Re: Kenyan Police Arrest Bitcoin Traders Due to Alleged Banking Fraud
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.~
Welp, I guess that happens in some countries then. Nothing that can be done for them beyond hoping that they are proven to be innocent and on the wrong end of a transaction that they weren't aware of occurring, but it is Africa so there's no guarantees of that ever happening sadly.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.~
Seems like Kenya should get a bit more involved with their financial security processes and target people who are actually perpetrating a crime and not those who happen to be caught in the crossfire, for a lack of better words. I doubt they'll be compensated for their confiscated funds too, especially since they were likely trying to make more money as a business idea.