bitstream circle

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.

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.

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.

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3 Comments

  1. am Dead

  2. You need to do your due diligence when it comes investments. Read wide and get your facts right. Get to know the history of what you want to invest in and get references from social media and google. Crypto currency is a legit investment but as I stated reading widely will enable you to differentiate between the actual deal and a Ponzi scheme. Quick fast money and money multiplying overnight is the first red flag in any so called investment because money doesn’t work like that. Its very unfair for someone to just disappear with your hard earned money just because you were greedy and failed to use the same internet to know more about their so called investment. My pledge to the youth who are the main victims of this Ponzi schemes please read and do your research and it will save you from this escapades and also trust your instincts.

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