Bitcoin
$ 29,187.00 3.54%
Ethereum
$ 1,980.75 2.76%
Solana
$ 49.34 5.97%
Dogecoin
$ 0.084100 2.74%
ApeCoin
$ 7.78 3.43%
STEPN
$ 1.38 2.87%
Terra
$ 0.000160 19.38%

An accidental $80,000 Bitcoin transaction brings out the best in a Nigerian man

bitcoin 2921930 1280

An accidental Bitcoin transaction worth eighty thousand dollars ($80,000) can bring out the best or the worst in its receivers and the recent case of this Nigerian man restores our faith in honesty and integrity.

Keith Mali Chung is a small-time Bitcoin trader and a firm believer in its capabilities to transform his corruption-stricken country. Often, he travels around the country to raise awareness surrounding the currency and engages in small cryptocurrency transactions once in a while.

Naturally, when his humble trading account suddenly displayed an exaggerated Bitcoin amount, he sensed an apparent oversight.

Nigerian man gives back $80,000 received from accidental Bitcoin transaction

I have traded Bitcoin but never this size. As soon as I found out about the excessive amount, I knew it had to be a mistake and took it upon myself to track down its owner, he explains in a telephonic interview.

 

Having found 7.8 Bitcoins in his account following a mistaken Bitcoin transaction, Chung began his extended yet successful search for its owner. The initial WhatsApp announcement and a three-day message sharing and forwarding did not yield the desired result, and thus, Chung took it to Twitter.

 

Interestingly enough, his post received a response from the likely owner of the transaction as he presented a valid encryption code.

Although the owner of Bitcoin holdings in question is yet to be verified, it wouldn’t be wrong to say that Chung’s act benevolence could have gone either way.

Nigerians seek safe haven in cryptocurrencies

Meanwhile, cryptocurrencies have become essential to the dooming Nigerian economy. Considered as one of the most corrupt nations in the world, cryptocurrencies offer some respite by steering the impaired economy towards a cashless and digitized society.

Recently, the Central Bank of Nigeria announced a two percent (2%) fee on cash deposits over five hundred thousand Naira (500,000 Naira) and three percent (3%) on withdrawals. Initiatives such as these are increasingly prompting citizens to turn to digital assets.

Chung observes that an increasing number of Nigerians are becoming interested in cryptocurrencies and the possibilities that come along with it. There are many motives to drive its adoption here, such as circumventing excessive bank charges for international remittances, sending money or Bitcoins to their relatives overseas, he states.

Nevertheless, in a nation that is burdened with political corruption and online frauds, regulating cryptocurrencies may not be a sensible move. Thus, the government’s evident hesitancy in legalizing cryptocurrencies is understandable.

Manasee Joshi

Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.

Related News

Hot Stories

Ethereum wipes out $8.10B while eagerly awaiting 'The Merge'
Michael Saylor says market crash will benefit Bitcoin
Crypto exchanges are relisting LUNA after the crash
Terra admits to facing technical issues in resuming LUNA and UST transfer 
RoboApe could be valued over Dogecoin and other crypto-memes.

Follow Us

Industry News

eBay jumps into declining NFT business with Wayne Gretzky's help
Crypto crowd’s shocking prominence in Davos
Balenciaga U.S. stores to accept BTC and ETH starting June 2022
BTC Pizza Day is celebrated amid crypto crash
CV VC launches Africa-focused blockchain fund