A new report has shown how Kenyans lost billions in a ponzi scheme designed by Kenyan and Chinese fraudsters.
Nation reported that a short while before the collapse of Bitstream Circle, its investors started noticing delays whenever they wanted to make withdrawals.
The company entered the market on December 7, 2021 and promised investors five to 10 percent daily profit return of the invested amount.
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They also had a Telegram group dubbed, Bt Elite Team where investors had to pay KSh 2,340 deposit to be members.
After payment of deposit, an investor would be assigned a mentor who would take them through on how how to convert their money into cryptocurrency, trade, earn and withdraw their profits.
However, on March 13, investors started noticing delays when making withdrawals, when asked, the firm said it was upgrading its systems.
The following day, March 14th, the Telegram group administrator broke the news.
“You are a bunch of brainless races, see you on our next plan. Bye, haha. I am living a luxurious life with your dollars. If you have invited friends, wait to be killed by your recommenders. Idiots. There will be a time to meet,” the administrator posted.
Following the shocking message, Bitstream Circe stopped working with its website and mobile applications no longer accessible.
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The company had scammed its investors KSh 1.18 billion, a forensic analysis by Crypsense Digital Group revealed.
According to information on its YouTube page, the company was registered in the United Kingdomin November 2021.
“Bitstream Circle Ltd is an active company incorporated on November 25, 2021 with the registered office in South Croydon, Greater London
“There is one active director and one active secretary according to the latest confirmation statement submitted on November 25, 2021,” the company wrote.
Information from the registry names Qian Yang, a Chinese national as the director with 10,000 shares worth KSh 1.45 million.
After registering the company, Yang moved to start a website and a mobile application.
Two websites – www.btgroup.win and www.bitstreamcircle.co.ke – and a YouTube channel, Bitstream Circle went up on December 7.
An application using by the same name was also created although investors could trade on the two websites.
Bitstream Circle vanished into thin air on March 14.