According to a Kenyan cabinet secretary, his countrymen lost $120 million to cryptocurrency scammers in the previous fiscal year. Many Kenyans are being duped due to a lack of knowledge, according to the secretary, Joe Mucheru.
Mucheru, speaking at a symposium on law and order, indicated that if the media plays its part, the number of people who suffer as a result of losing money to criminals can be minimized.
Mucheru also pushed the government and the media to share ideas and information. This, he claims, allows the parties to collaborate even more effectively.
“I think even as you report and investigate these issues, you can also be giving people guidance on the direction,”
“where they need to invest, how they need to protect themselves.”
Scams disguised as legitimate cryptocurrency initiatives abound in Kenya, as they do in many other African countries. For example, according to a December 2021 post from Bitcoin.com News, a Kenyan businessman was accused of cheating investors with his Aidos Kuneen cryptocurrency. According to the article, investors in the businessman’s phony cryptocurrency lost more than $140 million.
Mucheru asked Kenyan media outlets to explore becoming warehouses for information that may be used by investors, in addition to providing advice to Kenyans.
“You really should develop a store of a lot of the information that people genuinely need,”
So, he says