX last month. And di worse of them ll na di Kucoin. FG needs to ban dat exchange automatically because di kind of fraudsters wey dey there e too plenty.