Kenyans who had invested with crypto firm, Bitstream circle, lost Ksh1.18billion within 97 days, a report says.
The report detailed that the company had promised the Kenyan investors a daily profit return of 5 to 10 per cent of the invested amount.
Within a short time, the company had gained more than 10,000 followers on its telegram page.
To become a part of the "Bt Elite Team" one had to part with Ksh2,340 deposit afterwards the new members would be assigned a mentor to teach them how to convert their shillings to crypto coins, trade, earn, profit and withdraw their money.
Enticed by the deal, investors flocked ready to join the team.
Kenyans lose to crypto funds
Everything progressed well until March 13, 2022, when users began noticing delays in withdrawals.
Upon questioning the firm regarding the mishaps, the investors were notified that there was a system upgrade that would last five hours.
The next day, investors were astonished after the Bitstream Circle suddenly disappeared from the internet.
“You are a bunch of brainless races, see you on our next plan. Bye, haha. I am living a luxurious life with your dollars. If you have invited friends, wait to be killed by your recommenders. Idiots. There will be a time to meet.”an administrator of the page posted to the investors.
Consequently, the investors asked about their money only to be met by rude messages.
“I still drive my Ferrari and some of you can’t afford to eat," the founder of the group wrote.