Crypto Experts Reveal Worst Month to Invest as Paxful, With 1.5 Million Nigerian Users, Shuts Down
- Experts have predicted that June is the worst for cryptocurrency investing
- They say, in the last decade, crypto-related crime has hit an all-time high of $30 billion
- The report comes amid the collapse of Paxful, a popular P2P exchange with 1.5 million Nigerian users
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Cryptocurrency experts have compiled a report on crypto-related crime from 2012-2021, covering lost funds, crime types, target countries, and future trends.
According to the report, cryptocurrency crime hit an all-time high in 2022, with $12 billion stolen in 436 incidents, a statement sent to Legit.ng says.
Source: Getty Images
Crypto crime has hit the roof in the last decade
The amount represents an equivalent of $1.4 million lost hourly last year due to crypto crime.
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All crypto stolen in the last decade was about $30 billion, 30 times the UN’s earthquake appeal for Turkey, 20 times the cost of building the world’s tallest building, and 18 times Google’s YouTube acquisition.
The experts named June the most dangerous month for crypto investment, with about 77 crypto crime incidents and $5.7 billion stolen in the last 10 years.
The report also stated that 2023 has the potential to reach a new all-time high, with more than $16 billion lost due to crypto crime.
By 2025, the report said this figure could reach nearly $20 billion, stating that Rugpull was the most common crypto crime in the last ten years, with 287 cases and $9.4 billion lost.
Paxful closes shop amid internal and regulatory battle
The report comes as the peer-to-peer Bitcoin platform, Paxful, with 1.5 million Nigerian users, announced that it is shutting down operations.
Punch report said the company’s CEO, Ray Youssef said the decision was due to actual employee departures and the regulatory atmosphere.
He said:
“We are unsure if it [the marketplace] will come back. Customers were urged to withdraw their monies after he said all customer funds had been accounted for. Links to other platforms that Paxful advised non-U.S. users to migrate to were supplied in the blog post.
Despite other P2P players in the crypto industry, Paxful is the only exchange publicly revealing and publicizing its data.
Youssef said that the defunct trading platform was an America-based company catering to global users focusing on the South.
He stated that regulators in America had done a fantastic job catching up with the crypto pace but still don’t understand it and showing suspicion every day.
Youssef had declared on March 29, 2023, that the platform would return to users of its Earn program any money placed in Celsius following its bankruptcy.
Nigerian cryptocurrency experts, traders tip Bitcoin to recover in 2023
Legit.ng earlier reported that cryptocurrency was the preferred investment vehicle for many worldwide once upon a time.
In Nigeria, many young people became crypto enthusiasts, investing and spreading the gospel of incredible returns from purchasing Bitcoin, Ethereum, and others.
This was the case until the second quarter of 2022 when the digital currency began to crash. The most famous cryptocurrency, Bitcoin, went from an all-time high of $68,000 in November 2021 to $16,000 in December 2022. While Ethereum fell by 67% and Cardano fell by 80%.
Source: Legit.ng
