Alternative finance and cryptocurrency expert, Rume Ophi, has warned Nigerians against being swayed by celebrity endorsements or promises of quick riches.

In a statement sent to Vanguard, Ophi, widely known as the Cryptopreacher counselled, "The cryptocurrency space has enormous potential, but it also carries significant risks if you're not careful. What we're seeing in the market is extremely concerning."

He issued the warning to the Nigerian public citing the recent collapse of the $Jota Coin, explaining: "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."

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 the public.

"The SEC had to step in and warn Nigerians to stay away from such tokens. Once again, we're seeing history repeat itself.

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."