‌Uganda Police Arrest Leader of $2.7 million Crypto Scam.

[Tipstar]

With the reach of internet and knowledge of crypto, poor neighborhoods in African countries and India turning to be internet scam center. Not to forget Eastern Europe like Russia which organizes high level crypto frauds. The real problem here is most of the societies have accepted such acts as they don't directly affect the population nearby while brings in income. But this would develop a negative thinking in all of population making their own lives miserable in the future.

[soul-impact]

What's your opinion?

It is a huge sum of money! But this is just one of many large-scale scams, even the scams take place publicly. Because they take many different forms, namely, they can be fake ICOs with the purpose of filling up the pockets of the leaders. They take advantage of cryptocurrency as a tool to trick people. It was also the cause of the cryptocurrency's failure, its reputation was misused and destroyed.

[kryptqnick]

Africans are ready to believe in every scam

Let's not be too narrow minded here. People are being scammed literally everywhere, even in first world countries like the United States whereas you'd assume that people would be more knowledgeable about these stuff.

https://fortune.com/2019/11/06/is-onecoin-the-biggest-financial-fraud-in-history/

Not to mention that it sounds very racist. I don't see any proof that people from Africa get scammed more often, but even if that's true, there can be a good explanation of that. Like, for instance, that many African countries are not technologically advanced, and thus people are more naive when they see something new and something they don't understand well. Not to mention that many can be desperate and looking for any chance of getting a way out, no matter how improbable.
All in all, we should not focus on geography, race or anything like that. We should focus on scammers and how to make them punished for their deeds.
Anyway, I think Uganda is doing a great job prosecuting the scammers like that. It's important to make sure that crypto scammers don't getaway.

[boris2470]

Uganda Police Arrest Leader of $2.7 million Crypto Scam Ugandan police have revealed the arrest of one of the primary directors of a new cryptocurrency firm in the country that scammed investors off their capital. According to reports, the police arrested one Mr. Samson Lwanga, who happened to be the...

Reach us on: https://www.cryptoknowmics.com/news/uganda-police-arrest-leader-of-2-7-million-crypto-scam

What's your opinion?

Such firms and directors must be liquidated! I hate scammers, especially when it comes to crypto. Because of such people, people do not believe in Bitcoin and investments, which greatly inhibits popularization! Mr. Samson Lwanga has to sit in jail.

[migws]

That's a great move by the Uganda police, very much appreciated. I hope investors will get their whole money back and on time. Such actions from law enforcement agencies will discourage the scammers and will help in bringing the faith of investors back in cryptocurrency. We need more such actions.

I agree. I am glad that law enforcement agencies find fraudulent companies and put fraudsters behind bars. Such crypto scammers and their schemes must be eliminated, respect Uganda police

[Diirtmaan]

Uganda Police Arrest Leader of $2.7 million Crypto Scam Ugandan police have revealed the arrest of one of the primary directors of a new cryptocurrency firm in the country that scammed investors off their capital. According to reports, the police arrested one Mr. Samson Lwanga, who happened to be the...

Reach us on: https://www.cryptoknowmics.com/news/uganda-police-arrest-leader-of-2-7-million-crypto-scam

What's your opinion?

Will $ 2.7 million be returned to investors? This is a huge amount. I hope the funds will be returned, and the scammers will be sent to jail!

[Eclipse26]

It's normal that there's crypto illegal activities. Even with fiat, that's already a normal thing. Positive side is it's good that the police were able to arrest scammers.  While the bad side here is, scams and illegal activities are growing as well, and it affects what's the government think of cryptocurrency. The more they see that illegal activities like this are rampant, it will be hard for them to accept crypto.

[Kprawn]

" From a rough average statistics, over 1,000 people registered with the cryptocurrency scam company but recently, there are glaring showcases

that the victims are numbering up to 10,000 or even more." - Quoted from article : So with every new scam, more people get burned and more

people will hesitate to ever invest in Bitcoin and other Alt coins ever again. The media do not get the full story and people reading this would

always link Bitcoin to scams like this.   

[The Sceptical Chymist]

Not being a racist, but no matter what race or nationality, when it comes to crypto currency. Have trust issues.

Nah, this has nothing to do with race or even what country the scam originated in.  Hell, there have been scams galore in the US and one of the first was Bitcoin Savings & Trust out of Texas if I remember correctly.  Scams are everywhere bitcoin is to be found, and that's the truth.

Still, you don't hear much about Uganda around here.  If a country in Africa gets mentioned on the forum, it's usually Nigeria and not necessarily because of any scams happening there.  I just think crypto is really popular there.

Every time something like this would happen, we need to clarify to the people we know that this was not what Bitcoins for, instead we tell them that is is the scammers who only use the name of Bitcoins or other cryptocurrencies to stole the investor's money.

Yeah, I hear you but crap like this still gives bitcoin a bad name no matter how much clarification you do.  Everyone here on bitcointalk knows that bitcoin is just the form of money involved in the scam, but try to tell that to the general public.  All they ever hear about bitcoin is stuff like Silk Road and the darkweb and all sorts of criminal activities.  It's a shame.

[gabbie2010]

This singular act of scam perpetuated by this scammer would give Bitcoin a bad reputation in Uganda it is very unfortunate this is happening at a time when adoption of Bitcoin some African countries is very low and the act of tarnishing it image would not help the course of more people embracing in that particular country. The police did a good job for his arrest however the damage has been already.

[uneng]

I just hope these people learned there isn't guaranteed *huge returns* from short run crypto investment. Scams like this wouldn't happen if people were more educated about how investments work. I don't think these news are negative for bitcoin.
It's good to alert people to use crypto currency carefully and to not trust your money to anyone promising easy fast profits.
Nobody can blame bitcoin or crypto currency for their own mistakes.

[Boov]

A scammer siphoning out money from common people in the name of cryptocurrency - police did exactly what needs to be done! There's no other opinion! But the problem is actually much more deeper than we can think!

I am sure this Ugandan crypto scam is not the first ever crypto scam we have seen! In recent times, Plustoken pulled out a bigger scam worldwide! Majority of the ICOs from 2017 were used to fill their owner's pocket and scam people! Do you see the trend? Most disappointing is the involvement of the term "cryptocurrency" in all these scams which is constantly destroying the reputation of cryptos among the common mass!

That is effectively pushing the crypto community back in time and in bad reputation worldwide! I sincerely hope the situation becomes better in future!

It is good that she has been arrested, based on the article she do some fraudelent things that affects many investors, promising a thing that did not happen accordingly to the timeline and it still sucks , people believes in her and she do that thing. A whole market is affected in that.

[blckhawk]

Such scams bring bad image to cryptocurrencies. And this is one reason why altcoin market nowadays are getting worse. Too many options, crowded market for altcoins prove no purpose or advantage. It's actually worse than having a few reputable ones.

Scammers take advantage of the current era's hype for cryptocurrency adoption, and innocent investors blinded by greed are easily fallen to such scams. From the first line already, if a firm promises high unjustifiable returns/profit, and it just sound all too good, it's probably an exit scam.

[NavI_027]

When questioned, Mr. Lwanga admitted to being guilty and was willing to make refunds to the investors but cannot do so simply because his accounts are already frozen.

In all fairness, he admitted that he was guilty and somehow feel regret on what he did. However, laws are laws — your mistake cannot be easily corrected by a small simple deed. He should pay for the crume he committed.

What I'm hoping right now is that the money frozen will able to disperse on its true investors very soon. I really felt bad because this incident may cause stigma on all Ugandans or even to whole Africa who are only just starting to embrace cryptocurrency. There's a tendency that majority of them get scared and now refuse to engage with it. Nonetheless, all I hope is that it won't serve as a hindrance for the crypto adoption there (I hope I'm just overthinking).

[matchi2011]

This singular act of scam perpetuated by this scammer would give Bitcoin a bad reputation in Uganda it is very unfortunate this is happening at a time when adoption of Bitcoin some African countries is very low and the act of tarnishing it image would not help the course of more people embracing in that particular country. The police did a good job for his arrest however the damage has been already.

The image will surely take a bad impression especially with countries where adoptions is not that much people around will remember this things and will keep chasing inside their minds that investing or using Bitcoin can lead them to lose money. Good job for the policeman who able to chase those illegal doers and punished them with all the proper laws that runs under their jurisdiction.

[TitanGEL]

This singular act of scam perpetuated by this scammer would give Bitcoin a bad reputation in Uganda it is very unfortunate this is happening at a time when adoption of Bitcoin some African countries is very low and the act of tarnishing it image would not help the course of more people embracing in that particular country. The police did a good job for his arrest however the damage has been already.

The image will surely take a bad impression especially with countries where adoptions is not that much people around will remember this things and will keep chasing inside their minds that investing or using Bitcoin can lead them to lose money. Good job for the policeman who able to chase those illegal doers and punished them with all the proper laws that runs under their jurisdiction.

Those scammers and hackers around the market should be punished because they tarnished the whole cryptocurrency market. There are people who are afraid to make investment or to adapt the cryptocurrencies because they are afraid that they may get scam. There is a misconception that been created because of the scammers where the people in my community if they heard the term bitcoin the first thing in their mind is a scam. Those policeman who arrest the leader of the scammers did a very good job and maybe they will arrest also many more scammers.

[peter0425]

Uganda Police Arrest Leader of $2.7 million Crypto Scam Ugandan police have revealed the arrest of one of the primary directors of a new cryptocurrency firm in the country that scammed investors off their capital. According to reports, the police arrested one Mr. Samson Lwanga, who happened to be the...

Reach us on: https://www.cryptoknowmics.com/news/uganda-police-arrest-leader-of-2-7-million-crypto-scam

What's your opinion?

this is great now AFRICAN continent is making its way to clean the crypto community in their area.this is good initiative as scammers are all over crypto market and if the authority dont make necessary actions then investors might end up leaving and find another place for safety investing.