A couple of citizens from our neighbouring country fell victim to yet another scam all in the name of investing in cryptocurrency. This is after being promised jobs and investment returns by a crypto startup that all of a sudden went dark.

According to Ugandan newspaper, Daily Monitor, the entreprise opened in Masaka Town. This was followed by immediate invitations to invest and become part of its “digital currency network.”

However, just a month after opening up, Dunamiscoins’ offices closed down leaving the victims confused. According to a businessman that worked next door to the offices, the company had been convincing people to join its “network” by promising 40% returns on cash investments.

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Apparently, the malicious company had been working with money transfer networks in the local area to recruit new people to the scheme.

As if that wasn’t enough, the company went ahead to “hire” at least 50 locals to work for the firm. This included marketing executives, cashiers, managers, and office assistants. According to an individual that was hired as a salesperson, Dunamiscoins also defrauded its employees of money they had paid for registration as they were also promised high returns on investments.

Each applicant had allegedly been asked to pay 20,000 Ugandan shillings (about Kes.550) to register with the company. However, when they turned up for work the following day, the offices were all deserted.

And yes, it might not sound like a lot of money but maybe that strategy was what helped the scam get off the ground. Victims are calling for others who have been affected to come forward and report their experiences to the relevant authorities.

You can’t help but feel sorry for the victims but we also have to be alert enough to not fall victim to such cryptocurrency scams in Kenya that have already sprouted in the capital.