Zugacoin founder, Sam Zuga, defends currency as expert warns Nigerians against it

Sam Zuga, the creator of the Nigerian cryptocurrency Zugacoin, has responded to various claims, including the impossibility of merchants and users of the digital currency to make withdrawals.

In a lengthy Facebook post, Zuga described those criticizing his digital currency as “ignorant people” working to tarnish the project.

His comments follow multiple publications online condemning the digital currency.

One of those critics is Ophi Rume, a crypto expert who warned investors to be very careful before putting their money into the project.

According to Rume, when prospective investors learn or become aware of such details about this project they would likely decide against investing and thus preserve their meager savings.

In defense, the Zuga founder posted on August 25, 2022, denying many allegations including manipulation within the Zugacoin ecosystem.

Zuga’s post also explains how the ecosystem works and why some holders may be having problems withdrawing.

He said: “The only challenge is lack of knowledge from the users. Anyone can withdraw conveniently if the people that are withdrawing are less than the people who are depositing. No system can survive if what is going out is more than what is coming in.

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“There is no problem anywhere in the Samzuga ecosystem. The only problem is your ignorance of how the system has been designed to work. Merchants can transfer money from the Merchant area of the merchant app to the Merchants wallet and from there to P2P conveniently.”

In his earlier Facebook posts, Zuga similarly attacks unnamed individuals whom he accuses of besmirching the “noble project” with their ignorance.

Checks on Coinmarketcap show one Zugacoin is at $1.64 USD with a 24-hour trading volume of $5,220.27 USD.

“The current CoinMarketCap ranking is #5228, with a live market cap of not available. The circulating supply is not available and a max. supply of 1,000,000 SZCB coins,” the website added.

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