Joe Mucheru, the Cabinet Secretary of Kenya’s Ministry of Information and Technology, warned that crypto scams defraud Kenyans to the tune of millions of dollars each year during a conference spotlighting the country’s law and order challenges.
Speaking to the press, Mucheru said:
“In the last financial year, did you know that Kenyans lost about $120 million (USD) in scams on cryptocurrencies? That’s a crime! It is being reported out there and many Kenyans are getting caught up in many of these things and end up suffering on their own because they’re not getting all the information.” –
The minister urged the media to look into and report on many of these concerns, as well as provide individuals with a lot of advice on where to invest and how to protect themselves.
According to a poll conducted in 2022 by Luno, Africa’s top crypto exchange, scams are by far the most common sort of crypto crime, accounting for 95 percent of all crimes uncovered.
According to UN research, Africa as a whole loses $88.6 million (USD) per year due to illicit activities.
BitKE, a Kenyan crypto newspaper, has pioneered cryptocurrency education by hosting the country’s first workshop for journalists on how to report on cryptocurrencies in 2021.
Furthermore, this publication continues to provide extensive information and awareness on how users can protect themselves from the increasingly widespread crypto scams.
The Cabinet Secretary advised journalists and reporters to continue offering knowledge and explore how they can help more Kenyans from falling victim to cryptocurrency frauds.
Sourced from BiTKE