NuruCoin, a Kenyan cryptocurrency which got quite popular in early 2018, has closed shop after allegedly raising KES 2.7 billion (Approximately $27m) from investors.
According to a local daily, NuruCoin employed a multi-level marketing approach and was well marketed among residents of Murang’a, Kitengela, Machakos, Nyeri, Meru, Nakuru, and Kericho towns of Kenya.
There is no single cryptocurrency thing that Kenyans are involved in that will not end in tears. Guys are investing in stuff they don't understand because they are being lied to they will become rich.Kenyans never learn. Same gullible Kenyans involved in pyramid schemes #nurucoinpic.twitter.com/SzUszOBTJt
All the ChurchBlaze offices across the above towns have been closed including their main office in a Nairobi suburb.
Questions as to what happened and why the regulators were not involved in such a massive fundraising campaign are still pending. Such huge funding should only be raised by selling shares on the Nairobi Stock Exchange after receiving a nod from the Capital Markets Authority (CMA).