ZSE denounces NdeipiCoin as fraudulent
The Zimbabwe Stock Exchange has issued a warning against a fraudulent cryptocurrency scheme claiming affiliation with the Victoria Falls Stock Exchange.
Individuals operating under the handles NdeipiCoin and Nedip_Com on platforms like LinkedIn, X, Facebook, TikTok, and Instagram are falsely claiming that their cryptocurrency, NdeipiCoin, is listed or affiliated with the VEFX.
In a statement, the Zimbabwe Stock Exchange (ZSE), which owns the VEFX, clarified that no application has been received from NdeipiCoin for listing, and it is not a recognised security on the exchange.
ZSE chief executive Justin Bgoni said the perpetrators behind the scam were using the VEFX’s name, acronyms, and branding elements to deceive unsuspecting investors.
He urged the public to exercise caution and conduct thorough research before making any investment decisions.
Bgoni advised individuals to seek advice from licensed stockbrokers and investment advisors to avoid falling victim to such fraudulent schemes.
“The VEFX will not be ,liable for any damages from using, referencing or rely on information related to this product,” said Bgoni.
According to online information, NdeipiCoin is a stablecoin, a type of cryptocurrency designed to maintain a stable value.
A cryptocurrency is a digital or virtual currency that uses cryptography to secure transactions and control the creation of new units. It operates independently of a central bank or government, making it decentralised. Cryptocurrencies are often traded on decentralised platforms called blockchain networks.
They are not controlled by any single entity, making them resistant to censorship and manipulation. Cryptography is used to protect transactions and prevent fraud.
While not completely anonymous, cryptocurrencies can provide a degree of privacy compared to traditional financial systems.
Cryptocurrency prices can fluctuate significantly, making them risky investments. Popular cryptocurrencies include Bitcoin, Ethereum, and Dogecoin.-ebsinessweekl
