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

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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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Shirleen is a tech writer with over 3 years of experience in the industry. She has a passion for writing about complex technical topics in a way that is easy to understand. She is also an expert in SEO. She is a highly skilled and experienced tech writer who is passionate about her work. She is also a great team player and is always willing to go the extra mile to get the job done.

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