Bitstream Circle Cryptocurrency Scam is yet another Ponzi scheme that has caused Kenyans to lose an estimated $ 10 Million in investor funds.
On March 13, 2022, the alleged theft became apparent when some of the scheme’s investors encountered problems making withdrawals.
Reports indicate that Kenyan investors in the said crypto Ponzi scheme, Bitstream Circle, cannot make any cash withdrawals following the scheme’s failures. It is feared that the scheme’s masterminds may have made off with investors’ digital assets worth millions of dollars.
Bitstream Circle Limited was registered in the U.K. in November 2021, with Chinese citizen Quin Yang as its director. Reports indicate that the scheme had amassed over 11,000 members from seven countries in less than four months.
Most victims were lured by the promise of a daily return on investment of between 5% and 8%.
Although Bitstream circle is seen as a scam, early investors have dismissed these allegations. Kimani Capital’s report on Linkedin explains that many investors began experiencing problems withdrawing funds on March 13, 2022.
A message from Bitstream Circle’s telegram channel administrator had hinted at a network upgrade as the cause of the glitch. But even after this upgrade, investors could still not make any withdrawals.