A few weeks ago, Techspace Africa warned Kenyans about Bitstream Circle, a new Ponzi Scheme in town, terming it as “yet another elaborate scheme targeting young people looking to get into the cryptocurrency scene.”
As expected we received major backlash from ‘investors’ who called it legit, however, these same Kenyans will wake up to a collapsed Ponzi Scheme today.
uko na umefi sana. yaani we making money na wewe ni umama tu. within fiteen days you got your money back
— ENUGU LANDLORD (@muterop) March 5, 2022
Kama hutaki kuinvest we kaa mbona usumbue wale tumeinvest. Ama hata uhame kenya
— IRONMAN (@itsdanteh_) March 5, 2022
😂utangoja bro..wwe kama hujiskii unafaa kulenga bana si kuingiza Baridi kwa wasee wengine actually it has been there for over 2 years papa …na wakale wanafaa kuenda Uganda ssa😂
— @BEBERU🐐 (@its_beberu) March 5, 2022
It's going to collapse. I'll be here when it does
— TechSpace Africa (@TechsAfrica) March 5, 2022
It's not a scam have been earning from it since last year
— ｍａｄａｃａｐｅｌｌａ1738 (@ngao_kennedy) February 21, 2022
Flooding my inbox, emails, and socials, Kenyans who are unable to withdraw money from their Bitstream Circle accounts ask how to get their money back. The platform’s Telegram channel has amassed over 10,000 members at the time of the collapse.
According to victims, the platform has ‘limited withdrawals but with a huge promise of bonuses to new deposits’. Don’t.
Bitstream circle 💔
— DiphieDiphie🇰🇪 (@DDiphie) March 13, 2022
Bitstream Circle dubbed as btcgroup win is one biggest scam in Kenya 2022. I lost dearly 😂
— Falcon (@Falcon98642113) March 13, 2022
Bitstream Circle. 😪
— Lovinna 💯 (@Lovinnanna) March 13, 2022
The platform promised to ‘make you a stable income by earning daily’ trading cryptocurrency which was the first red flag
The second red flag was the scheme promising naive investors ‘zero risk’ while investing money.
Crypto is not a get-rich-quick scheme, you can not make those percentages daily with no risk. In fact, think long term when you hear cryptocurrency, Do a lot of research, evaluate the fundamentals of crypto assets you plan to buy, and invest what you can afford to lose (you can lose).
Factor in your risk appetite. As always, avoid unknown platforms, buy crypto on platforms like Binance, avoid acting on random tips and FOMO (fear of missing out), oh and again, do your own research.