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HomeBusinessCrypto scammers duped the people of Kenya $ 120 million

Crypto scammers duped the people of Kenya $ 120 million

It is estimated that 8.5 percent of Kenya’s population or more than 4.5 million people hold cryptocurrencies. bitcoin is more popular among them.

Cryptocurrencies, especially bitcoin, are quite popular among Kenyans. Last year, crypto scammers defrauded them of about $ 120 million (about Rs 916 crore). Kenyans are now discussing crypto scams through groups on social networking platforms. The crypto market in Kenya, Nigeria, Tanzania and South Africa has grown 1,200 percent in one year.

Regarding crypto scams, Kenya’s cabinet secretary Joe Mucheru said that people do not have much knowledge about cryptocurrencies and due to this they become victims of fraud. He has asked people to give information about fake or suspicious firms so that others can be alerted. Media organizations have also been asked to report such cases of fraud as much as possible. This will make people aware about crypto scams. It is estimated that 8.5 percent of Kenya’s population or more than 4.5 million people hold cryptocurrencies. Bitcoin is more popular among them.

According to research firm Triple-A, Kenya ranks first among African countries in terms of trading volume of cryptocurrencies. It ranks fifth worldwide in total cryptocurrency activity. Due to the high crypto-related activities in Kenya, scammers are on the lookout for people who have little knowledge of the market.

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The activities of crypto scammers have also increased in other countries. A recent report by research firm Chainalysis said that $7.7 billion was defrauded through these scams last year. The US Justice Department recently announced the launch of a unit of the FBI to investigate blockchain analysis and fraud related to virtual assets.Had it. The department had caught a major case of fraud last month. In this, a New York couple is accused of laundering more than $ 4.5 billion (about Rs 33,750 crore) of bitcoins. These bitcoins were stolen by hacking the digital currency exchange Bitfinex about six years ago. Regulators under President Joe Biden have increased scrutiny of the cryptocurrency industry following a cyber attack on America’s largest fuel pipeline network last year.

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