Kenyans Lost $120 Million to Cryptocurrency Scams in 2021

A government official said that Kenyans may have lost $120 million to crypto-scammers in the past financial year. However, the official suggested that the number of Kenyans who lose their funds in this manner can be decreased if the media provides the right information.

Media told to offer guidance

According to a Kenyan cabinet secretary, his countrymen have lost $120 million to cryptocurrency scammers during the past financial year. Joe Mucheru, the secretary, said that many Kenyans are being scammed by not having enough information.

Mucheru spoke at a conference on law and order. He suggested that the media can play a role in reducing the number of people who lose money to criminals. He explained:

Even though you are reporting and investigating these issues, I believe you can also give people direction on where to invest and how to protect themselves.

Mucheru encouraged sharing ideas and information between government and media. He said that this allows the parties to work together even more.

Like many African countries, Kenya is plagued by scams that masquerade as legitimate cryptocurrency projects. A Kenyan businessman was accused of defrauding investors using his Aidos Kuneen cryptocurrency in December 2021. According to the report, investors in the scam crypto suffered losses of more than $140 million.

Mucheru advised Kenyan media outlets that they should be considered repositories of information that could be used by investors. He stated, “You need to really create the repository of a lot information that people actually require.”