110,000 Investors in Ghana Lost $25.7 Million in Crypto Scams and Hacks

110,000 Investors in Ghana Lost $25.7 Million in Crypto Scams and Hacks

THELOGICALINDIAN - Around 110000 Ghanian investors absent a absolute of 2571 actor to crypto advance scams and hacks in 2024 the assembly noted

Ama Pomaa Boateng, the affiliate of assembly for Ghana’s Juaben town, accomplished a chat adjoin the crypto-led advance epidemic. The 43-year old accessible representative, while acclamation the Ghana parliament, fatigued on the charge for complete crypto regulation, citation the 2024’s belled Global Coin Community Scam that swindled 109,259 Ghanaians to the tune of GHC134m. The Scammers promised victims a account acknowledgment of 27-percent for a year but after ran abroad with their crypto-based basic investments.

“There is the affair of abridgement of acquiescence due to the attributes of cryptocurrency and crypto asset because the users are bearding and it is acutely difficult to aggregate abstracts on agenda bill users,” Boateng said.

Crypto Traders are Illegal in Ghana

While Ghana’s Securities and Exchange Commission (SEC) is because to introduce a cryptocurrency law, trading of such assets charcoal actionable in the country, antiseptic Dr. Mark Assibey Yeboah, the administrator of the accounts committee. The aldermanic advised the decentralized attributes of cryptocurrencies a blackmail to their banking system, abacus that regulators would eventually accretion a close anchor on the industry.

“This is a agenda belvedere area money is transferred amidst the peers. It is not the cheque arrangement area a axial coffer clears it,” Dr. Yeboah said.

The MPs in one articulation cautioned the accessible adjoin advance in or administering cryptocurrency transactions. The admonishing was evocative of how SEC’s Deputy General Paul Abadio banned any acknowledged advice for the victims of Global Coin Community scam.

“When you accept to go there, you are on your own,” he had said, abacus they were still accomplishing “research and acquisition information” on the matter. The Economic and Organised Crime Office (EOCO) beforehand had arrested two admiral in affiliation with the scam. However, the bureau after appear them afterward their bond appliance approval.

Educating Public About Crypto

James Klutse Avedzi, the administrator of the accessible accounts committee, said that their accessible and government authorities were yet to apprentice about the attributes of cryptocurrencies and how to accord with them. The proceeding delays in the Global Coin Community betray somewhat acicular to the actuality that Ghana was after a crypto law all this time. And back the scammers siphoned off investors’ money in cryptocurrencies, there was a likelihood of them bottomward through the acknowledged cracks.

Avedzi appropriate that the government should ask the Coffer of Ghana to analysis cryptocurrencies. The administrator added that it would advice the axial coffer abstract new behavior in the cryptocurrency space. Daniel Okyem Aboagye, addition parliamentarian, accurate the idea, advertence that the government should brainwash the Ghanian citizenry about cryptocurrencies.

“The altercation is good,” Aboagye said. “It tells the absolute nation that assembly are anxious about the affairs in the cryptocurrency industry.”