3 Crypto Scams That Are Making the Rounds in Africa in 2019

Crypto Scams That Are Making the Rounds in Africa in 2019

There are numerous get “rich quick plans” on the internet, they have been around because before the internet, and will constantly be around. Considering that the creation of bitcoin, we have actually seen an enormous rise in these plans and rip-offs that have actually really got nothing to do with bitcoin other than the method of payment to join or pay out members.

1KeniCoin Scam

“KeniCoin is a Kenyan cryptocurrency that has been in the spotlight recently over allegations of potentially being a scam.”  Read full article about the Kenicoin scam.

‘It is important for the general public to note that the nature and features of the Capital Raising and Coins Trading promoted by Wiseman Talent Ventures is taking the form of Regulated activities which have not yet been approved by the Authority’, CMA’s chief executive Paul Muthaura noted.

Mr Muthaura added that CMA is currently investigating the operations of Wiseman Talent Ventures. He has urged the public to also not participate in any initial coin offering or trading in any coin exchange offered by the firm.

“We have noted discrepancies in the information provided on the firm’s website www.kenicoin.com and the information given to the Authority during interviews of Wiseman Talent Ventures leadership in relation to the total number of Kenicoin sold and the total funds raised,” he said.

2AWS Mining

According to information on its website, AWS Mining is a company that seeks to “promote financial freedom through the use of cryptocurrency”. Read full article about the AWS Mining scam.

“Texas securities regulators claim that Automated Web Services Mining (otherwise known as AWS Mining), AWS Mining PTY LTD., a number of of AWS Mining’s officers, crypto wallet provider MyCoinDeal, and multi-level marketing organization AWS Elite were violating the state’s Securities Act and committing fraud by selling investment contracts in AWS’ cloud mining pool.”

“According to the filing, the respondents promised investors a 200 percent return on any purchases made, using a multi-level marketing organization to sell mining power contracts.”

However, after investors signed on, the company downplayed the profit they would see, the document said.


As an ever-increasing variety of people are getting keen on putting resources into cryptographic kinds of money, there has actually been a growth in the number of scams that have actually been established with the sole reason for taking assets from innovative cash monetary specialists. Apexcoins is by all accounts, the most current digital money scam to hit the African market.

In standard terms, Apexcoins cases to offer its financial specialists a possibility to see their digital money develop by contributing it to them.

As an ever-increasing variety of individuals are getting to like putting resources into cryptographic forms of money, there has been an expansion in the number of scams that have actually been set up with the sole inspiration behind taking possessions from electronic money financial experts. Apexcoins is by all accounts the most current digital money trick to strike the African market.

4Other Scams in Africa

Ponzi Schemes in South Africa

The pseudonymous nature of bitcoin makes it a terrific tool for those running these plans and rip-offs. It adds more complexity into the process of locating the dreadful people who begin these systems.

Since bitcoin is the new IN thing nowadays and all over the news, many individuals have heard of it than ever before. Individuals hear stories of how others have become rich through bitcoin, and they likewise want to become rich. The quantity of e-mails we receive from people asking about bitcoin because they “want to be a millionaire”, or asking” how long before I am a millionaire”, is staggering.

The mix of being crypto-illiterate, gullible, and desperate for money, is the best mark for the residue of the crypto world, who have no problem making the most of these individuals and getting rich off their money.

Individuals associated with these schemes have zero integrity

Integrity is the credentials of being honest and having strong moral principles; ethical uprightness. It is normally a personal choice to hold oneself to consistent moral and ethical standards. Knowing how pyramid and ponzi plans work, and the number of peoples lives and households are damaged by them, and STILL choosing to take part in them indicates you have NO integrity.

Individuals who are members and have generated income often do not care that they are in such a scheme, they just care that they are earning money (briefly) and want to capitalize other members as much as they can previously whatever collapses.

People who are making money on these plans will attempt to recruit as many people as possible, as they understand that they can keep the scam running longer if more individuals sign up with. It remains in their interest to get more individuals to part with their hard earned money. Their paycheck depends upon fooling more members into joining the plan under them with their affiliate link.

5Do you know of any Crypto Scams?

If you know of any Crypto Scams happening in Africa or the world, leave a comment in the comments section below.

Previous articleSpend Hours Working on Your Feet? Try These Different Tips
Next articleAre You Trying to Understand Financial Reports? Use These 6 Tips
Notify of

Inline Feedbacks
View all comments