The internet has been abuzz with news of the arrest of Abayomi Segun Oluwasesan, who is alleged to have hacked the ‘blockchain‘ of the Afriq Arbitrage System and made away with $87 million. However, a closer look at the Afriq Arbitrage System website reveals that it is not a blockchain-based investment platform at all. Instead, it is a Ponzi scheme that uses the promise of high returns to lure investors.
What is Afriq Arbitrage System?
The Afriq Arbitrage System website claims to be a “digital currency service platform that uses high-frequency trading and algorithms to automatically buy digital currencies at lower prices and sell them at higher prices to generate returns.” However, there is no evidence that the platform actually uses any kind of blockchain technology. In fact, the website does not even mention the word “blockchain” anywhere on its pages.
Instead, the Afriq Arbitrage System website describes itself as a “high-frequency trading platform” that uses “algorithms” to “generate returns.” This is a red flag, as high-frequency trading is a complex and risky investment strategy that is only accessible to sophisticated investors.
#Binance is not affiliated, connected or associated with AAS Afriq Arbitrage System in any way. Any claim that Binance is associated with or endorses AAS Afriq Arbitrage System is unauthorized and false.
Please stay vigilant and safe & watch out for AAS Afriq Arbitrage System.
— Binance Africa (@BinanceAfrica) May 19, 2023
How Does Afriq Arbitrage System Work?
The Afriq Arbitrage System website claims that investors can make money by depositing USDT into the platform and then “letting the system trade automatically for you 24/7.” However, there is no explanation of how the platform actually generates returns.
In reality, the Afriq Arbitrage System is a Ponzi scheme. This means that the platform pays investors with money from new investors, rather than from any legitimate profits. As long as there are new investors coming in, the platform can continue to pay out high returns. However, once the flow of new investors dries up, the scheme will collapse and investors will lose their money.
Is Afriq Arbitrage System a Scam?
There is no doubt that Afriq Arbitrage System is a scam. The platform does not use any blockchain technology, and it does not generate any legitimate profits. Instead, it relies on new investors to pay off old investors.
The arrest of Abayomi Segun Oluwasesan is a good sign, but it is important to remember that he is just one person. The Afriq Arbitrage System website is still up and running, and there are still people who are losing money to this scam.
How to Avoid Afriq Arbitrage System and Other Scams
There are a few things you can do to avoid Afriq Arbitrage System and other scams:
- Do your research. Before you invest in any platform, make sure you do your research and understand how it works.
- Be wary of high-yield investments. If an investment promises high returns with little or no risk, it is probably a scam.
- Don’t invest more than you can afford to lose. Scammers often target people who are desperate for money. Don’t invest more than you can afford to lose.
If you think you have been scammed by Afriq Arbitrage System or another platform, you should contact your local authorities. You can also file a complaint with the Securities and Exchange Commission (SEC).
The Afriq Arbitrage System is a Ponzi scheme that is disguised as a blockchain investment platform. The platform does not use any blockchain technology, and it does not generate any legitimate profits. Instead, it relies on new investors to pay off old investors.
If you are considering investing in Afriq Arbitrage System, I urge you to reconsider. This is a scam, and you are likely to lose your money.