Billionaire Chris Kirubi Warns Followers of Bitcoin Scammers Impersonating the Kenyan Tycoon

Kenya’s billionaire businessman Chris Kirubi has once again tweeted a warning to inform his 1.4 million followers about cryptocurrency websites that have been using his name and photos to solicit investments in a scheme called “Bitcoin Profit.” The tycoon clarifies that he is not associated with such organizations, and the information provided is deceptive and misleading.

Industrialist and businessman Dr. Chris Kirubi is on the list of Africa’s wealthiest people by Forbes Magazine, with his total net worth valued at US$400 million (Ksh40 billion). He is known for sharing wisdom concerning business and investment tips through his credible websites and official verified social media handles. The scammers have been re-quoting well-known sayings and pieces of Kirubi's typical advice on business and investment to appear authentic to unsuspecting Kenyans.

Renewed Warnings

The tycoon already sounded the alarm over a similar scheme in March.

The automatic trading software called “Bitcoin Profit” has been citing Kirubi as one of their investors to catch the attention of unsuspecting Kenyans.

The rogue website falsifies information, portraying Dr. Kirubi to have spoken these words on the fraudulent money scheme:

“I thought it wasn’t true when my older brother told me but after seeing with my own eyes, I am glad I tried it.”

The Ponzi scheme website goes further to fake detailed information regarding how Kirubi had ventured into this latest investment and was reaping big.

Kirubi, therefore, urges members of the public to exercise extreme caution when making any investments.

This is not the first warning alert. As early as 2015, Kenyans were warned against being duped by crypto fraudsters. During the same year, the Central Bank of Kenya issued a stern warning to the public against digital currencies.  In 2018, the central bank blacklisted cryptocurrencies and warned banks against dealing with them, citing security concerns.

During early last year, a lesser-known Brazilian crypto platform called Velox 10 Global defrauded thousands of millions of Kenya shillings belonging to local Bitcoin investors. Last year, the Blockchain Association of Kenya stated that the total number of crypto transactions, particularly Bitcoin, in Kenya was approximated to be worth more than US$1.5 million.  

Crypto Scammers Appeal to People’s Greed

Millions of crypto investors have been scammed out of huge amounts of money.  In 2018, losses from crypto-related crimes amounted to US$1.7 billion. The fraudsters use new-technology and old-fashioned tactics to swindle their marks in schemes based on virtual currencies exchanged through online databases known as blockchain.

Many crypto scammers rely on the tried-and-true Ponzi schemes, which use the income from new clients to pay out returns to earlier investors. Others use highly sophisticated and automated processes, including automated software, which interact with social media channel systems among people interested in virtual currencies. Even in cases where cryptocurrency plans are legitimate, scammers can still manipulate their prices in the marketplace.