Nsubuga had taken loans to invest in the unknown cryptocurrency and commited suicide when he lost everything.
The incident coincides with the recent announcement by the Ugandan government which denounced cryptocurrencies as legal tender and said no organization or institution in the country has been authorized by the government to issue or facilitate trade in crypto.
“Ponzi schemes are a result of criminal minds that prey on the ill-informed for fraudulent gain. The tools may change but the intent is the same. When ponzi schemes use cash, we do not fault the cash, we fault the schemes. The same way we deal with ponzi schemes who use cash, is the same way we should deal with ponzi schemes who use crypto, we equip the public with information.”