FTX promised students in Africa up to 40% commission for getting their friends to trade on the now-bankrupt crypto exchange
Collapsed crypto exchange FTX recruited students in Africa to sign their friends up to trade on its platform, telling them they had the chance of earning as high as 40% commission.
University of Nigeria student Fortunate Atueyi told CNBC he was expected to get between 500 and 1,500 people to come. He was encouraged to educate prospective customers on crypto, as well as encourage them to trade. In August, FTX Africathat students who signed up as brand ambassadors would get a chance to earn up to 40% commission by inviting their friends to join.
Before its downfall, FTX used several tactics to expand its reach in Africa. It told customers in the continent that signing up to FTX and investing in crypto would shield them from inflation,Many African currencies plummeted last year as the Federal Reserve's interest-rate hikes pushed the dollar higher.
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