Cryptocurrency Ponzi Scheme Gone Bust in Uganda

December 6, 2019 11:59 PM UTC

According to Daily Monitor, more than a dozen of people in Uganda have lost all their money after investing in a cryptocurrency pyramid scheme. The company was called ‘DUNAMISCOIN’ Resources Limited and opened in Masaka town back in November.

The company has recently stopped operating and it seems that the team behind it has gone missing.

Mr Joseph Musiitwa Natakemula, who operates a boutique next to the closed offices, told this reporter that they found the offices empty when they turned up work for work on Thursday.

It seems that the scheme was recruiting investors and clients through mobile money agents that went around the town directing them to the office.

An ex-employee of the company, John Marry, said the company was promising them huge payments and high interest in dollars.

They told me it would help me a lot. They said they would give me a job. I went to their offices in Kampala for an interview. They then convinced me to invest some money with them saying I would get it back with high interest in dollars

Ponzi Schemes Are Still Quite Present in the Crypto World

Ponzi and pyramid schemes have been quite prevalent in the crypto market as the blockchain offers the fraudsters almost a perfect environment to conduct their scams.

Even the SEC of the United States has issued an alert about Ponzi schemes using virtual currencies.

We are concerned that the rising use of virtual currencies in the global marketplace may entice fraudsters to lure investors into Ponzi and other schemes in which these currencies are used to facilitate fraudulent

Remember, if it’s too good to be true, then it probably is.

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