Authorities in the Central African Republic (CAR) have mounted a multi-agency investigation after the founders of La Clé du Succès (The Key to Success), a purported ‘cryptocurrency investment’ firm, allegedly disappeared with the investments of their customers in early October 2023.
CRYPTO SCAM ALERT | CENTRAL AFRICAN REPUBLIC 🇨🇫
The Central African Republic crypto scam dubbed 'The Key to Success' has reportedly defrauded up to $1.6 million from unsuspecting Africans in the country.
This situation has raised questions about the role of state financial… pic.twitter.com/YwNw3I52JB
— BitKE (@BitcoinKE) October 23, 2023
The company, which is said to have been managed by undisclosed individuals from Nigeria and Cameroon, had been operational for less than two months before it abruptly vanished.
According to local media source, Radio Ndekeluka, the Ministry of Finance and Budget in the Central African Republic confirmed that La Clé du Succès was indeed legally registered and possessed a valid tax identification number.
Although the precise particulars of the scam are not yet fully disclosed, reports suggest the company had made promises to its clients of potential returns of up to 20% on their investments. Reportedly, hundreds of individuals from the Central African Republic were involved in the scheme, and some of them entrusted their life savings, amounting to millions of CFA francs, to the company.
The scheme allegedly vanished with up to $1.6 million worth of crypto and fiat.
Many victims of the scheme went to the company’s office to protest and request a refund only to find the doors locked. According to reports, even the company’s own employees, who had invested their money in the scheme and were unaware of the founders’ disappearance, joined the protest in frustration.
The Central African Republic police have taken one of the individuals connected to the scheme into custody. According to authorities, Bryan Ndikum, a Cameroonian national who was arrested in Berberati, southwest of Bangui, is believed to have been an associate of the scheme’s founders.
The Central African Republic (CAR) became the second country globally to officially recognize Bitcoin as legal tender in April 2022, indicating a positive stance toward digital assets within the nation.
Additionally, the country introduced its own native digital token, known as Sango Coin, with the intention of tokenizing its extensive land and mineral resources.
Follow us on Twitter for the latest posts and updates
_________________________________________
_________________________________________
