Sam Zuga, creator of the Nigerian cryptocurrency Zugacoin, has responded to various claims, including the impossibility of withdrawals for merchants and users of the digital currency.
In a lengthy Facebook post, Zuga described digital currency critics as “ignorant people” working to taint the project.
One of those critics is Ophi Rume, a cryptocurrency expert who warned investors to be very careful before investing in a project.
Rume said if potential investors knew or knew such details about the project, they would likely stop investing and keep their meager savings.
In defense, the Zuga founder posted his August 25, 2022 post denying a number of allegations involving manipulation within the Zugacoin ecosystem. Zuga’s post also explains how the ecosystem works and why some holders struggle to withdraw.
he said: When there are fewer withdrawals than deposits, anyone can conveniently withdraw. No system can survive if more people are going out than they are coming in.
“There is no problem anywhere in the Samzuga ecosystem. The only problem is that I don’t know how the system works. Merchants can send money from the Merchant Area of the Merchant App to their Merchant Wallet and from there they can conveniently send money to P2P. ”
In an earlier Facebook post, Zuga similarly attacks an unnamed individual he accuses of ignorance and defaming the “noble project.”
According to Coinmarketcap review, Zugacoin is trading at $1.64, with a 24-hour trading volume of $5,220.27.
“Currently he is in CoinMarketCap ranking he is 5228th, current market capitalization is not available, circulating supply is not available and maximum. Delivery of 1,000,000 SZCB coins,” the website added.