Zugacoin Founder Sam Zuga Defends Currency As Expert Warns Nigerians Against It

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

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

His comments follow multiple online posts condemning the digital currency.

One such critic is Ophi Rume, a crypto expert who warned investors to be very careful before investing their money in the project.

According to Rume, when potential investors learn or become aware of such details about this project, they would probably decide not to invest and thus preserve their meager savings.

In defense, the Zuga founder posted on August 25, 2022, denying numerous allegations, including manipulation within the Zugacoin ecosystem.

Zuga’s post also explains how the ecosystem works and why some holders may have issues opting out.

He said: “The only challenge is the lack of user knowledge. Anyone can withdraw easily if there are fewer people withdrawing than depositing. No system can survive if what goes out is greater than what comes in.

Also Read:Bitcoin, Ethereum Now Affecting Stock Market, Says New IMF Report

“There are no problems anywhere in the Samzuga ecosystem. The only problem is your ignorance of how the system was 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.

In his previous Facebook posts, Zuga similarly attacks anonymous people whom he accuses of sullying the “noble project” through their ignorance.

Checks on Coinmarketcap show that one Zugacoin is at $1.64 with a 24-hour trading volume of $5,220.27.

“CoinMarketCap’s current ranking is #5228, with live market cap not available. Circulating power is not available and a max. supply of 1,000,000 SZCB coins,” the website added.

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