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Peer-to-peer (P2P) trading is known to be a somewhat risky activity, as buyers may try to scam sellers by never actually paying for what they bought, or sellers may scam buyers by receiving payments and never sending any cryptocurrency.
An African cryptocurrency trader, George (fictitious name), found this out the hard way. When starting off his cryptocurrency trading journey via P2P deals, he first spotted a popular Telegram group with other members interested in doing these transactions.
The trader shared that the group’s members trusted their administrator as “an escrow service to buy and sell crypto from other members.” George noted that he showed rigorous self-conduct analysis before transacting, including know-your-customer checks on users. In reality, however, the group’s administrator was a scammer.
The group’s members, including George, fell victim to a scam that saw the African trader lose 50% of his initial capital. George took it as a learning experience to move on in his trading journey and learned “his crypto life lesson the hard way.” He now…