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How investment scams forced Kenya to regulate cryptos
Although several studies had shown that Kenya was among the hotbeds for investment in crypto assets in Africa, Kenya did not recognise them, with CBK as early as in 2015 warning against their use.
Kenya is among the countries with fraud factories where young women are forced to scam unsuspecting victims by engaging in what is known as ‘pig butchering,’ a recent study by the International Justice Mission, an NGO, revealed.
The scammer spends weeks or months building trust by posing as a potential friend, business partner or having a romantic interest. The scammer then uses the trust to ‘slaughter’ the victim by introducing them to a fake investment opportunity and later disappearing with the money.
