Cryptocurrency scams and Ponzi Schemes seem more prolific in Asia and Africa One Ugandan scammer by the name of Samson Lwanga was recently arrested.
In Africa, virtually everyone wants to make extra money as quickly as possible.
It is for this reason that scams and Ponzi Schemes are so popular.
Most of these projects tend to disappear pretty quickly after raising a fair bit of money.
In Uganda, one such Ponzi Scheme has been shut down indefinitely
Samson Lwanga, the director of a project defrauding investors for $2 million, was arrested this week.
It is believed that his company, called Dunamiscoin Resource Limited, defrauded over 10,000 Ugandans.
Interestingly enough, it appears that Lwanga is willing to refund affected investors with no questions asked.
That may prove very difficult, as the Ugandan financial authority has frozen all of his bank assets as part of this ongoing investigation.
The concept of this Ponzi Scheme is not unique in any way.
Investors were promised ludicrous returns for doing absolutely nothing.
The company also claimed to have partnered with multiple Ugandan money transfer services.
While some received the promised returns, the payouts halted pretty quickly.
It is not the first nor the last Ponzi Scheme to hit Uganda either.
It is one of the many countries where some active crypto regulation could put an end to this type of behavior.
A crucial development is taking place at the intersection of legacy finance and blockchain as…
Morgan Stanley is taking a big step into digital assets space with the launch of…
Coinbase is about to undergo one of its largest structural reorganisations in some time, with…
The suspicious DSJ Exchange (DSJEX) and BG Wealth Sharing scheme, now confirmed a Ponzi operation,…
Demand from institutions is heating up again, with U.S. spot Bitcoin ETFs logging a tally…
Western Union expands its participation in the digital asset ecosystem with USDPT, a Solana native…