In a hard-hitting segment on Channels Television, renowned alternative finance and cryptocurrency expert Rume Ophi, widely known as the Cryptopreacher, issued a stark warning to the Nigerian public about the recent collapse of the $Jota Coin.
The digital currency, launched by popular skitmaker Chukwuebuka Amuzie (Brain Jotter), crashed spectacularly just hours after its September 1 debut on the TON network.
Ophi, who has gained a reputation for his accurate predictions in the cryptocurrency space, didn’t mince words during his live appearance. “The Brain Jotter coin situation is a trend that’s deeply worrisome,” he stated, his tone grave. “I’m urging the security agencies and DSS to take immediate action.”
The Cryptopreacher’s analysis came as reports surfaced of the coin’s value plummeting to just one dollar, with liquidity vanishing from the market at an alarming rate.
Drawing on his extensive experience in the field, Ophi highlighted several red flags that point to potential fraud. “What we’re seeing in the market is extremely concerning,” he explained to viewers. “The coin’s value has dropped significantly from its initial hard cap of over a hundred thousand. But more alarmingly, our evidence shows that the contact address of the project initiators withdrew liquidity within 30 minutes of launch.”
Ophi didn’t hesitate to call out the practice for what it appeared to be: “This suggests a classic rug pull scenario. They put a product out there for people to patronize, then pulled the rug out from under investors.”
This isn’t the first time Ophi has raised the alarm about questionable cryptocurrency projects. As the Cryptopreacher, he has built a reputation for identifying potential scams before they fully unfold. “We’ve seen this pattern before,” he reminded viewers. “Remember the Davido coin incident? The SEC had to step in and warn Nigerians to stay away from such tokens. Once again, we’re seeing history repeat itself.”
Ophi reserved particular criticism for the celebrities who endorsed the $Jota Coin without seemingly understanding the implications. “A number of celebrities came out to endorse this token,” he said, shaking his head. “I doubt they understand what they’re endorsing. When the law comes into play, they’re all going to be called in for questioning.”
He drew parallels to recent events in the United States, where celebrities faced significant fines for promoting cryptocurrency projects without proper disclosure. “The Kardashians got themselves involved in similar situations and paid huge fines in the millions. Nigerian celebrities need to be very careful about what they endorse in this space.”
Throughout the segment, Ophi emphasized the potential of the cryptocurrency industry for Nigeria’s technological and economic development. “We see this industry as a brainchild for the development of our tech sector,” he explained passionately. “We have the potential to build something as significant as Silicon Valley right here in Nigeria. But if we allow people to come in, sell liquidity for their gain, and make a mess of it, we’re in for something really disastrous.”
As the segment concluded, Ophi issued a clear warning to the Nigerian public: “Stay away from these types of tokens. Do your research. Don’t be swayed by celebrity endorsements or promises of quick riches. The cryptocurrency space has enormous potential, but it also carries significant risks if you’re not careful.”
