Tobi Adeju (not real name), an Ogun State resident, has accused Kite Financial, a crypto platform founded by Mario Egie, of denying him access to his $2,672 for four months.
Adeju told FIJ that the money had been trapped in his wallet since November 17, 2022, as he had not been able to withdraw it.
The crypto trader said he registered with Kite Financial that same month and bought bitcoin through its peer-to-peer (P2P) network.
He said he learned about the platform from a friend and he had also seen Kanayo. O. Kanayo, a Nollywood actor, endorse the platform in an advert on Kite Financial’s Instagram page.
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He noted that his last withdrawal was on November 17, after he had initiated a $543 transaction, and his balance had been inaccessible since then.
“When I first joined, I bought some coins, and I was able to withdraw. Seeing that it went smoothly, I bought another from P2P trades and they said I should be withdrawing bit by bit,” said Adeju.
He noted that while some withdrawals were processed, most of them did not go through, as he kept receiving error messages like “operation not completed”.
According to the bitcoin trader, this went on for days, and when he complained about it, he was told to try later.
“That was when they said I should withdraw small amounts like $500 or below until I could no longer do anything with the remaining $2,672 in my wallet,” he said.
“I cannot sell it or do anything with it. It has remained audio money since then. The total amount of my bitcoin is supposed to be 0.11012231, which is worth over N2 million. But it has abruptly reduced to 0.10950057, which was $2,672 yesterday.”
Due to the unstable market rate of the US dollar, Adeju’s 0.10950057 bitcoin was worth $2,722 on Wednesday morning.
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When contacted for comments, Egie explained that Adeju’s inability to access his money could be a technical challenge and his account could also have been frozen.
He said an account could be frozen while being investigated for suspicious activities carried out on the platform.
Although he noted that Adeju’s was likely experiencing a technical challenge since he could still log in to the website, he said his team was currently working on some upgrades to resolve technical issues encountered by crypto traders.
“Latest, by the ending of April, this upgrade will be rolled in and it will resolve the technical issues,” he said.
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