In a conference highlighting the challenges on law and order in Kenya, Joe Mucheru, the Cabinet Secretary, Ministry of Information and Technology in Kenya, said that Kenyans are getting defrauded by crypto scams to the tune of millions of dollars each year.
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!
Its 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.”
– Cabinet Secretary, Ministry of Information and Communication Technology (ICT), Kenya
The minister urged the press to investigate and report on a lot of these issues and advised that they also give people a lot of guidance on the direction on where they need to invest and how they need to protect themselves.
A 2022 survey by Luno, a leading crypto exchange in Africa, showed that scams are by far the leading crypto crime types with 95% of all crimes discovered involving customers being scammed.
A UN report even estimates that Africa, as a whole, faces illict losses of $88.6 million (USD) each year.