Post
Topic
Board Bitcoin Discussion
Re: Kenyan Police Arrest Bitcoin Traders Due to Alleged Banking Fraud
by
VitKoyn
on 04/12/2017, 15:24:21 UTC
The Kenyan police have arrested three peer-to-peer Bitcoin brokers Emma Kariuki, Stanley Mumo, and Timothy Gachehe for allegedly trading stolen money through the local trading platform LocalBitcoins. The funds were reportedly stolen by a person using the pseudonym “BADASS20” from the I&M Bank and a Safaricom Pay Bill account.

According to a report by regional media Kenyan Wall Street, the anonymous thief has stolen KEH 10.2 mln (around $100,000) from the financial establishments and used the money to purchase Bitcoins via the exchange LocalBitcoins.~ Smiley
I also read this news earlier, Too bad that those three Bitcoin traders got punished by just selling their Bitcoins, they didn't even know that the payments they received was a stolen money, while the one who really committed a crime that stole money from financial establishments has not yet been captured by the authorities and still unidentified. This is not the first time this happened and most of these fraudulent activities are happened in localbitcoins and also the reason why I don't use that exchange because there is no KYC procedures and you will never know if you have transacted with a criminal.