[SIZE=7]Kenyans Lose Millions Overnight After Ksh3.9 Trillion Company Collapses[/SIZE]
As FTX crypto exchange company’s woes continue to spread heartache on the world’s rich and mighty, a section of recluse Kenyan crypto diehards are counting their losses estimated to run into millions of shillings.
Trouble at the global crypto company began Monday, November 7, after reports emerged that the firm, which was in March 2022 valued at Ksh3.9 trillion ($32 billion), was battling liquidation.
Following the panic caused by the reports, a number of investors rushed to the platform to withdraw their finances worth Ksh79 billion further plunging the company that was ranked the third-largest crypto trading programme at its peak into financial obscurity.
As of July 2022, Kenya was the highest ranked African country in crypto trade after 4 million individuals made investments in the industry.
In March, thousands of Kenyans lost Ksh1.1 billion (USD10 million) in a cryptocurrency scam after they were duped by a company Christened Bitstream Circle whose records showed that it was registered in the United Kingdom.
The individuals were lured into the Ponzi scheme after being promised a daily return on investment of between 5% and 8%.