A Nigerian man has reportedly left the country after allegedly making more than $80,000 in four months through a fraudulent cryptocurrency arbitrage platform, leaving his alleged business partner behind.

According to an account shared by a narrator familiar with the incident, the man partnered with a neighbour to establish an online platform that allegedly defrauded people seeking to earn profits from cryptocurrency trading.

The platform reportedly assigned cryptocurrency wallets to registered users and encouraged them to deposit funds to participate in what was presented as an arbitrage investment scheme.

How the Alleged Crypto Scam Worked

According to the account, the platform initially allowed users to withdraw their money successfully, creating the impression that it was legitimate and encouraging them to invest more.

The operators allegedly offered bonuses to persuade users to make additional deposits. However, after a second deposit, transactions reportedly became stuck, leaving users unable to withdraw their funds.

The platform was promoted through Telegram groups and YouTube, targeting individuals interested in cryptocurrency arbitrage and online investment opportunities.

The scheme reportedly began experiencing difficulties after Telegram flagged the platform as a scam, prompting users to stop transacting through it.

By that point, the man was said to have made more than $80,000 from the operation.

Alleged Operator Leaves Nigeria With Proceeds

The narrator further claimed that the man withdrew his earnings in USDT, a cryptocurrency stablecoin designed to maintain a value linked to the US dollar, before leaving Nigeria.

Meanwhile, his alleged business partner, who reportedly lives in the same neighbourhood, is said to have remained in the country, telling people that he was also deceived during their business dealings.

The circumstances surrounding the alleged departure, the identity of the individuals involved and whether law enforcement authorities have begun investigating the matter were not disclosed in the account.

Warning Over Fraudulent Cryptocurrency Platforms

The incident highlights the risks associated with unverified cryptocurrency investment schemes, particularly platforms that use initial successful withdrawals and promised bonuses to build trust and encourage larger deposits.

Prospective investors are advised to exercise caution, independently verify investment platforms and be wary of schemes promising unusually high or guaranteed returns.

The account also illustrates how alleged partnerships in fraudulent online operations can deteriorate, leaving participants blaming one another when the scheme collapses.

The allegations have not been independently verified.