Crypto Trader does not have access to $2,672 at Kite Financial for 4 months
Tobi Adeju (not real name), a resident of Ogun State, has accused Kite Financial, a crypto platform founded by Mario Egie, of denying him access to his $2,672 for four months.
Adeju told the FIJ that the money had been trapped in his wallet since November 17, 2022, as he had been unable to withdraw it.
The crypto trader said he signed up with Kite Financial the same month and bought bitcoin through its peer-to-peer (P2P) Network.
He said he learned about the platform from a friend and that he had also seen Kanayo. O. Kanayo, a Nollywood actor, endorses the platform in an advertisement on Kite Financial’s Instagram page.
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He noted that his last withdrawal was on November 17, after he had initiated a $543 transaction, and his balance had been unavailable since then.
“When I joined, I bought some coins and I was able to retire. When I saw that it was going well, I bought another one from P2P traders and they told me to withdraw little by little,” Adeju said.
He noted that while some withdrawals were processed, most of them did not go through, as he kept getting “operation not completed” error messages.
According to the bitcoin trader, this went on for several days, and when he complained about it, he was told to try again later.
“That’s when they told me to withdraw small amounts like $500 or less until I could no longer do anything with the remaining $2,672 in my wallet,” he said.
“I can’t sell it or do anything with it. It has been sound money ever since. The total amount of my bitcoin should be 0.11012231 which is worth over N2 million. But it has sharply reduced to 0.10950057, which was $2672 yesterday.”
Due to the volatile market rate of the US dollar, Adeju’s 0.10950057 bitcoin was worth $2,722 on Wednesday morning.
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When contacted for comments, Egie explained that Adeju’s inability to access his money may be a technical challenge and his account may also have been frozen.
He said an account could be frozen while it is investigated for suspicious activities carried out on the platform.
Although he noted that Adeju’s was likely experiencing a technical challenge since he was still able to log into the site, he said his team is currently working on some upgrades to address technical issues faced by crypto traders.
“At last, by the end of April, this upgrade will be rolled out and it will resolve the technical issues,” he said.
