Over the past year, I have been looking at get-rich-quick schemes in the Kenyan tech space and have probably saved a few people from falling victim to a few of the pyramid and Ponzi schemes that keep popping up to siphon the youth off their hard-earned, sometimes even borrowed money.
On my quest to keep on doing this, I came across a new platform called Digital Trade Technology, “Make money fast and easy with us” is the first slogan you see when you visit their well-designed website, a red flag perhaps.
I have detailed out what a Ponzi Scheme is in past articles so I won’t in this one. The premise is the same, refer users and get paid. If a user activates you get north of a hundred shillings.
Of course, to look legit, the company uses cryptocurrency to lure young Kenyans who are looking to get into the booming world of digital money.
To trade on the platform, you only need to deposit money in your account and just click a trade button (lol). After three hours of the auto trade, you allegedly get your money plus the profit made, ranging from 5%-12% deposited in your account. The minimum stake you can trade with is Sh2550 and the minimum withdrawal is Sh100. obviously, this is a scam, right? Ticks every box.
Unfortunately for Shirleen (not her real name), she ignored all the red flags, at the time I’m writing this, she has lost Sh20,000 invested in the Digital Trade Platform. She now camps at the Digital Trade Telegram group warning anyone who joins the group not to invest any money on the platform.
Unlike many other platforms, Digital Trade Platform did something different, first, they enticed a few folk with cryptocurrency using fancy words like trading, second, they built a decent website, third and most importantly, the platform has gone dark in just under 2 weeks!
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“I’ve received several complaints about the web from yesterday. My manager reached out and everything will be fine ASAP. The company is working on tax issues and your money wasn’t detained by the company but by the respective bank.” One Mohamed Abdul Ali, the alleged founder states in the Digital Trade Telegram group which has now over 6,800 members.
“We are working to settle taxes and get the money released. We will notify you once everything is okay. Thank you.”
In a normal Ponzi scheme, earlier investors generate returns 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, this one just took off with money from the first investors!
Unfortunately, the website is still active and while Shirleen hopes they come back online so she can withdraw her money, unsuspecting users can still join the dubious scheme. Please don’t be one, Digital Trade Tech is a scam.
The likelihood of Digital Trade platform coming back online is slim