The launch of $Jota Coin, endorsed by popular skitmaker Brain Jotter, has ended in disaster, with the coin crashing just hours after its debut on the TON network.
Crypto analysts and social media users have criticized the project, mocking its rapid failure and warning others about the dangers of such ventures.
Experts say the rise in fraudulent schemes tied to celebrity endorsements underscores the need for greater regulatory scrutiny in the crypto space.
Investors are advised to conduct thorough research before investing in any cryptocurrency, regardless of its celebrity endorsements.
The failure of $Jota Coin has sparked strong reactions online, with many Nigerians tagging it as yet another example of a celebrity-backed scam.
Developer Malik Olabiyi says there is a need for proper regulation to protect against financial fraud.
A check revealed that the JOTA coin is nowhere to be found on popular global crypto communities.
Celebrities and influencers had promoted the coin launch, generating hype and encouraging investment.
Brain Jotter’s $Jota token resulted in significant losses for investors shortly after its debut.
In recent years, thousands of Nigerians have fallen prey to money-doubling platforms, popularly known as Ponzi schemes.
