According to a government official, Kenyans could have lost $120million to scammers using cryptocurrency in the most recent financial year. However, the official suggested that the amount of money lost by Kenyans to cryptocurrency scammers could be decreased if media help disseminate the correct information.
The media is told to offer guidance
According to a Kenyan cabinet secretary, his countrymen have lost $120 million in crypto-scammers over the past financial year. Joe Mucheru said that Kenyans are being scammed by not having the right information.
Mucheru spoke at an event on law and order. He suggested that the number of people who lose money to criminals could be decreased if media is involved. He explained:
You can report on these matters and also provide guidance to people about where to invest their money, what they should do to safeguard themselves, etc.
Mucheru encouraged sharing ideas and information among the government agencies and media. This, he stated, allows for greater collaboration between the different parties.
Like many African countries, Kenya is plagued by scams that masquerade as legitimate cryptocurrency projects. A report by Bitcoin.com News in December 2021 stated that an Aidos Kuneen-based Kenyan businessman had been accused of defrauding his investors. The report said investors in the businessman’s scam crypto lost over $140 million.
Mucheru encouraged Kenyan media outlets, along with giving advice to Kenyans on how to make their information available to investors, to become repositories for investor-friendly information. He said: “You should really build the repository of a lot of the information that people actually need.”
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