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Tapswap: 5 red flags that hint the crypto project might not be legit 

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Tapswap has gained serious ground in the Nigerian crypto space after the very successful airdrop campaign by Notcoin.

Millions of Nigerians are engaging in the tap-to-earn activity that spells out the entire process of Tapswap mining and earning much-needed points.

Tapswap is the leading Telegram-based crypto project by a number of participants taking the lead over Blum, Hamster Kombat and other crypto projects hosted on Telegram. 

However, Tapswap has come under scrutiny by concerned members of the Nigerian crypto community for exhibiting too many red flags of recent casting a shadow of doubt on the legitimacy of the entire project.  

The Airdrop campaign has lost a considerable amount of trust within the Nigerian crypto community as keen members point out glaring red flags in the Tapswap project that is too steep to ignore.  

To get a hang of the matter, Nairametrics interviewed Anyasi Nkemjika Emmanuel a top crypto investor and trader known on X as Crypto Lord.  

He is heavily involved in the Tapswap mining exercise and he expressed his view on the barrage of Negative reviews the crypto project has been getting recently.  

After a brief but insightful interview with the crypto head followed by thorough research and information gathering.

we were able to narrow down five red flags exhibited by the Tapswap crypto project and its team that have seriously dented their reputation and cast a shadow of doubt on the legitimacy of the project.  

5 . One Ton to double your Points  

There are two kinds of airdrop campaigns and they are free airdrops and paid airdrops. To best understand Nigeria’s crypto community, the Tapswap airdrop campaign falls under the category of free airdrop campaigns.

  • This means that participants are not expected to pay any amount to be eligible for airdrop.
  • They only need to participate in the tap-to-earn process.  
  • However, the Nigerian crypto community was taken aback when the Tapswap team announced a feature demanding its players to pay 1 Ton token (Native crypto of the Ton Blockchain) to double the number of points they have earned from engaging the project.  
  • Many Nigerians reacted to this and perceived it as a huge red flag because it defeated the entire aim of the strictly Tap to Earn Points exercise and felt like the project was trying to cash in on its huge number of players.  
  • Besides, 1 Ton is worth approximately $7 (N10,000) and many Nigerians were not willing to part with that for a supposed free airdrop campaign.  
  • The 1 ton to double up feature also made a mockery of hardworking tappers who have invested a lot of time growing their points with sheer hard work and grit.  
  • This development from the Tapswap team is a major red flag which has cast doubts on the legitimacy of the Tapswap project. 

4. No Community Space 

Unlike other budding Web 3 projects, Tapswap has refused to launch a community space.

  • A crypto community space consists of people who share an interest in cryptocurrencies and blockchain technology.
  • Members include enthusiasts, investors, developers, and influencers, like crypto YouTubers.
  • They collaborate, share knowledge, and support each other’s growth within the digital currency space.  
  • A community space adds to the legitimacy of a crypto project because it creates an avenue for all stakeholders to come together, interact and drop reviews on the project.
  • For some strange reasons, Tapswap has refused to launch a community space despite its enormous number of users. 

3. Nigerian Web 2 Pages 

Early June the Tapswap team launched a new task which required its users to subscribe to two Nigerian News channels to gain 400,000 points.

  • This raised a lot of dust and fueled a theory that the Tapswap project might be run by some Nigerians who are trying to take advantage of the massive surge in traffic around to TapSwap project to increase the reader base of these news channels.  
  • Moreover, both news channels are Web 2 properties and is quite out of place to integrate it with a Web 3 project.  
  • Our source claimed that the integration of the Nigerian news channel quote “ Made the project look silly” and is indeed one of the major red flags from the Tapswap team so far. 

2. Blockchain Launch Uncertainty 

When Tapswap started it was proudly powered by the Solana blockchain.

  • This isn’t the case today as Tapswap announced on May 27 that it was no longer going to launch on the Solana blockchain citing scalability issues.  
  • However, the Tapswap team is yet to announce the blockchain it will be launching keeping its reported 28 million users in suspense.  
  • An alignment with a credible and established Blockchain will add to the credibility of the project and instill trust in Tapswap participants reassuring them that they are not wasting their time and energy. 

1. Persistent Technical Glitches 

The user experience for a Web 3 project as large as Tapswap unfortunately happens to be abysmal with users consistently complaining of technical glitches.  

  • Some Nigerians have been unable to access the Tapswap Telegram interface for days while many are having issues with connecting their wallet.  
  • This has raised concerns on how a Web 3 project as large as Tapswap can still be struggling with the basics and failing at propping up its platform for seamless user experience.  
  • The Tapswap team recently announced a maintenance exercise on June 7 stating that the process will lead to a three-hour downtime.  
  • Compared to Notcoin, the Tapswap user experience has been way below expectations for a major Web 3 project.  

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EFCC secures final forfeiture of Emefiele’s $1.4 million allegedly domiciled in Titan Bank

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The Economic and Financial Crimes Commission (EFCC) has secure a final forfeiture order of the Federal High Court Lagos against a $1.4 million allegedly linked to the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

This is coming days after another court sitting in Lagos ordered final forfeiture of N11,140,000,000.00 worth of properties and N1.04 billion traced to Emefiele by the EFCC.

The anti-graft agency stressed that the monies, which allegedly amount to proceeds of crime, are domiciled in Titan Bank to the knowledge of the embattled CBN governor.

In the motion exparte filed by counsel to the EFCC, Bilikisu Buhari-Bala, the ex-CBN Governor was accused of contravening Section 44 (2)(B) of the 1999 Constitution.

That section states that no moveable property or any interest in an immovable property shall be taken possession of compulsorily except for the imposition of penalties or forfeiture for breach of any law, whether under civil process or after conviction for an offence.

The lawyer had argued that between 2021 and 2022, when accessibility to foreign exchange in Nigeria was difficult, several international entities operating in Nigeria had to resort to different means to source Forex.

She added that one Uzeobo Anthony and Adebanjo Olurotimi used a firm, to collect bribes and gratification on behalf of Godwin Emefiele, to get approval for accessing Forex, adding that one of the entities (NP) paid a total sum of USD 26,552 million, into the account of firm domiciled in Titan Trust account number 2000000500.

The lawyer stated,

“The investigation traced the funds to having been fixed into interest-yielding accounts, dissipated and laundered through a foreign account in Mauritius, and transported back to Nigeria under disguise.

On Tuesday, the EFCC urged the court to permanently forfeit the funds.

After hearing the prosecution on Tuesday, Justice Ayokunle Faji ordered the final forfeiture of the money.

“Having been satisfied with the application and submission of Counsel, I hereby grant the prayer finally forfeiting the said funds in question,” the judge said, Channels Television reports.

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FG approves N1.99bn for purchase of CNG vehicles to boost NDLEA’s operations

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The federal executive council (FEC) has approved N1.99 billion for the purchase of 33 vehicles powered by compressed natural gas (CNG) to boost the operations of the National Drug Law Enforcement Agency (NDLEA).

The council gave the approval on Tuesday at its meeting presided over by President Bola Tinubu in Abuja.

Speaking with State House correspondents after the meeting, Lateef Fagbemi, the attorney-general of the federation (AGF) and minister of justice, said the council also approved the procurement of firearms and ammunition worth $1.442 billion to strengthen the NDLEA’s fight against drug trafficking.

Fagbemi said the FEC approved N985 million to purchase body scanners at all the country’s international airports.

“We submitted three items to the council on NDLEA,” he said.

“FEC approved the procurement of 33 Mikano motor vehicles CNG to boost the operation of NDLEA.

“Approval for NDLEA for procurement of firearms, ammunition, and counter-narcotics for the sum of $1.442 billion.

“The procurement of two units of body scanners for use both at Abuja and International Airports at N985 million.”

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Exchange rate drops to N1,500.79/$1, lowest level since May

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Naira appreciates to N1,419/$ at official market

The naira has weakened further against the US Dollar, falling to N1,500.79/$1 on the official market on June 25, 2024.

This marks the lowest exchange rate since May 16, 2024, when it was recorded at N1,533.99/$1.

According to the FMDQ data for the NAFEM window, the naira’s depreciation on June 25 represents a 0.71% decline from the previous day’s rate of N1,490.2/$1.

This crash occurred amid the claim by the Governor of the Central Bank, Yemi Cardoso, that the country has already experienced the worst of naira volatility regarding foreign exchange. 

The naira traded at a high of N1,507/$1 and a low of N1,426/$1, indicating significant volatility in the foreign exchange market. The significant difference between the high and low exchange rates indicates considerable volatility in the foreign exchange market.

The FX turnover for the day stood at $136.75 million, a significant drop of 10.03% compared to the previous day’s $152 million.

The latest figures indicate a troubling trend for the Nigerian currency, which has been under continuous pressure.

This decline comes amid efforts by the Central Bank of Nigeria (CBN) to stabilize the currency through various interventions.

The CBN earlier permitted eligible International Money Transfer Operators (IMTOs) to sell foreign exchange (FX) on Nigeria’s official window. This directive, effective immediately, is part of CBN’s plan to ensure greater remittance flows through formal channels and improve the liquidity of the foreign exchange market.

This move by the CBN comes at a time when the official market is struggling with FX liquidity. For about a month, the value of FX turnover on the NAFEM window has been between the range of $83 million and $390 million.

A similar move was made last month as the CBN allowed International Oil Companies (IOCs) to sell 50% balance of their repatriated export proceeds to authorized forex dealers.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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