Important: Luno Naira Deposits and Withdrawals Currently Disabled

As you may be aware, Luno has been unable to process Naira withdrawals since Friday, 31 March.

These are what Luno has to say admist the issue of Nigerians operating their service unable to withdraw cash from their account.

"The reason is that our bank account at Stanbic IBTC, which contains the vast majority of customer funds, has been frozen due to an unforeseen third party issue beyond their control.

All customer funds are safe and accounted for in the account. Right now we are unable to make any payments out of the account until it is unfrozen. For the time being, we ask you to refrain from funding your account with Naira."

WHAT CAN BE DONE IN THE MEANTIME

Naira deposits and withdrawals are currently disabled. All other services, such as buying, selling, trading, sending and receiving Bitcoin remain unaffected.

If you have a pending withdrawal that you’d like to cancel, you can do so by opening the “transactions” screen, tapping on the withdrawal and then pressing the “cancel” button. The NGN amount will then be refunded to your wallet. It is of course still possible to convert NGN to BTC and withdraw BTC.

We have been working on integrating a new debit card payment method through a different bank. We will accelerate this project and hope to enable debit card deposits soon. However, we will still be unable to process withdrawals until the bulk of customer funds in our Stanbic IBTC account are unfrozen.

WHY THE ACCOUNT WAS FROZEN

In short, a fraudster stole the identity of a victim (not a Luno customer) and managed to access the victim’s bank account. The fraudster then created an account at Luno, using the stolen identity, and transferred the victim’s money to Luno and converted it to Bitcoin. Once the victim discovered the theft, they reported it to the police who obtained a court order to freeze Luno’s entire bank account (not just the fraudulent amount).

The police and court were unaware that Luno was a business serving thousands of customers and that blocking the account would affect thousands of people, not just this one individual payment. We believe that this was a huge mistake made by the police and court. We are in the process of fixing it now, but unfortunately due to the bureaucratic processes involved it will take time (more details below).

What we are doing and how long it will take
Since we first discovered this, the victim has withdrawn their case. However, once a court order has been issued, it cannot be simply reversed. We must obtain a new court order to unfreeze the account from a higher court. We are working with our legal team to do this as fast as possible but unfortunately it is a slow and bureaucratic process.

The current estimate for re-activation of the bank account is 3-4 weeks. We are doing everything we can to sort out this problem as quickly as possible."

These are the words from Luno committee to cool off the high tension, hopefully they get back on their feet on-time.

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Everything You Need To Know About E-Cooperative

E-cooperative is the hottest online money making program, this scheme has gain the interest of many Nigerians because of the clear structure of the program and the start up money is not as big as other online peer to peer programs. 

Here I will discuss everything you need to know and how to join the e-cooperative online investment program.

About e-Cooperative

What is e-Cooperative.online?

E-cooperative is a simple system that enable members raise the money they seek for any business project, make money from their venture, show them ideas on how to manage the money they have made, and of course show them how that money can be multiplied using various financial instruments. There are two sides to ecooperative and you can choose which one you want to be involved in. The first side is the multilevel part of e-cooperative. The second side is the business part.

Some of the services that ecooperative renders are – Fundraising through cooperative, Online and offline business development, Internet marketing and training, Online Advertising, Agro-economic ventures, Financial Empowerment services, Hire purchase service, Micro-credit, eCommerce/Online Shopping and Skill Acquisition training.

The e-Cooperative MLM Dimension

It works with a 4 x 4 forced matrix and is very simple to get involved in. It is a transparent, member to member payment scheme or cooperative that enables you raise the money that you need for your business.

What the 4x4 forced matrix means is that you have to invite four persons to join you in e-cooperative. Those four persons have to invite four persons each, making it 16. The 16 persons have to invite 4 persons each summing up to 64. The resultant 64 have to invite 4 persons each, making 256. The matrix is thus - 4, 16, 64 and 256.

NOTE: The system will merge people under you from your sponsor's spillover.

NOTE: You begin the business with just ₦1,000.

How to join e-Cooperative

Joining e-Cooperative is absolutely free. However, to be part of the network of people who are developing themselves and building their wealth through e-cooperative, you need a sponsor.

Register through this link here.

How it works

A sponsor is someone who invited you and is already in the network. He has a referral link in which you can register. You are to contribute ₦1000 into your sponsor’s business.

How to Make Money from e-Cooperative

For you to be part of this business, you need the following.

1. A Nigerian bank account.
2. A phone number.
3. An e-mail address [optional].

Diagram of the MLM Dimension

Stage 1
You give Jane [your sponsor] ₦1,000 and invite 4 persons to join you in the cooperative. This four persons will give you ₦1,000 each amounting to N4,000.

To move to level 2, you CLICK on upgrade and Anie’s account details appear. Note that the figurative Anie in the above diagram is the person who brought your sponsor [Jane]. You give ₦2,500 to Anie, and when the 16 persons that your initial 4 persons want to upgrade to level 2, you will receive ₦2, 500 from each 16 persons. What that means is that you will earn ₦40,000.

When you give Ifiok [the third person above] ₦5,000, you will receive ₦320,000 from your 64 persons when they are moving up to level 3.

When you give Emma [the fourth person above you] ₦10,000, your 256 persons when moving up to level 4 will give you ₦10,000 each summing up to ₦2,560,000.

Stage 2
The second stage is automatic. When you give Jane [your sponsor] N25,000 naira for level 5, you will receive N100,000 from your 4 down lines. When you give Anie N50,000 for level 6, you will receive N800,000 from your 16 persons. When you give N90,000 to Ifiok [your third person], you will receive N5,760,000 from your 64 persons. And finally, when you give N175,000 to Emma for level 8, you will receive N44,800,000 [Forty four million eight hundred thousand Naira] , and then you circle out.

You can choose to get into the system as many times as you like.

If you have any question, feel free to use the comment box below.

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Everything You Need To Know About Givers forum

Today Givers forum is 47th most visited website in Nigeria,  these ponzi scheme came to limelight due to the lingering recession in the Nigeria economy, but one can only imagine how long these schemes will sustain in Nigeria. Givers forum is an online money making ponzi scheme like i-Charity, MMM Nigeria, Crowd rising, Ultimate Cycler etc. Givers forum system operates more like MMM Nigeria.

Here I discuss everything you need to know about Givers forum.

Don't Miss: How to Join E-cooperative online investment program

What Is Givers Forum?

GIVERS FORUM is a community of givers, people who provide each other financial help on the principle of “Give, it shall be given unto you, good measure, pressed down, shaken together, running over…” In GIVERS FORUM you don’t have to make contracts or pledge your property, there are no lenders and no debtors. Everything is very simple: one participant asks for help — another one helps.

The only thing that GIVERS FORUM demands from its participants is to be honest and kind to each other. You ask for financial help when you need it, you give financial help when you are able to do it.

Just like every online ponzi scheme, Givers forum has no central account, where all the System money flows to (and where it can be easily stolen from). All the money is only in the bank accounts of the participants themselves! In a lot of thousand and million private accounts. Participants transfer to each other directly, without intermediaries! (What are they for? : HOUSING) In fact, GIVERS FORUM only regulates the process and makes available to members several affordable housing projects across the nation — nothing more.

So the System completely belongs to the people. No kidding! It is a real mutual aid fund where ordinary people help each other to fulfil one of the most important needs in life.

How Givers Forum Technically Works:

Anyone can become a member by registering FREE on their site "www.giversforum.com"

After successfully registering you log into your account known as Personal Office with the login details you registered with.

You declare the willingness to donate (“Provide Help”), after which your account will be rewarded with the same amount you pledged. Your money will start growing from the moment of offering the contribution at the rate of 10% per week with other bonuses (Calculation of reward occurs every day) This sum shows how much you can request for yourself after a week of making the pledge and paying out to the receiving participant.

Say you have announced willingness to assist with N100,000. You will be rewarded in your Private Office with N100,000. And it will immediately start growing! A week later, this N100,000 will become N110,000 and in a month, it becomes N140,000. Accordingly, you will be able to request assistance for N110,000 in the first week, N120,000 in the 2nd week, N130,000 in the 3rd week and N140,000 in the 4th week. All after your pledge might have been transferred and confirmed.

Request for providing help comes to you in your personal office. If you do not do it within 48 hours during the week and 96 hours on weekends, you will be removed from the system. (For ever and ever) and can’t register with the same name again.

Please note that the use of the words 10% a week cannot be considered as a yield or interest rate since the funds were given away in goodwill, we are not earning anything anywhere (we are a mutual-aid fund), it’s purely a reward for taking a risk to help a fellow participant.

Bonuses on Givers Forum

Apart from weekly 10% reward, here are other ways members get rewarded in Givers Forum

Registration Bonus

When registering in the system, you get a onetime reward from N1,000 to N50,000 as a token of appreciation for stepping out to help humanity (Strictly for those who make pledges immediately).

• Donations from 20,000 earns a reward of 1,000
• Donations from 200,000 – earns a reward of 5,000
• Donations from 500,000 – earns a reward of 10,000
• Donations from 1,000,000 – earns a reward 20,000
• Donations from 2,000,000 – earns a reward 50,000

Referral Bonus

Inviting new members into the Community is your additional contribution to its development. But nobody force the members of the Community to invite new participants. But at the same time, understanding that the GIVERS FORUM can’t exist without people, these bonuses motivate members to take an active position and spread the good news with their contacts.

• 1st generation – 10%
• 2nd generation – 5%
• 3rd generation – 3%
• 4th generation – 1%

Recommendations On Safe Participation In Givers Forum

GIVERS FORUM is the Community where people trust and help one another. That’s why it uses a principle — “only one account for one person”. Each participant has to have own bank account. The absence of multiple accounts (when one person registers in the system several times) — is the key to dynamic and sustainable development of the Community in the future. The one who creates multiple accounts, and in this way tries to obtain additional, not provided in the rules bonuses — deceives their colleagues and friends, and in the end — themselves. Such frauds will be blocked once and for all and immediately expelled from our community! We need only honest people in the community who change the world for the better!

If you haven’t violated the rules but your account has been blocked, you should write to the Admin attaching the photo or scan of ID in order to confirm your identity. You might have been suspected of unfair participation and automatically blocked by the system. The Admin has effective tools to determine whether the accounts belong to the same person or to different people. If you only have one account and you follow these recommendations, you do not need to worry. In an extreme case, even if you have been blocked (temporarily), but you have followed all the recommendations — you will be able to confirm your identity, your account will be unlocked, and the growth of your contributions won’t be affected. That’s why you should play fair, keep calm! We’re on your side and God on our Side!

BEGINNERS

If you are a beginner and still haven’t understood all functions of your Personal Office (PO) you can ask your upline to help you with your account. Never share your PO email & password. But in any case you do not give anyone the password of your PO. You have to follow these recommendations for your own safety.

The Community members should understand that the GIVERS FORUM recommendations defend the interests of the participants in order to ensure steady work and stable payments. In GIVERS FORUM, money is redistributed among the Community members only. Being honest is the main priority for the Community because GIVERS FORUM was created not for getting richer but to make financial relations between people fairer so that many more people can own their own houses and at least live above POVERTY LINE.

How To Participate On Givers Forum

1. If you decide to participate in GIVERS FORUM. How to do that? It is simple! Just go directly with this points.
2. Register on the websitegiversforum.com Enter the Personal Office (PO).
3. There will be two big buttons: “Provide Help” and “Get Help”.
4. If you want to put your money, so click “Provide Help” and point the sum of money, you would like to put in the System. The minimal sum is N5,000.
5. You will get in the same moment the amount in your Earnings, and they begin to grow with the rates of 10% per week.
6. Then you will get the order with bank details of a participant that you must transfer the money.
7. The order will also have the contact details of that man, so you can talk with him if you wish and make sure, that he is real and alive, same as You are.
8. There is no central account in GIVERS FORUM, to collect all the money of participants (and from where they could be stolen easily). All the money transfers are made directly between participants.
9. It means that everything is quite clear and honest. GIVERS FORUM plays just a role as some kind of a dispatch, which connect the participants.
10. Transfer the money to that participant, upload evidence of payment. He confirms the receipt, and after that Your Earnings becomes “confirmed”. That’s it! Now You can ask for help at any moment after one week.
11. If you want to Get Help, click “Get Help” and point the sum.
12. Another participant will get the order and he will transfer money to You, just as You did before. But don’t forget to confirm the money received, after You get the money to Your bank account. (Not before! Beware of fraudsters!) .
13. Please don’t forget to send your testimonies to info@giversforum.com

Is it a legally registered business in Nigeria?

There is no Ponzi scheme legally registered in Nigeria as at the time of this review, but when you talk about legality, it is difficult to designate givers forum as “illegal” simply because they are not registered.

GIVERS FORUM is a People’s Community. People who help each other for free, and absolutely consciously, they transfer money directly to each other, from one bank account to another, without any conditions, fear or stress. They do it because they want to do it, because it is a good deal to help each other.

It means the Mutual benefit fund as it is. There is no formal organization, no legal person in GIVERS FORUM. And of course there is no central bank account. There is nothing! There are only millions and millions of simple participants, simple private persons. And their bank accounts.

Thus, GIVERS FORUM is absolutely legal and does not break any laws. Because there are only money transfer between private persons and nothing more.

So everything is absolutely clear with the lawfulness. There are no violations and there won’t be! . About honesty, It is important to underline, that GIVERS FORUM doesn’t permit cheating or abuse of the system. In other words you cannot cheat and get away with it.

Is it possible to lose money in Givers forum?

Just like MMM Nigeria, givers forum have no central account or central administrators who manage funds between members, funds are transferred between members directly to their bank account. This system makes it difficult to be defrauded. The only way to lose money is when after paying a fellow member, the website crashes which will make nonsense of everything. Again should Nigerian government decide to shut down all ponzi scheme websites in Nigeria, there could be loss. Barring any of these scenarios it is not possible to lose money in givers forum.

My Final Conclusion:

Participating in givers forum is not an investment neither is it a business, which is why it is advisable to use only “spare money” to participate should anything go wrong. I see a lot of students playing risk with their school fees hoping to make some returns, discretion should be on high alert because anything can happen at any time.

While I do encourage my readers to participate, I strongly believe givers forum is better than sports betting because every member benefits (Give and Receive).

If you want to register, feel free to contact me on whatsapp 08064892518, for you to get updates directly from me.

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All You Need To Know About Ultimate Cycler

Ultimate Cycler is like every other online networking business where members will need to get downlines before you can get a return.

Ultimate Cycler was created 2011 by Peter Wolfing but due to the huge awareness of Nigerians in 2016 to online networking business, ponzi scheme, and peer to peer programs like MMM, Givers Forum, iCharity, Zarfund etc Ultimate Cycler has also gain the interest of Nigerians.

Don't Miss: How to Join E-cooperative online investment program

In Ultimate Cycler members donate money to members meaning the system does not have a central account.

The difference between Ultimate Cycler and other networking business or ponzi scheme is that in Ultimate Cycler money don't grow automatically unlike MMM and Givers forum etc where you will have to wait for 30 days for your money to be fully matured, In Ultimate Cycler you can get your investment and returns the same day you invested if you are active or register under an active team.

Read Also: 
Everything You Need To Know About Givers Forum 

Crediboo: The New Social Network That Pays.

How Ultimate Cycler Works

Ultimate Cycler is a 2x2 matrix system meaning when you register there must be two persons directly under you and each of the two persons will need two persons directly under them, making 6 persons in whole.

I will use the screenshot above for illustration,

For you to get fully paid your matrix must be complete, when two persons use your referral link they become your Direct Downliner as shown above these two persons will not pay you, any four persons that comes directly after these two persons either they use your Direct Downliner's referral link or your personal referral link they are your Downliners, they are the one to pay you.

So, the difference in how Ultimately Cycler works to other scheme is that when you register under an active person or team, you don't need to get someone to use your referral link because Ultimate Cycler will automatically match the 6 persons under you.

How to Join Ultimate Cycler

To register, You will need to use someone's referral link, this person becomes your direct upliner then the system will automatically match you to donate the sum of N12,500 ($25) to a qualified member either to the person you use his/her referral link or upliners, and he/she will then confirm your donation.

Note: Make sure you register through an active person's referral link or better still you join an active group so that you can get both the investment and returns within a week.

Your registration will be complete when you have sent N12,500 ($25) to the person you are matched with.

After successfully activating your account, login to your ultimate Cycler account, click on “My Profile”, when your profile loads up, scroll down to the part that says “Payment Instructions.” Delete the default text you don’t need them and enter your bank account details there.

Note: You will get paid to the bank account details you entered in the “Payment Instructions” section. So, make sure it is correct.

Whenever you receive payment go to your Ultimate Cycler account to confirm that the person has paid you. This is also important.

The system (Admin) will put 4 other registered people under you from spillovers who will also pay you N12,500 each, into your bank account, making N50,000 ($100). You can also bring people to register under you if you can’t wait for the system to do it for you.

Also Read: How to Identify Bitcoin Scam Scheme

Re-investment in Ultimate Cycler System 

After you have completed your First Level (Matrix), you can now upgrade to Level 2, where you Will need to pay N25,000 from your N50000 to a Grade 2 upline member and now you don’t need to worry on how to get people in this level, the system will bring people under you.

How it Works 

LEVEL 2: You upgrade with $50 (N25,000) out of your profits.
It is also 2×2 matrix.

As your downlines follow you, together with spillovers from your uplines, you cycle $50 x 4= $200 (N100,000).
Re-enter as you did in the $25 matrix.
You keep profiting with the cycle of $200 over and over without limit, giving you $150 each time you cycle, which is N75,000 net profit over and over and over again without end.

LEVEL 3: It is also a 2×2 matrix.

In the same manner, you upgrade to this matrix with $100 (N50,000).
At this level you earned $100 x4 = $400 (N200,000), giving you a net profit of N150,000 over and over without end.

LEVEL 4: It is also a 2×2 matrix.

In the same manner, you upgrade to this matrix with $200 (N100,000).
At this level you earned $200 x4 = $800 (N400,000), giving you a net profit of N300,000 over and over without limit.

LEVEL 5It is also a 2×2 matrix.

In the same manner, you upgrade to this matrix with $400 (N200,000).
At this level you earned $400 x4 = $1,600 (N800,000), giving you a net profit of NN600,000 over and over again without end.

LEVEL 6
It is also a 2×2 matrix.

In the same manner, you upgrade to this matrix with $800 (N400,000).
At this level you earned $800 x4 = $3,200 (N1,600,000), giving you a net profit of N1,2000,000 over and over without end as you keep on cycling. It’s noteworthy that all these business centers operate independent of another. 

ULTIMATE CYCLER INVESTMENT AND EARNINGS SUMMARY: 

STAGE 1: INVEST $25 (N12,500) GET $100 (N50,000)

STAGE 2: INVEST $50 (N25,000) GET $200 (N100,000)

STAGE 3: INVEST $100 (50,000) GET  $400 (N200,000)

STAGE 4: INVEST $200 (100,000) GET $800(N400,000)

STAGE 5: INVEST $400 (200,000) GET $1,600 (N800,000)

STAGE 6: INVEST $800 (400,000) GET $3,200 (N1,600,000).

Join an active team like mine so your downline can grow quickly. Our Team will help put you through and guide you.

Register with any of our team referral link below:

Referral Team One

Referral Team Two

You can equally join our whatsapp team Here we will guide you through the process.

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How to Identify Bitcoin Scam Scheme

I really need to do this because the numbers of bitcoin scammer out there are growing day by day to reap investors of their hard earn money, all they do is disappear with the deposited bitcoin and the next thing is to create a new site with mouth watering investment returns after gathering enough bitcoin yet they will still disappear.

So before I go straight to the topic, I will like to make some emphasis on what is bitcoin and how it’s affecting people’s life today.

What is Bitcoin?

Bitcoin according to Wikipedia is a cryptocurrency and a payment system saved in an account called Wallet from trusted wallet providing companies like blockchain, bitx, and others. The word cryptocurrency means a digital currency in which encryption (secure) techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Actually, there are more than 710 cryptocurriencies available for trade in online market, but bitcoin is the most popular.

Bitcoin was first introduced on 31 October 2008 by a group of programmers, under the name of Satoshi Nakamoto. Just like A Dollar to 100 Cent, A Naira to 100 Kobo, and A Pound to 100 Pence etc. Bitcoin also has its own subdivision called Satoshi, a Bitcoin is 100,000,000 Satoshi in 8th decimal place. A Bitcoin popularly abbreviated as 1 btc is approximately 732 Dollars as at the time of making this post, that’s about 355,000 Naira.

Also Read: All Nigeria banks USSD Codes for Transfering money

How is bitcoin mining affecting people’s life today?

Actually Bitcoin had been in existence since 2008 but what really made it more popular in 2016 was an advancement in mobile technology where high tasking software can now be used without bug and also information can be passed across to a wider view within seconds.

Bitcoin has really made life easy for people in different ways like paying off bills, online shopping and also exchanging bitcoin for real cash. Bitcoin has made many rich through investment plans from various mining companies like MMM United, and others.


You make investment in these companies either by providing help, getting a downline (referral) or other business related activities for some stipulated time (days or month) and get your percentage returns.

How to know bitcoin scamming sites

Due to the geometric awareness to bitcoin, scam is also increasing day by day. Actually, there is no certain way to detect if a new site is up for scam. 

These are some of the warning signs that you might be dealing with an illegal scheme: 

•  Promises of very high returns/interest 
• Guarantees that you “can’t lose money” 
• Little verifiable information on company and owners 
• Difficulties in withdrawing your funds 
• Social signup links with high bonuses 
• Sense of urgency to “invest now” 

Bitcoin Phishing Scams 

Phishing scams are common in the online world. This is when a scammer creates emails, messages, login pages and/or websites that resemble a legitimate company. Once users enter their information (like login username and password) on the fake website, the scammers have access to the users’ accounts. If it is an account where Bitcoin is stored, the scammers can easily make off with the money. 

How to prevent phishing scams

• Don’t click on suspicious emails 
• Ensure the correct spelling of the website address 
• Use a unique, strong password for every website account 
• Use a reputable password management tool 
• Enable two-factor authentication on sites that support it 
• Report suspicious emails to your email provider (as phishing) 
• Report suspicious websites to the respective web hosting company 

Bitcoin Wallet and Exchange Scams 

There are some websites claiming to be wallets meant to store Bitcoin. Others claim to be exchanges, where one can trade Bitcoin. Others yet claim to do both, but many of these are in fact scam sites. They simply get users to sign up and deposit Bitcoin or local currency for a while to build trust and then after a while make off with the money. 

Things to be on the lookout for: 

• Only deal with reputable, registered companies 
• Make sure you can verify the identity of the employees/owners 
• See if they are mentioned in reputable local or international news publications 
• Treat anonymous and new exchanges, apps and browser extensions with caution 

There are notable sites that research/comment on scams to keep investors save and scam free.

• Badbitcoin.org
• Bitcoinscammer.com
• Bitcointalk.org
• Behindmlm.com

In case you see any site blacklisted on the site listed above and you think they are actually paying you, wait a while they haven’t gathered enough fund, but soon they will surely disappear with the deposited bitcoins. Invest wisely. 

If you notice any site or you have witnessed any scam through any site, please feel free to share them through the comment box below for general awareness.

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