Eric Patrick
The Securities and Change Fee (SEC) has issued a public warning towards investing in or selling the digital belongings ZUGACOIN — together with its variants SZCB and SZCB2 — and SAMZUGA GPT.
In an announcement posted on its official X (Previously Twitter) deal with, the Fee said that neither the promoters nor the issuers of those belongings are registered or licensed to function inside Nigeria’s capital market.
It additional clarified that the 2 crypto belongings haven’t been accredited for public providing.
Based on the SEC, preliminary investigations have revealed that each ZUGACOIN and SAMZUGA GPT are labeled as meme cash digital tokens that sometimes lack intrinsic worth, sensible utility, or backing from a tangible challenge.
The Fee warned that the worth of such cash is commonly pushed by hype or aggressive promotion, making them susceptible to fraudulent practices equivalent to “pump and dump” schemes.
In these schemes, promoters artificially inflate the value of an asset via deceptive advertising and marketing, then unload their holdings on the peak, inflicting the value to crash and leaving traders with heavy losses.
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The SEC’s assertion reads partly:
“The eye of the Securities and Change Fee has been drawn to on-line publications selling unauthorized crypto cash generally known as ZUGACOIN (and its variants SZCB and SZCB2) and SAMZUGA GPT.
The general public is hereby knowledgeable that the promoters or issuers of those belongings aren’t registered to function in any capability within the Nigerian capital market.
These digital belongings haven’t been accredited for issuance.
