Cyber-Forensics.net
Cyber Forensic Specialist
Online scammers are believed to have stolen $120 million already from Kenyan investors since the bitstream circle scam appeared in the country.
— Timothy Benson
SOFIA, BULGARIA, April 4, 2022 /EINPresswire.com/ — Multiple reports from Kenya confirm that crypto scammers are targeting investors into a new variant of the Ponzi scam called Bitstream circle.
According to Kenya’s Ministry of Information and Technology, the bitstream circle scam affected thousands of businesses in March 2022. According to another report, the scam was first registered in the UK in Dec 2021.
Cyber-Forensics.net, a cyber forensics service for online scam victims, added to the analysis by revealing that “Bitstream Circle scam had targeted 11,000 people across seven countries and is now spreading aggressively in Kenya.”
Peter Thompson, a crypto recovery specialist at Cyber-Forensics.net, investigated the published report only to find “it’s a type of crypto scam that has grown significantly in the last four months. In most cases, victims were lured by the promise to gain between 5% to 8% of positive returns on daily investments.”
Now that more reports are coming from Kenya, the government estimates “the existing financial loss could be close to $120 million.”
In fact,…
