Uganda, the Victim of Cryptocurrency scams

A series of large cryptocurrency scams have hit Uganda, turning the East African nation into an unlikely hub for fraudulent firms claiming to offer digital currencies, while preying on weak governance and low financial literacy. Globally, cybercriminals stole $4.3 billion from users and exchanges last year. But Uganda is the worst hit. At least 5 cryptocurrency firms have closed shop and walked away with a total of more than $26 million of their clients’ money in the past 6 months. From students and churchgoers to army officers and government officials, the victims span Ugandan society. Robert Bakalikwira, a criminal investigations officer probing these cases, estimates that in all, 200,000 Ugandans have lost about $1bn, or almost 4% of the country’s GDP ($28 bn), over the past 2 years.