A company dealing in crypto-currencies has gone under with millions worth of Kenyans’ money. The firm operated by Brazilian national, Ricardo Rocha, began its operations in Kenya with much fanfare by hosting a launch party at the Intercontinental in September 2017.
Velox 10 Global promised unusually high returns of between 30% & 50% every month, invested in Bitcoin. Some Kenyan investors
Investors at the Brazilian firm raised concern with law enforcers in January 2018 after they noted that the firm was operating outside its licensed operations of handling non-financial assets.
The incident comes just a few days after the Capital Markets Authority warned Kenyans against investing in crypto-currencies. It is not unusual for Kenyan investors to lose money in dubious schemes. In 2007, investors lost approximately KSh2 billion in
On the other hand, members of
These incidences highlight the need for the government to protect gullible investors from frauds. Clearly, there’s limited financial knowledge among ordinary Kenyans.