Common P2P scams in Ethiopia
Scammers often use fake payment screenshots, claim they sent money before escrow was created, or ask you to trade outside the platform. Some impersonate support staff and ask for passwords or seed phrases.
Never trade outside escrow
Escrow is the only protection you have. Once crypto leaves the platform's escrow, the transaction cannot be reversed. Always complete the trade inside the app and keep evidence there.
Verify payment before releasing crypto
Do not rely on SMS confirmations or screenshots. Log into your Telebirr or bank app and confirm the balance. If the funds are not there, do not release the escrow.
Use dispute resolution
If a buyer or seller refuses to cooperate, open a dispute immediately. Upload your payment receipt, chat history, and any proof of payment. A moderator will review and release funds to the rightful party.
Red flags to watch for
- Requests to chat on WhatsApp or Telegram before trading
- Pressure to release crypto before payment clears
- Prices far below or above market rate
- Accounts with no trading history offering huge amounts