Kenyan Cabinet Secretary Joe Mucheru reported that Kenyans have lost a massive $120 million to various crypto scams within the last financial year.
Mucheru believes the cause of the losses comes from a lack of knowledge in the field of investing. Mucheru states that the number of Kenyans losing money would be reduced if the media plays their part.
I think even as you report and investigate these issues, you can also be giving people guidance on the direction, where they need to invest, how they need to protect themselves.
Joe Mucheru
Mucheru wants the media to “collaborate” with the government. Sharing ideas between the two would ensure the citizens are getting the information they need to safely invest. Additionally, Mucheru urges Kenyan media to build a “repository of a lot of the information that people actually need”. This information could be used by investors to assist their due diligence, such as previously known scammers.
Mucheru urges people to keep flagging fake or suspicious entities, to ensure that other investors are notified of a scam as soon as possible.