Web Culture

Live Auction – Another Case of Kenyans’ Desperate Desire “Kuomoka”

214

It’s a beautiful sunny day, birds are chirping, cars zooming on the road, and your friend has just told you about Live Auction, the new way to make easy money from the comfort of your house, or is it?

Live Auction claims to be a peer-to-peer online investment platform where members buy and sell shares to make a profit. Shares for which company? Well, these are all virtual shares, imaginary if you may. Actually, Live Auction does compare itself to the world’s most popular cryptocurrency, “just like bitcoin our shares work on demand and supply algorithm, while some are buying, others are selling making it a continuous system with minimal risk”

The online investment platform promises a 30% interest in 4 days, 60% interest in 8 days and 95% interest in 12 days. This means, the more you let your money stay within the system, the more you are supposed to earn. Oh, there’s also a 5% interest for every level of referral that joins under you (we shall address this later on).

How it Works

Once you are registered on Live Auction, users are then required to “bid” an amount of their choice between KES 1,200 and KES 200,000. At this point, you are not going to pay anything, it’s just a show of interest. If your bid goes through, you are paired with an already existing user on the platform, from whom you will get shares.

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Here’s where it gets interesting, this user already has shares trading on the platform and these are the shares that have been allocated to you after you bid. To complete the transfer of the shares, you are required to send, via M-PESA, your bid amount to the phone number of the person the system has paired you with. This person then confirms receiving this money through the system and the shares are reflected on your account.

Notice that so far, the platform has not handled any money? It may look like a legitimate way to make money since it gives a sense of security that the platform cannot disappear with your investment but there’s more to it.

The Red Flags

Apart from moving their domain from liveauction.cash to liveauction1.cash after only a few months of operation for unknown reasons, the platform itself has a few red flags that are a telltale sign of things to come:

First, there’s no actual “investment”. The money you bid on the platform is sent to someone else who has chosen to cash out. So where does the platform get money to pay the interest? Essentially, Live Auction users are just moving money around themselves like what a chama would do. However, unlike a legitimate chama, the shares you supposedly get when you win a bid, are nothing but just number on a screen.

Secondly, the platform requires the constant recruitment of new investors for it to actually work as intended. Despite the fact that Live Auction doesn’t put an emphasis on existing members recruiting new ones, the only way for current members to make money is if there’s a demand for their shares which can only be so if there’s a constant supply of new member – characteristics of a pyramid scheme.

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Lastly, and the final nail to the coffin, Live Auction was supposedly scheduled for an upgrade on Thursday, 12th November. A system upgrade that was meant to last about 72-hours is yet to be completed. At first, admins were asking for patience from users as they worked to restore the service but things have seemingly taken a turn for the worst with complete silence from all admins.

To top it all up, there are reports from multiple users that before things went south, the last round of paired bids was to the benefit of Live Auction founders. What this means is that “the system” paired would-be investors with the masterminds behind the product, essentially getting the money in the hand of the creators.

Vanished Investments?

As of going to press, Live Auction management was yet to reach back to us on what exactly was happening. The website, liveauction1.cash has also completely gone offline, after intermittent 404 errors since late-night Sunday (15th November).

A number of users have come forward, having lost money that they had invested in the platform, hoping that they would get to cash out big. Reports online and screenshots in our possession show that numerous people had invested funds running from KES 20,000 to hundreds of thousands of shillings.

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Like any other pyramid scheme, there are users who joined the platform early and have actually made money from Live Auction. A writer from Kampusville testifies to have made over 50k from his initial 5K investment, he, however, notes that he knew that is was a multi-level marketing platform and thus was cautious with his investment. Unfortunately, this is not the same case with everyone and others had even re-invested their earnings, in the hope of “kuomoka”, with a case of someone waiting to cash out as much as 500K from the platform (according to his screenshots).

Government Intervention

Cases of such platforms have been on the rise in KenyaΒ and ironically, there are already Live Auction clones popping up within WhatsApp and Telegram groups, promising to be “more legit”.

Apart from the constant sprouting of pyramid schemes preying on innocent Kenyans, desperate to make it in life, another constant has been the deafening silence from relevant authorities. Apart from sharing tweets and Facebook posts, warning the public on pyramid schemes, we are yet to see the government actively fight to protect its citizens from such scams.

Who shall fight for us?

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214 Comments

  1. OOOH NOOO

  2. We just lost cash hivyo tu…………

  3. Am hopinh not

  4. heheeee

  5. I think you’ve exaggerated

  6. I lost amount of money where I never earn before first bid first loss

  7. watu wa LA salaam alekuum

  8. aleikuuuuum salaam lol

  9. Tough people tough stop’s emergency 🦺 breakings tough wamekula loan yangu ya talaπŸ˜‚πŸ˜‚πŸ˜‚

  10. Fee yangu ya next semister hawa watu wameenda nayo,,,ntatoa wapi another 80 k like for real,,,,😰😰😰😰😰

  11. I think is not you tuko wengi sana

  12. Conned150

  13. eeei pole thats alot

  14. My first bid I lost my 20k😒😒pesa ya mkopo ,ntaambia nini watuπŸ™†πŸ™†πŸ™†

  15. Ooh noπŸ˜°πŸ€”πŸ€”

  16. Mike haongei wachieni hapo alafu neighbour wangu kevo ananipigua mlango kuliko landlord

  17. Live auction 1 mumeomoka na pesa zanguπŸ˜“πŸ˜“πŸ˜“

  18. THIS ONE IS FOR GHANA…….CAN WE SHOUT OUT FOR THEMM: https://liveauction3.cash/

  19. Waaaah karibu niangukiwe

  20. I think those call admin must be already in jail at the moment

  21. Marry Christmas to them,,,good for them wameomoka na pesa yetu

  22. We kenyans are becoming way too ruthless, we encourage the poor into investing their small cash then run away with it

  23. Easy money but now see where it landed you

  24. Wemeenda na 20k ya mkopo

  25. My 20k imeenda tu hivo but si ni life

  26. The admins should be held accountable and refund all monies due to the investors. These’re fraudsters who MUST face law

  27. Robbing the poor only brings you misery.They’ll never know peace

  28. I appeal to all those affected to come forward and state their losses so that a roadmap may be laid for the recovery of their monies. All is not lost

  29. Hahaaa, only to be conned day time!!!!

  30. As they were knowing that they will close, the admins took pesa zero, Mungu anawaona

  31. learned a lesson

  32. Yangu mtu asikule coz ataileta kwa keja nikiwa nimelala na atajua. Utajua mimi ni Nani admin.

  33. You guys should just take it easy, life still continue afterall.
    Sometimes we win, sometimes we learn.

  34. Live auction owners do not benefit out of this

  35. Please understand how live auction business model works

  36. You are just a bloger trying to make a name.we are the Kenyans and we can defend ourselves.We are these schemes intentionally and we know what we are doing and why we are there

  37. How live auction owners gained from their site is bidding shares like rest of the members and donations from their clients.The person who wrote this article I don’t think understood how live auction operated as majority of kenyans.

  38. Live auction should return back to business and sue this blog.

  39. The reason why they moved from live auction 1 to 2 was because of errors that were being experienced in the site.No one or nothing is perfect if Live auction can be given a chance to improve it can improve on services it offers to its clients.

  40. Another brilliant idea killed by the Kenyan system of individuals who don’t take time to understand how some things work.LA had characteristics of a ponzy scheme but was designed in a way to allow no one to loose njenje

  41. Live auction idea is smart it is an SA thing.Kindly if there is any Kenyan calling him or herself the IT guru who can design such a site.Please come forward and design and save your fellow youths.If not just go to SA and bench mark.

  42. Before pointing figures just understand how LA works.

  43. “Saaaalamaleikum”……. anyone please finish …🀣

  44. Madam Tekla am coming for you,pesa yangu haitaenda ivo

  45. 😹😹😹😹😹😹😹😹😹😹

  46. Pesa yangu aki
    Truely cheap is expensive, my desire to be rich turned me into poverty of the highest order

  47. I knew it will end in Tears πŸ˜₯

  48. My money 50k what can I do my now woiwoiwoiiii

  49. LIVE AUCTION WILL BE BACK SOON…
    YOU ARE A WRITING A BLOG WHICH IS EXAGGERATIVE..KENYANS SHOULD REALLY BEHAVE… HOW COMES SOUTH AFRICANS REMAINED CALM UNTIL THINGS WERE SET UP…
    NOBODY HAS GONE AWAY WITH YOUR MONEY..
    THIS IS A PEER TO PEER PLATFORM…
    WE OURSELVES WE ARE THE PEERS NOT LA..
    THEY WILL BE BACK SOON….

  50. Yes …. I like your comment sir..

  51. You are now speaking man,cool down and b positive in your thoughts

  52. AleikumsaaaaalaamπŸ˜‚

  53. LA will be back bigger and better.

  54. The Way you defend LA you appear to be amongst the founders.

  55. LA…just disappearing with money?
    Like seriously? Common, you can do better than that…..

  56. Hello, why do you say so.. I have lost a lot of money and I am stressed . Do you know when it will be back

  57. When will it be back?πŸ˜₯

  58. 18k imeenda tu ivoooo

  59. M-pesa should really help track this money back to there right full owner

    If possible wachukuwe ata 5%

  60. Learnt a double lesson

  61. May you never have peace in your entire life

  62. Everyone knew it was a risk before venturing to it soo please let’s blame no one I lost 50kbut I dont regret coz I knew it was a risk I was taking….. Life itself is a risk right? Let’s calm down and relax

  63. I thought that this project will be a change of life but i was wrong all the way,but i just hope that its just a typical error and liveauction is going to solve out the problem.i had many plans for next year i believe that its still going to come true,i have faith.so guys lets keep our hope and faith stronger its just a cup of pain but it shall come to pass…have a wonderful day and God bless you all…

  64. The genuine Idea is underway……

  65. This true but some people think that there was another Peer Group to take from us for the system

  66. n then that is the last bid expected. Not unless they use the agents with their money to pair the investors for the system to restart gain. If the Problem started on 12th Nov 2020 then we have to wait until 24th Nov 2020.

    I hope they will use the cash they received to restart the system. Again: If they depend on bitcoin investments then we must not worry because they have reinvested this 10million to bitcoin, that means we expect a big return and most probably with the increased minimum amount to bid (Like KES: 2000)..
    Guys, six months is less for a site like Live Auction to close down because we are the sharing targets of Cash unless otherwise, I mean if I was the owner of this system, I would take the surplus and profit from the Bitcoin but not all from the humble investors. I know Bitcoin is a good business of digital currency exchange and it has a good return……….TO YOU INVETORS LET BE PATIENT, THEY ARE WORKING ON SOMETHING GOOD…..NAJUA PRESSURE MINGI….I KNOW THE MORE YOU INVESTED, THE MORE PRESSURE YOU HAVE BUT BE PATIENT ON THIS WE NEED YOU ALIVE FOR THE FUTURE……I intend to create a WhatSapp Group for all the Members, if interested please give a reply on this comment…though getting numbers will not be a big problem for I have the numbers that I paid and the once who paid me….the so called pairing numbers…………..If NOT a good idea kindly share too..

  67. I have an IT expert, we can trace the admins first and get to the master minds. After this week if they are not going to revive the system we are going in hard….. We are 34 of us, wameenda na 3.5million yetu (mbogi yetu). Kama hatutasaidiwa na serikali tunachukua sheria mikononi mwetu…..
    Its gonna be so Ugly

  68. +254726590466

  69. 0714230368 add to watsup group. Actually its a big blow to us investors. Why should admins gives us a reasonable way forward.Anayway patiences matters

  70. Ameenda na yangu add me in 0704421308

  71. Add 0795740131

  72. Add 0707336941

  73. For WhatsApp group +254 740 277221

  74. BY 10th Nov. 2020 it was 8.1MILION

  75. THE IP ADDRESS OF THE MISSING SITE “LA”: SFI

    IP
    172.105.249.47
    ISP
    Linode LLC
    Country
    DE
    Register
    NAMECHEAP INC
    Register website
    http://www.namecheap.com
    Domain life
    2 months

  76. Cool

  77. Registrant City: Panama
    Registrant State/Province: Panama
    Registrant Postal Code:
    Registrant Country: PA
    Registrant Phone: +507.8365503
    Registrant Phone Ext:
    Registrant Fax: +51.17057182

  78. Please add me to what’s up group,,,,0745448505

  79. Lets remember these Admins were using Safaricom Numbers….. later on I realized that the first Admin list was not the one I was seeing just a day before the collapse. Though I had copied the numbers….

  80. This company appears in my Search: Immense Sav (Bs) they are directly link to this company…Name search need to be done from the registrar of companies….we need pace of mind…

  81. According to my check, the domain name is active. Its expiration date is 9/4/2021.

  82. Add 0748422803

  83. I have Lost 7k but all in all I risk and this is a second time to loss in online platform

  84. I hope all will be well ,let’s practice patience…add 0710467772 to ur WhatsApp group.

  85. Pole .. swallow it like a man

  86. Live auction mjue my brother ameisha mtashangaa.the guilt consciousness will just follow you to death.I will not forgive you

  87. Wameenda na zangu add me0740644560 and 0718454334

  88. Pia walienda na zangu na zakila member kwa familia please add me to the group 0797220808

  89. My money only GOD knows

  90. O707702077

  91. 0792606094

  92. yes like your comment bruh

  93. zangu zilienda pia 50k,add me
    0111896642

  94. Pia mm wamenichanua zanguu

  95. Ni kweli

  96. 0718897293

  97. L.A walinitoka mbya siwezi bid tena

  98. I honestly feel like this article was an exaggeration especially if the person who wrote it wasn’t affected and is basing it on information from unconfirmed sources.
    Be patient.

  99. Corona na vitu Vingi vibaya sad to lost my only 22k

  100. 0725464108

  101. Add me.0727068519

  102. Add me 0742518425 wameenda na 81k

  103. Add me 35k 0720739085

  104. Add me 0725832444′ my 70k just like that

  105. Dispite all these will LA come back again?? A lot of people are depressed

  106. Add me 0719416628 my 68500k ivo to walai

  107. Common guys how can we do to get our money back?

  108. Well said

  109. Add me 0799174318

  110. 25000gone admin add 0790510225

  111. Give chance

  112. My first bid Maze and nlifanya kufuliza 4500. Machos

  113. πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜­πŸ˜­πŸ˜­sorry

  114. 0799639485add

  115. 0700573511πŸ˜₯πŸ˜₯πŸ˜₯

  116. A fool and his money…

  117. πŸ€£πŸ€£πŸ˜‚

  118. Wajinga waliwao

  119. Add 0700541127

  120. Add 0717004850

  121. i have lost 45k add 0717102112

  122. Add me please add me to the Whatsap group I have lost 367k😭😭😭😭😭😭😭0748895949

  123. ANOTHER BOOMING SITE HAS COME…..CAN SOME HELP US TO FIND OUT IF THIS ONE IS LEGIT: https://swayincorporation.co.ke/[email protected]

  124. ANOTHER BOOMING SITE HAS COME…..CAN SOMEONE HELP US TO FIND OUT IF THIS ONE IS LEGIT: https://swayincorporation.co.ke/[email protected]

  125. How does this one work?

  126. How does this swayingi cooperation work?

  127. Add 0702530872

  128. Am still hopefull too itarudi mm school fees yote ilieda ntaabia nn mwalimu

  129. Sure all victims should have a forum to meet. Arrenge for one please as I try other means to get them.

  130. The back lies with you. All money bid went to admins directly. We are coming for your heads. It’s not over until it’s over.

  131. Fred add me to your whapp group I lost 60k. 0722460033 my no.

  132. Please add me to your whapp group. 0722460033 I lost 60k..

  133. Add me,lost 20k 0728807124

  134. the system is back guys!

  135. Kindly add mi to whasup group. I do hop that the systeea is coming in a stronger way

    0712720984

  136. Lost 198k

  137. Naskia fununu lA imerudi walai

  138. 0712048457 add me as we wait irudi

  139. true

  140. Stop being in denial ishaenda

  141. Sasa LA iirudi si utaloose blog ivo tu…
    Utakuwa sued kama fake news blog post utaambia nini watu

  142. sijui nililie wapi 570k yangu iende nikiangalia na macho LA walai ata Sasa ivi sitaki faidha nisaidieni jamani nafa !!!!!!!!Naom nyangar

  143. Stop posting something that you’re not sure of please

  144. Their are not so different…but the percentage its hard to understand 25% kwa 50k also 75% kwa 1k men i don’t know if its legit or what…

  145. Add me kwa group yako.0701479123

  146. Add me kwa group yako. 0794103742

  147. 0703672346

  148. La is back bloggers mnaongea sana

  149. Its back. Was system maintenance

  150. It’s back ..this idiot wanted to loot you

  151. How does it feel to be smashed on your face with your lies. It’s back and better…next time look for hard evidence before you talk shitπŸ™„

  152. Your cash will be back in a few…the system is back

  153. Aren’t you ashamed for writing blog posts based on baseless rumors? Now the system upgrade is done and the site is back and business is thriving as usual. Don’t you feel silly seeing that your blog will lose popularity because people hate pathetic lies? See your life.

  154. Y’all foolsπŸ˜‚πŸ˜‚πŸ˜‚ LA is back bigger and better. Saruni Maina kuja nkulipie fee you better work on languages, vocab to be precise.

  155. if it starts bidding kindly inform me on 0712623606

  156. LA IS BACK AND I THINK YOU SHOULD REMOVE THIS BLOG

  157. Watuuuu ooo noooo

  158. Watu watasema nini…
    πŸ™ˆπŸ™ˆπŸ™ˆπŸ™ˆ

  159. LIVE AUCTION IS BACK AND SHARES ARE PURCHASED AT A VERY HIGH RATE: LETS HAVE HOPES,THOUGH SIJAFIKIWA 40K YANGU……MONITORING CLOSSLY FROM 13MILLION: https://liveauction1.cash/register/bomoka

    LA SHARE PURCHASE PROGRESS M-PESA
    13,197,080 9:10AM
    13,196,674 9:15AM
    13,195,392 9:18AM
    13,192,571 9:26AM
    13,187,605 9:30AM
    13,186,536 9:35AM
    13,170,116 10:10AM
    13,169,661 10:15AM
    BITCOIN ALREADY PURCASED ALLL

  160. Can someone kindly assist me na email address ya Live Auction cash

  161. Add me too 0741141255

  162. 130k zangu zmerudi ..ufala kwenu

  163. These sites are many we as Kenyans we need to be careful, Pyramids have gone Digital: This link seems to be exactly the LA version that is also meat to generate cash legrandauctions.org/Yd7vvEYqH7SViGpVGCeR

  164. Imerudi?? mine not yet paired

  165. Who ever posted this doesn’t know the truth of the matter,,,, better delete this since LA IS BACK AND BETTER

  166. Add me too 0797383842

  167. When will it be back

  168. Kwani kulienda aji ikapotea tena?

  169. Please add me on whatsapp 0720862741

  170. Is it really back? Its still behaving the same way

  171. We better go for bitcoin investment directly instead of passing trough these other sites……
    [email protected]

  172. 0702807604 add

  173. add 0712965874

  174. yeah kabisa whatever happeens we careless

  175. Hii kitu haijaback add up9743250112

  176. Add me up to the group 0743250112

  177. Even though we are worried, we must recover our money…..is there anybody got his returns today:

  178. THIS SITE HAS NO DETAILS FOR INVESTORS

  179. Pliz add 0727694977

  180. Si utu update mahali imefika aki juu ni kama imehang

  181. Pls updates..is there anyone who his returns today

  182. Watarudi onlini kweli?

  183. Kuna watu walilipwa jana

  184. Which crowd1 do you guys talk about #am a crowd1 member and I have never lost . I can prove you wrong on that. Reach me 0101974688.

  185. Thembi Pt
    It’s all the same fraudsters n crowd 1, is one n the same thing…it’s been a year now since I’ve joined crowed 1 being recruited, n bought gift code of R2000…n nothing is happening till today. …so hey hey wherever, I’m gona spread the word to my … See More

  186. Add me 0702878618

  187. πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚

  188. Add me 0711466447

  189. THEY HAVE JUST INSISTED SMS AND WHASAPP ONLY….

  190. Add 0791215058

  191. Add 0793896813

  192. 0793896812

  193. 0728142924

  194. Add mi 0729028681

  195. Went will u Back?

  196. I Don’t understand this thing anymore.

  197. Iknow LA is coming back.its my trust and believe.

  198. We have hope however much you lecture us…..why didn’t you poke your mucury nose before…..

  199. LA has gone no back again

  200. Nilitumia pesa ya kununua mahindi gunia 10 na ya kujenga nyumba hubby alinitumia na anakuja soon soon wooooi ntafanya Nini?

  201. Update please, 0725465211

  202. How sure are you?

  203. still waiting……

  204. 072219709

  205. God have mercy on us
    My 14k

  206. LA admins kindly feel for us

  207. Please add me to the Whatsapp group.

  208. I still have hope in Jesus.

  209. Please add me to whatsapp group 0717133800

  210. Who is the admin wa kuadd watu aniaddπŸ₯Ί

  211. I pray that LA cud come back have lost 1.4 at least we can recover our money .they just open platform we recover our money.

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