Nigerian Crypto Big Boy Offers to Compensate Traders With N221 Million

Nigerian Crypto Big Boy Offers to Compensate Traders With N221 Million

  • A US-based Nigerian crypto trader has offered to help those affected by the recent crash in the Industry
  • Gaius Chibueze stated that despite the refusal of Binance to acquire a collapsed exchange, he was willing to support with $500,000
  • Crypto exchange platform FTX based in the Bahamas, collapsed on Wednesday, sending traders into a panic mode

Following the liquidation of thousands of crypto traders, a Nigerian trader, Gaius Chibueze, has volunteered to donate $500,000 to offset investors' losses on FTX. This Bahamian cryptocurrency exchange collapsed on Wednesday, November 9, 2021.

Chibueze, in a tweet, stated that the crypto industry needed to rally behind FTX and support with the required funds to bounce back.

Crypto, chief, crypto crash
Nigerian investor, Gaius offers to help traders Credit: Gaius Chibueze
Source: Twitter

Chibuese willing to help with $500,000

According to him, what the exchange needed to sort out the issue and save the crypto industry from the imminent collapse was just $8 billion.

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He said despite Binance's reluctance to acquire the collapsed platform, the players could help save the Industry by contributing to rebuilding the Industry by lending money to players, saying, 'I am ready to support with $500k.'

Chibueze said:

"All FTX needed to sort out what is currently destroying the entire crypto market is just 8 billion USD.

Even if Binance is not buying FTX again why can't industry players come together and save the Industry by contributing and Lending them this Money? I am ready to support with $500k."

The self-styled crypto chief was responding to the massive crash in the Industry, which saw investors liquidated in their millions.

Crypto exchange platform collapse sends industry tumbling

FTX collapse shook the Industry on Wednesday when a report said that its CEO, Sam Bankman-Fried, has disappeared from the Bloomberg Billionaires Index after his wealth plunged nearly 94 per cent to $991.5 million in one day.

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Binance CEO Changpend Zhao announced that he had reached a deal to acquire the platform after concerns emerged about FTX's insolvency, which led to slowing down withdrawals and a crash in the exchange's native token price.

Coindesk reported that Bankman-Fried was worth an estimated $15.2 billion but had $14.6 billion of his wealth wiped out overnight.

"Crypto crash has cost us fortunes but we still have hope", Nigerian traders lament reported that the premier cryptocurrency, Bitcoin has lost 52 per cent of its value since the crypto crash began in March 2022.

Experts said the crash was partly due to the then rebounding US dollar and inflation which caused a lot of traders to embark on massive sell-offs, prompting many exchanges to halt withdrawals.

Many traders in Nigeria are counting their losses as the crash continues unabated and the market value of Bitcoin crashing even faster.


Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner.

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