Kenyans Lose Ksh1.18B by Popular Crypto Firm, Founder Calls Them Idiots

  • Cryptocurrency scams on the rise in the country
    Cryptocurrency scams on the rise in the country
    Courtesy
  • Reports have emerged indicating that Kenyans who had invested with crypto firm, Bitstream Circle, lost Ksh1.18 billion.

    According to a report by Nation Africa, the Kenyan investors were promised a daily profit return of between 5 to 10 per cent of the invested amount.

    Bitstream Circle had over 10,000 followers on its Telegram page and each member had to part with Ksh2,340 to be added to the “Bt Elite Team” group.

    Cryptocurrency scams are on the rise in the country
    Cryptocurrency scams are on the rise in the country
    Courtesy

    On March 13, 2022, users began noticing delays in withdrawals and the company informed them the systems were being upgraded. 

    The following day investors woke up to a rude shock, the Bitstream Circle had suddenly disappeared and they were unable to withdraw their cash or access the system to see their wallets.

     A forensic analysis revealed that Bitstream Circle had scammed investors Ksh1.18 billion in 97 days.

    “You are a bunch of brainless races, see you on our next plan,” an administrator of the page posted to the investors.

    “Bye, haha. I am living a luxurious life with your dollars. If you have invited friends, wait to be killed by your recommenders. Idiots. There will be a time to meet.”

    When concerned investors started asking about their money on the Telegram group, they were met with rude messages, some bordering racism.

    graphic representing Bitcoin
    graphic representing Bitcoin.
    Twitter

    “I still drive my Ferrari and some of you can’t afford to eat," the founder of the group wrote.

    The mentors, who were assigned to new recruits, were also left shocked since they had traversed the country recruiting new young people with promises of making millions of shillings in the shortest time possible. 

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