Once again, some Kenyans woke up today to a sad realization when they couldn’t access their money invested in a Ponzi scheme named Cash24h.
Just like Live Auction and RichKash, the infamous pyramid scheme that had flown under my radar has lost a lot of Kenyans a lot of money.
Also Read: Is Amazon Web Worker Africa A Scam?
What Is a Ponzi Scheme?
Just like all the other referral programs I have covered, Cash24h is a scam that works like any other Ponzi scheme.
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.
Cash24h actually had measures to make sure you couldn’t withdraw from the Cash24h app unless you had 20 referrals. This made it difficult for cash24h users to withdraw their earnings and gave Cash24h easy money when they eventually decided to close down the operation.
I have covered a lot of these Ponzi schemes, don’t be like these users below, protect your money.
You are sponsoring thieves, why dd you sposor Cash24h it now went away with our money, we trusted it bcz of mpesa
— The-Somààli-Queen❣ (@AliiFaizah) May 13, 2021
CASH 24H is down
just a matter of time for Amazon web workers😂— ⭐⭐⭐⭐🌟 (@nurdeen_379) May 12, 2021
@JumiaKenya hello I'm requesting for some confirmation …have you guys partnered with any company called cash 24h or Amazon web worker I've seen they stated you guys as partners
— Freshman 🇰🇪 (@OweechPaul) May 12, 2021
I hear there were guys washed thousands of shillings by some money making scheme site called cash24h
— Ahmed (@siyat_99) May 11, 2021
