Legit or Scam: Why Crypto Experts Are Questioning TapSwap's Legitimacy

Legit or Scam: Why Crypto Experts Are Questioning TapSwap's Legitimacy

  • TapSwap, the Telegram-based crypto mining project, has taken many cryptocurrency enthusiasts by storm with promises of significant earnings
  • Even though it is yet to launch, it has now become the leading Telegram-based crypto project in terms of participant numbers
  • However, cryptocurrency experts who spoke with Legit.ng cite a few red flags and urge users to be very cautious when investing time and money

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.

As discussions about virtual and digital currencies become more widespread, numerous platforms are appearing, claiming to reward users with crypto points that can be converted into cryptocurrencies for profit.

Among these, TapSwap has quickly garnered significant attention and has become arguably the most popular.

TapSwap's recent changes have led many cryptocurrency experts to question the legitimacy of the Telegram coin mining app. Photo credit: Getty Images/DjelicS and X/Tapswap.
Source: UGC

TapSwap uniquely blends gamification with token accumulation, distinguishing itself in the crypto space.

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It is the leading Telegram-based crypto project in terms of participant numbers, surpassing other Telegram-hosted crypto projects like Blum and Hamster Kombat.

How Tapswap works

TapSwap coin mining involves a series of activities that allow users to earn tokens, which can then be exchanged for Tapswap tokens on the Solana blockchain.

Like other clicker games, this process requires users to interact with the TapSwap Telegram bot, repeatedly tapping its interface to accumulate score points.

These points rank users based on the number of taps, with the number of clicks determining the amount of Tapswap tokens (or coins) a user receives.

This innovative and engaging form of crypto mining does not require complex or costly hardware or technical expertise.

Olumide Adesina, a financial market analyst at Quantum Economics, told Legit.ng that Nigeria's high unemployment rate strongly incentivises the typical citizen to use TapSwap.

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He said:

"The accompanying crypto rewards without initial commitments amplified its usage. Most of them don't understand the technology. All they know is that someone is asking them to keep tapping this device to accrue points and get paid."

TapSwap's legitimacy concerns

As TapSwap garners significant attention and users, its recent changes have led many cryptocurrency experts to question the legitimacy of the Telegram coin mining app.

Failure to launch: The project has repeatedly failed to launch despite setting several scheduled dates. Initially announced for May 30, the launch was postponed to July 1, yet it still hasn't occurred. For many former enthusiasts, this was the first red flag.

Chima Uzoamaka, a marketing officer with a Lagos-based crypto platform, told Legit.ng that TapSwap's frequent postponement of launch dates makes one sceptical.

He said:

"Honestly, the secrecy surrounding TapSwap is significant, and the repeated failure to launch, as announced on multiple occasions, is concerning. While I can't comment on its authenticity at this time, I believe the coming weeks will provide more clarity."

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Coin doubling feature: To retain user interest, TapSwap introduced a coin-doubling feature. Users could double their tokens by purchasing with one TON coin, approximately six dollars.

Though common in the crypto world, the timing and execution of this feature heightened scepticism about the project.

Owners unknown: A check on WHOIS (a query used to check ownership of a website) revealed that the website's owner's identity is concealed. Although there can be legitimate reasons for maintaining anonymity, it raises a red flag in this case.

Dubawa, a fact-checking platform, said this about TapSwap's secret ownership:

"There is no information about their development team. TapSwap may seem perfect, but they didn’t mention their development team anywhere, which makes the project’s legitimacy kind of doubtful."

Departure from Solana: TapSwap initially promoted its association with Solana, a respected blockchain known for its speed and efficiency.

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However, TapSwap quietly ended this partnership without any public announcement.

Speaking in a viral Facebook post, Crypto Nawaz, a popular cryptocurrency expert on social media, listed TapSwap's switch from Solana as one of the reasons he would not be invested in the project.

He said:

"TapSwap started saying they are powered by Solana but having a huge community #Solana distanced itself from TapSwap."

This lack of transparency about such a crucial change further fueled suspicions.

Requesting users to connect to TON wallets: Another concern with TapSwap is the requirement for users to connect their TON wallets to the mining bot. While this seems simple, it raises security risks.

Users should be cautious when linking wallets to third-party services, as it can lead to phishing attacks and unauthorised access.

Frequent glitches: Persistent technical glitches are another major concern for users. Despite being a large Web 3 project, TapSwap suffers from poor user experience, with frequent complaints about technical issues.

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Tobi Mukaila, a crypto enthusiast and TapSwap user, told Legit.ng that the project's frequent glitches could be very discouraging.

He said:

"The frequent technical glitches on TapSwap are troubling. Many users often have issues accessing the Telegram interface and connecting wallets, leading to a frustrating experience. It got to a point where we thought Nigerians were banned from accessing the project."

Such persistent problems raise serious concerns about the reliability and overall user satisfaction of a major Web 3 project.

Some users in Nigeria have been unable to access the TapSwap Telegram interface, while many others face problems connecting their wallets.

Enjoy rewards, but watch for risks

Although it is premature to definitively label TapSwap as a scam, the numerous red flags are concerning. Potential participants should be extremely cautious when investing time and money in this project.

Adesina also hints at why many Nigerians will continue to use TapSwap and other Telegram coin mining apps, promising avenues to earn money.

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He said:

"Many in Nigerians are tapping away all day on their smartphone screens, hoping to earn foreign exchange that can act as a safeguard against the naira's unpredictability."

The crypto world offers many opportunities but also comes with significant risks. Users should conduct thorough research, seek credible reviews, and stay vigilant against potential scams.

Tapswap speaks on banning Nigerian users

In related news, Legit.ng earlier reported that TapSwap has spoken about banning Nigerians from using the app.

The company's reaction came as some Nigerians insisted they found it difficult to open the Telegram coin mining app.

In a statement issued on X on Friday, May 24, TapSwap clarified issues surrounding the rumours and insisted that it has no plan to ban Nigerians from the app.

Source: Legit.ng

Victor Enengedi avatar

Victor Enengedi (Business HOD) Victor Enengedi is a trained journalist with over a decade of experience in both print and online media platforms. He holds a degree in History and Diplomatic Studies from Olabisi Onabanjo University, Ogun State. An AFP-certified journalist, he functions as the Head of the Business Desk at Legit. He has also worked as Head of Editorial Operations at Nairametrics. He can be reached via victor.enengedi@corp.legit.ng and +2348063274521.