The Securities and Exchange Commission (SEC) has issued urgent warning on TOFRO.COM, a new suspected Crypto ponzi scheme targeting Nigerians.
SEC said TOFRO.COM, is an unregistered online platform allegedly operating as a cryptocurrency trading site. It warns that TOFRO.COM exhibits all the hallmarks of a sophisticated Ponzi scheme designed to defraud unsuspecting investors.
According to the Commission, TOFRO.COM is not licensed to operate in any capacity within the Nigerian capital market. It is not authorized to solicit investments from the public, making its operations illegal under Nigerian financial laws. The SEC emphasized that any engagement with the platform places investors at significant risk, potentially resulting in total financial loss.
Regulatory investigations have uncovered troubling patterns behind TOFRO’s operations, including unrealistic promises of extremely high returns, a classic red flag in fraudulent schemes. The platform reportedly depends heavily on a referral-based system to attract new investors—an unsustainable structure that resembles the mechanics of a Ponzi setup.
Even more concerning, numerous users have complained that the platform has failed to honor withdrawal requests, a telltale sign that funds may be drying up or being misappropriated.
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The SEC has urged Nigerians to avoid falling prey to the growing wave of crypto-related scams that exploit public enthusiasm for digital assets. It warned that investors must exercise extreme caution and verify the registration status of any platform before making financial commitments. The Commission’s official verification portal provides up-to-date information on registered entities, offering a critical first step toward protecting oneself from scams.
With online fraud on the rise, particularly in the cryptocurrency space, the SEC continues to prioritize investor protection and market integrity. The Commission reiterates that any platform not duly registered and regulated should be treated as a threat to public funds. TOFRO.COM, in particular, poses an imminent danger and should be avoided by all means.
As the Commission works to track down fraudulent operators, Nigerians are reminded that if an investment opportunity sounds too good to be true, it probably is. The SEC said it remains committed to safeguarding the financial interests of the public and ensuring a transparent and trustworthy capital market.
