In the cryptocurrency world, there are plenty of people with bad intentions. Most individuals simply want to make money quickly and will go to any length to do just that.
It is evident that the number of scams in this industry will not necessarily diminish any time soon.
Ugandan Crypto Scam Comes to an End
In Uganda, there appears to be one less cryptocurrency Ponzi Scheme as of this week.
The project, known as Dunamiscoins, successfully collected millions of dollars from investors across the country.
Similar to most other other Ponzi Schemes, investors were swayed by the promise of high investment returns.
Those returns can never be sustained, nor can they be guaranteed in this volatile industry.Â
Interestingly enough, not everyone lost money due to this Ponzi Scheme
The earliest investors received their money back and make a substantial profit in the process.
This is why more people decided to put a lot of money into Dunamiscoins, which is exactly what the scammers had hoped for.
Despite being in operation for just a month, the project was shut down overnight and the police began investigating the matter immediately.
So far, one individual associated with Dunamiscoins has been arrested.
It is possible that more arrests will follow in the weeks to come.
As far as the money is concerned, it would appear most of the money is still there, albeit frozen in bank accounts.
Image(s): Shutterstock.com
The post Prolific Crypto Ponzi Scheme in Uganda Vanishes Overnight appeared first on The Merkle Hash.
