As the cryptocurrency world continues to boom, many new people are seeing a chance of earning an income from exploiting it. As a result, many scums are coming up to take advantage of people who are eager to make some quick money.
A case in point is here in Uganda where hundreds of people invested large sums of money in Global Cryptocurrency Ltd with a promise of gaining a 40% increase in returns for every deposit. Most of these people lost millions of shillings in this Ponzi scheme. But as the saying goes, Karma is a b****, the proprietor of this company, Andrew Kaggwa was arrested 9 months back and it is just last week that he got released on bail. At the time of he’s arrest, he had accumulated money worth billions of Uganda shillings. Which you can translate to more than 1million USD.
Below is the image of Andrew Kaggwa
credit
This is among the many Ponzi schemes that have claimed people’s hard earned money and gotten away with it. There are still many coming up, and closing after accumulating large sums of money. The public needs to keep alert from falling victim to getting scammed.
People need to do a study of cryptocurrency and how it works before joining it. This doesn’t require much, basic reading about cryptocurrency on internet is enough to get you started. Remember to check the source of the information your reading to ensure it’s from a trusted source.
Research before investing in cryptocurrency, Scammers only take advantage of insufficient information by people to lure them to invest money with a promise of gaining crazy profits. Whatever your investing in should have a company behind it being operated by real people who should appear on the website. Digital cryptocurrency companies have business plans which are aimed at solving problems.
I hope this article prevents someone out there from getting scammed.