A youthful Kenya legislator has filed a complaint with the police after he was conned KShs 36 million through fake cash Bitcoin.
The vocal first term MP from Murang’a County is said to have paid KShs 36 million to acquire 9 coins each valued at 10 cent Bitcoin towards the end of 2020. This would translate to 0.9 Bitcoin which was valued at KShs 36m then. He stored the shiny coins at a safe with one of the local banks, hoping to cash in on the Bitcoin wave.
He believed that his stash was doing well until recently when Bitcoin took a dip, then another dip, and another dip. He decided to cash out before it was too late.
The MP contacted some leading crypto experts in the country in an attempt to get rid of his treasure before it was too late. However, every person was left a little confused when they learnt about his stash. While it was assumed that he was talking about his bitcoin address and private key, it was learnt that he actually had some actual coins which he knew to be Bitcoin.
True to his word, the MP produced 9 coins which he claimed were Bitcoins. However, no one was ready to tell him that something was awfully wrong with the idea of hardcopy Bitcoin. He was advised to report the matter to the police.
The Police Believed Him
The MP reported the matter to the Police who could not establish why the legislator was complaining yet he had his Bitcoins.
He could also not explain why he was complained, but guessed that the coins could fake, and wanted the police to help him get the seller to exchange the fake coins with the real coins.
Unfortunately, there is no law against handling fake Bitcoin in Kenya, hence there would be no reason to arrest whoever sold the MP the Bitcoin. The MP has now resolved to deal with the matter privately.