Ugandan Crypto Ponzi Scheme Founder Arrested After Pocketing $2 Million

Cryptocurrency scams and Ponzi Schemes seem more prolific in Asia and Africa One Ugandan scammer by the name of Samson Lwanga was recently arrested. 

In Africa, virtually everyone wants to make extra money as quickly as possible.

Another Ugandan Ponzi Scheme Shuts Down

It is for this reason that

scams and Ponzi Schemes are so popular.

Most of these projects tend to disappear pretty quickly after raising a fair bit of money. 

In Uganda, one such Ponzi Scheme has been shut down indefinitely

Samson Lwanga, the director of a project defrauding investors for $2 million, was arrested this week.

It is believed that his company, called Dunamiscoin Resource Limited, defrauded over 10,000 Ugandans.

Interestingly enough, it appears that Lwanga is willing to refund affected investors with no questions asked.

Related Post

That may prove very difficult, as the Ugandan financial authority has frozen all of his bank assets as part of this ongoing investigation. 

The concept of this Ponzi Scheme is not unique in any way.

Investors were promised ludicrous returns for doing absolutely nothing. 

The company also claimed to have partnered with multiple Ugandan money transfer services.

While some received the promised returns, the payouts halted pretty quickly.

It is not the first nor the last Ponzi Scheme to hit Uganda either.

It is one of the many countries where some active crypto regulation could put an end to this type of behavior.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Published by
JP Buntinx

Recent Posts

A trader who called the 2010 crypto crash revealed BTC’s next price target and eyeing Tradecurve for massive growth potential

Bitcoin is heading in a downward direction, as its value can decrease by the end…

12 hours ago

Investors pour into TMS Network (TMSN) Even as booming GameFi industry grows Decentraland (MANA) and Shiba Inu (SHIB)

2023 is poised to be the year of GameFi's remarkable rise, bringing exciting opportunities for…

20 hours ago

TMS Network (TMSN) Crypto Shatters Records, Defeating Avalanche (AVAX) and Aave (AAVE)

In the world of cryptocurrencies, a new player has emerged, shaking the foundations of the…

20 hours ago

Web 3.0 HedgeUp (HDUP) Goes Viral Due to Outshine and LBank

In the era of Web 3.0, the cyberspace landscape has been transformed by blockchain and…

21 hours ago

Hotbit shuts down; traders are looking at Tradecurve

Exchanges for cryptocurrencies have grown to be essential parts of the ecosystem since they give…

2 days ago

Crypto Price Today: HedgeUp Presale Trades at $0.020 After Raising $1.8M, Will Solana Reach $300?

The financial news of late has been ripe with stories on crypto, with many investors…

2 days ago