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Business News of Sunday, 28 August 2022

Source: www.legit.ng

N100m worth to N430 - Experts warn Nigerians on Zugacoin, Founder replies

ArchBishop Sam Zuga ArchBishop Sam Zuga

Sam Zuga, the creator of the Nigerian cryptocurrency Zugacoin, has responded to various claims, including the impossibility of merchants and users of the digital currency to make withdrawals.

In a lengthy Facebook post, Zuga described those criticizing his digital currency as “ignorant people” working to tarnish the project.

His comments follow multiple publications online condemning the digital currency.

What are critics saying?

One of those critics is Ophi Rume, a crypto expert who is warning investors to be very careful before putting their money in the project.

According to Rume, when prospective investors learn or become aware of such details about this project they will likely decide against investing and thus preserve their meager savings.

For Paul Ezeafulukwe, the former president of Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) and the team lead at Bitget Africa, Zugacoin is the most volatile cryptocurrency and one that has totally failed to deliver on its promises. Some of the promises include claims that the cryptocurrency will end poverty as well as help Nigeria reduce its debt, Bitcoin.com reports.

Zuga makes defense In defense, Zuga founder who is also a Cleric posted on his Facebook page on August 25, 2022, denying many allegations including manipulation within the Zugacoin ecosystem.

He also attacked unnamed individuals whom he accuses of besmirching the “noble project” with their ignorance while explaining how the ecosystem works and why some holders may be having problems withdrawing.

He said:

“The only challenge is lack of knowledge from the users. Anyone can withdraw conveniently if the people that are withdrawing are less than the people who are depositing. No system can survive if what is going out is more than what is coming in."

“There is no problem anywhere in the Samzuga ecosystem. The only problem is your ignorance of how the system has been designed to work. Merchants can transfer money from the Merchant area of the merchant app to the Merchants wallet and from there to P2P conveniently.”

The value of ZugaCoin Checks on Coinmarketcap show one Zugacoin is at $1.64 USD as at Sunday, 28 August 2022.

The website also reported that the coin has a 24-hour trading volume of $5,220.27.

It added:

“The current CoinMarketCap ranking is #5228, with a live market cap of not available. The circulating supply is not available and a max. supply of 1,000,000 SZCB coins.”

Interestingly a historical check on the Zuga coin price on Coinmarketcap shows that the currency on 9, July 2021 was 1 Zuga coin to $236,729

Legit.ng cannot independently verify, as messages sent to the available number for information were not replied.

In fact, a report from Vanguard showed Zugacoin was worth over $392,000 in 2021.

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