Two Nigerians Indicted for Fraudulent 50BTC Scheme

Wilfred Michael 

Wilfred Michael

News reporter

25 April 2019,
Two Nigerians Indicted for Fraudulent 50BTC Scheme

The lack of public awareness regarding the use of cryptocurrencies continues to fuel the increasing number of fraudulent schemes targeting unsuspecting investors.

According to an April 24 press release by the United States Attorney's Office District of Oregon, the latest of such fraudulent scheme involves two Nigerian natives, Onwuemerie Ogor Gift, and Kelvin Usifoh.

Nature of the Crime

The alleged fraudsters purchased domains and set up these websites,,, and for the purpose of misleading people.

As per the indictment, pages on their websites promised investors huge returns up to 20-50% returns with zero risk and instant withdrawals. To stand a chance, investors had to transfer cryptocurrencies to specific wallets provided by the alleged fraudsters.

Further data gathered by from the allegedly fraudulent websites showed that the fraudulent investments were classified into different plans with supposed wallet addresses for previous client withdrawals listed below.

Also, the display a fake office address purportedly located at 110 Wall St New York, NY 10005.

The fraudsters promised to use “unique trading methods” to multiply the cryptocurrency and maintain a “constant high-interest rate” over time. However, they never returned the funds, talk more about paying the promised returns on investment.

Their notable victims for the scheme which lasted between December 2017 and June 2018 includes a U.S native residing in Oregon and two living in California who spent as much as 10.88 bitcoins (appr. $59,000) in the fraudulent scheme.

A photo from the other unnamed victim was subsequently used to convince more investors to throw in their money, with the U.S government alleging that Onwuemerie Ogor Gift and Kelvin Usifoh generated at least 50BTC (approximately $400,000) from the fraudulent scheme.

Two days ago, reported in a similar development that a high school student, Joel Ortiz was handed a ten-year jail term for $7.5 million worth of crypto theft.


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