FTX promises – When the twists and turns of the FTX affair cheerfully feeding the legal chronicles of the crypto and financial press, we discover that the platform has tried to attract new users until the last moment. While all eyes have turned to the US and Europe since the bankruptcy, it seems that some countries inAfrica have been targeted by a particularly aggressive marketing by Sam Bankman-Fried’s teams. As close as possible to local matters, exchange ambassadors were able to convince those around them with many gifts and benefits. Now they are in a very complicated situation.
Aggressive marketing to attract new users to West Africa
On November 3, ten days before the official bankruptcy of his company, Sam Bankman-Fried he announced it enthusiastically FTP extension now accepted the CFA franc. Inside the eight countries of the West African Economic and Monetary Union (WAEMU), it would now be possible to buy cryptocurrencies on the Bahamian platform. Residents of Benin, Burkina Faso, Togo, Senegal, Mali, Ivory Coast, Niger and Guinea-Bissau also found themselves embarked on the one-way FTX adventure.
But the worst clearly lies on the side of Nigeria. It is in this gigantic country of more than 2 million inhabitants that the commercialization of the bankruptcy platform has been most effective. Witnesses told of lavish parties held in Lagos that were supposed to recruit new ambassadors. These were then responsible for convince still customers with $5 bonuses and gifts for every new signup.
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Local FTX Ambassadors at work in Nigeria
Pio OkedinachiHead of Education for Africa at FTP extension and ambassador himself, explains his methodology, not without bitterness:
“My main job was to promote FTX in Nigeria and other African countries through online information sessions and events such as conferences. We knew how to play, we knew how to involve people. »
Now we know these recruiters house had quantified goals hundreds of thousands of dollars every month. Lucky Atueyi, 23, a chemistry student at the University of Nigeria, Nsukka, became an FTX campus ambassador in March 2022. He says the company handled the logistics as it brought back students. For 500 people present, touched $200 and the promise of more in the future.
Arguments that have hit the mark on the population
To fully understand FTX’s strategy, just read the headline of a webinar announced on the company’s Telegram group. The 11,000 members they were asked to think about how “ Protect against inflation with FTX Earn ». With a yield of 8% on stable coins in dollars, FTX offered a solve two problems at the same time.
First, convert local currency to dollars for avoid being devalued Nigerian naira, South African rand or Ghanaian cedi. But most of all take advantage of the 8% yield. and offer the promise of a better future to often less fortunate students. Finally, the worst part of all this is perhaps the shame and regret of having embarked on the adventure of his family members and some of his friends.
muhammad sabiu27-year-old says he admired Sam Bankman-Fried, believed his statements selfless And engaged. She fell from a height during the FTX bankruptcy and in addition to his personal lossesmust now assume eyes on him and dealing with the disappointments of his community. Finally, from New York to Lomé and from Abuja to Paris, scammed users of the exchange all have the same bitterness for having believed the beautiful promises of the CEO in shorts. And recent revelations it won’t lessen that feeling.
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