Two young men have reportedly been apprehended in Lagos while attempting to purchase a foreign-used 2018 Mercedes-Benz GLC 300 Coupe valued at over ₦45 million with a fake cryptocurrency payment alert.
According to a report shared online, the suspects allegedly attempted to use a fraudulent Bitcoin payment notification, commonly known as a “flash coin,” to convince the car dealer that they had paid for the vehicle.
However, the alleged incident has raised concerns about cryptocurrency related fraud targeting automobile dealers and other businesses that handle high-value transactions. A flash coin scam involves the use of fake or misleading cryptocurrency transaction notifications to create the impression that a payment has been completed. However, a notification or screenshot alone does not establish that funds have reached the recipient’s wallet.
Security observers have urged car dealers to verify cryptocurrency transactions directly on the relevant blockchain network and confirm the receipt of funds before releasing vehicles or other valuable goods.
Reports also referenced the Ideato Police Station in connection with follow-up enquiries concerning the suspects. However, further details about the arrests, the identities of those involved and the status of the investigation remain unclear.
The allegations have renewed calls for businesses to adopt stricter payment verification procedures, particularly when customers offer cryptocurrency for expensive purchases.
There was no independently confirmed information on whether the suspects had been formally charged or whether the police had issued an official statement on the incident as of the time of reporting.
By Musekir Faisat Omolara
