The latest crypto fraud that has rocked Kenyans is called Bitstream Circle, a ponzi scheme designed by Kenyan and Chinese fraudsters, with mostly Kenyan investors.
According to Kenya’s Nation newspaper, the company, which had promised a daily profit return of 5-10% of invested amount, appeared on the internet on December 7, 2021.
It gained more than 10, 000 followers on its Telegram page in a short time. To be added to the ‘Bit Elite Team’ group, one had to make a $20 (Sh2, 340) deposit.
One of the scheme’s tactic was to use a mentor who was assigned to investors to show them how to convert their shillings into cryptocoins, trade, earn profit, and withdraw their money. The mentors would send signals to investors on when to trade and how to earn a profit.
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There were at least five trading sessions in a 24-hour cycle. For every session, investors could gain 1-2% of their deposit, which added up to 5% at the end of the day.
Once you cashed in, you had the option of leaving your wins in Tether ($USDT), which was the currency people made investments in, or withdrawing them to Binance where you could convert…
