Crypto scams are victimizing more and more unsuspecting Kenyans.
The cabinet secretary of Kenya’s Ministry of Information and Technology, Joe Mucheru, announced during a conference addressing the threats to law and order in the country that the past financial year, Kenyans lost almost $120 million to crypto scams.
According to reports, Kenyans are being dragged into many of these situations since they don’t have all the right information.
When it comes to investing and protecting one’s assets, the cabinet secretary asked the media to look into these topics in depth and give readers useful information.
More Kenyans would be protected from bitcoin frauds if more reporters and journalists continue to publish and distribute correct information, the official said.
Prevalent Crypto Scams
Fraud and theft, both of which were conducted mostly via hacking of cryptocurrency organizations in 2021 and which have remained to this day, were the most prevalent types of crime.
However, as of the time of this writing, there is still no available updated statistics on the rate of such frauds for this year.
The North American Securities Administrators Association (NASAA) suggests that people must exercise care before investing in popular and uncertain unregulated investments like bitcoin and other related digital assets.
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