There were Cryptocurrency scams that cost Kenyans $120 million, a government official says

Kenyans are likely to have lost up to $120 million in the last financial year to bitcoin scammers, a government official said. However, the official stated that the number of Kenyans losing money in this manner could be minimized if the media assisted by sharing accurate information.

The Media Has Been Instructed to Provide Guidance

A Kenyan cabinet secretary estimated that his countrymen lost over $120 million to cryptocurrency scammers in the previous fiscal year. Joe Mucheru, the secretary, adding that many Kenyans fall victim to scams due to a lack of information.

Mucheru said during his remarks at a conference centered on law and order that the number of persons suffering as a result of financial losses to criminals can be decreased if the media plays a role. He elaborated:

I think even as you report and investigate these issues, you can also be giving people guidance on the direction, where they need to invest, how they need to protect themselves.

Mucheru also promoted ideas and information sharing between the administration and the media. This, he explained, enables the parties to collaborate even more effectively.

Kenya, like many other African countries, is plagued with bitcoin frauds disguised as legitimate projects. For example, in December 2021, a report from Bitcoin.com News reported that a Kenyan businessman was being investigated for allegedly scamming investors via his Aidos Kuneen cryptocurrency. According to the article, investors in the businessman’s fraudulent cryptocurrency lost more than $140 million.

Thus, in addition to advising Kenyans, Mucheru asked Kenyan media outlets to consider becoming repositories for investor-friendly information. “You should really create a storehouse for a lot of the information that people genuinely need,” he stated.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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