The infamous pyramid schemes are back. And they are back with a bang. There are at least 5 new links daily in my private messages from strangers promising me a big return on investment in less than a week from websites such as Live Auction Kenya, but just like others before them they are SCAM.
The schemes prowl the anarchic cyber-world, siphoning thousands in shillings from gullible young and idle Kenyans with the promise of easy cash at a time when ‘Working from home’ is the trend.
One such contemporary pyramid scheme is Live Auction Cash Kenya, a peer to peer auction service where investors buy shares and earn interest. The site had claimed to offer interest rates of 30% in 4 days or 60% in 8 days or 90% in 12 days. Meanwhile, users would get a 5% continuous referral bonus for every person they referred to the platform.
Today, a user from Live Auction Kenya camped in my email with screenshots showing the virtual ‘shares’ he had that were now useless. Converted to Kenyan shillings, this man would have cashed out over Sh500,000.
I was interested, I looked up Telegram group support pages and alas, a channel with atleast 2000 irate victims, all crying, some throwing insults to no one in particular and the rest putting up face that the current downtime is just a website ‘upgrade’.
Users who invested from more than Sh65,000 have nowhere to turn to as the admins are no longer available, however, there are still users who are sharing other schemes which they say are more ‘legit’.
Before you come ask me for help, remember. There is no easy money. all the these schemes likemobicash will end in premium tears, avoid like a plague.
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