paper wave

Whenever a new investment opportunity pops up on my radar, I tend to always think if the deal is too good, think twice, however, that is not the case with hundreds of Kenyans who are falling for Paper Wave, a new investing opportunity masquerading as Kenya’s own Crypto marketplace under the booming crypto wave in the country.

Dubbed the Kenyan Bitcoin, The investment scheme can be found on popular bloggers’ Whatsapp statuses and YouTube videos where they claim to be making, get this, over Sh500,000 in just a week.

So what is Paper wave?

Paper Wave is allegedly a trading platform where you trade coins called Stellar Coins with peers. Besides, it’s a multilevel marketing platform that compensates you for recruiting members. You can also play Spin the Wheel games and win cash prizes.

Sound familiar? The platform disguises itself as a trading platform while its key money-making options are earned from a Referral Program.

Here are the supposed referral benefits.

Level 1 (Direct) – $3 (Over Ksh 300)
Level 2 (Indirect) – $1 (Over Ksh 100)
Level 3 (Indirect’s Direct) – $0.5 (Over Ksh 50)

Paper Wave also offers Spins where you bet your money and pray to win lump sums of money.

Is Paper Wave a Scam?

Paper Wave is a Ponzi scheme and a SCAM!

A Ponzi scheme is a fraudulent investing scam promising high returns with little risk to investors. A Ponzi scheme is a fraudulent investing scam that generates returns for earlier investors with money taken from later investors. They are based on using new investors’ funds to pay the earlier backers.

These schemes tend to eventually bottom out when this flood of new investors dries up and there isn’t enough money to go around.

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Already, there are cases on the internet of people depositing money that does not reflect on their Paper Wave dashboards

 

In this blog article by Kampusville, you can clearly spot all the makings of a new Ponzi Scheme, and while early adopters like Xtian Dela who have a lot of influence are allegedly making big bucks in the first week (with almost all of it coming from referrals), chances are if I’m writing about it you’re not one of the early adopters.

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Nigel Jr.
As a tech enthusiast and expert, Nigel Jr. is dedicated to providing in-depth and insightful content on all things technology. With a background in online journalism, product reviewing, and tech creation, Nigel has become a trusted source for all things tech.

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