Addis Ababa, Ethiopia(June 30,2022)
From the beginning of May 2022, crypto has seen a plunge in its price witnessing the lowest it has been since 2020 and the impact is being felt all over the world. More than $300 billion has been wiped out showing how deadly and experimental the world of unregulated digital currency is, making nearly two years’ worth of gain disappear overnight.
The reason for the crash occurring once again in June is largely due to macroeconomic related reasons. According to analytic insight, the consumer price index put inflation at 8.6%, creating spikes in all markets. Hence on Monday June 13 the oldest cryptocurrency, Bitcoin saw a collapse in its price from $27000 to $22,000 and total assets in crypto have fallen from 8 trillion to 890 billion.
The crises brought with it fraudulent and Sketchy Ponzi schemes leading to unprecedented rise in cybercrimes. East Africa in particular has been a victim of such atrocities, According to The East African, more than 5000 investors in Uganda are demanding that the government refunds them about $2.7 million they lost to a firm claiming to be licensed by the state.
Earlier this month Kenyan investors have been defrauded out of $8.5 million by crypto “founders” and 4 civilians were brutally murdered over alleged crypto scams.
Professor Ndemo and George Mwakisha, advices everyone to gain knowledge before investing in crypto to avoid getting scammed.
Source: The East Africa
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