Investors were surprised after losing about $ 130 million in the Bitcoin Kuwait investment process, which collapsed within hours. According to reports, the financial fraud is one of the largest in the country’s history since the start of digital trading.
According to the reports, the Solana -based Mechanwin is upgraded on several platforms. More than 2,900 investors were said to have bought the distinctive symbol at different prices.
Coinmarketca data shows that the distinctive symbol launched on January 14, when it was listed at a preliminary price of $ 0.01293, before seeing a slight increase to $ 0.0193 on January 16. Currently, the distinctive symbol is traded at $ 0.0006074, as it has decreased by 99 % since its launch.
According to the long -awaited “Bitcoin Kuwait”, hours after its launch, which led to the loss of investors from 40 million dinars of Kuwait (130 million dollars).
The distinctive symbol was created by an unknown developer for more than three years, promising investors returns. However, the scheme was presented by Dr. Harafa Zaman, Professor of Computer Science at Kuwait University. Dr. Zaman is also the head of the Kuwait Information Security Association.
Investors of encryption loses heavily in the bitcoin fraud process, Kuwait
According to Dr. Zaman, creators of the distinctive symbol disappearTheft of the invested funds. She stated that most of the affected residents were young traders and lack of experience, and he is one of the targeted fans in these types of investment fraud. They tempt these inexperienced traders with delicious returns for their investments, and urged them to bring others to referral rewards.
I stated that there is no regulatory framework to prevent crime, and asked what the country does when such a crime reveals this scale. “Where is the supervision, where is the legislation, and where is the fraud?” I asked.
While there is little movement by the Ministry of Trade and Industry to license bitcoin trading in Kuwait, a framework has been put in place to protect the public from these types of cryptocurrencies.
Dr. Zaman added that the central bank in Kuwait is still prohibited from transactions in digital assets, but the efforts made to enforce these laws are still weak. Criminals benefit from these gaps to carry out their crimes. It also stated that there are people who lack the necessary financial literacy and will jump at any opportunity to earn money through these investments. She added that a recent study showed that only gamblers and youth participated in the encryption in the country, making them vulnerable to manipulation.
Dr. Zaman wants legislation on the encrypted currency
Dr. Zaman called on the government to issue legislation on digital assets. She stated that if they fail to implement legal penalties, fraudulent plans, such as Bitcoin’s fraud, will continue to prosper. The authorities also urged the follow -up and trial of all the participants in the Kuwaiti Bitcoin fraud, while highlighting that they can start from the mediators who promoted the symbol to the general public.
I also discussed the role of the media and newspapers in promoting and nurturing enthusiasm for these origins. These outlets were criticized for encouraging people with no experience to enter the encryption industry without the necessary knowledge. Dr. Zaman pointed out that coverage and advertisements are part of the reasons that make the industry to be overcome by criminals who make financial tricks. “The mastermind behind” Bitcoin Kuwait “works freely for a period of three years, deceiving investors and disappearing millions.”
I talked about the previous financial issues that involve digital assets, noting an example of a Chinese trading company. I stated that the bank ultimately suffered a catastrophic loss that led to bankruptcy. Meanwhile, the case of “Bitcoin Kuwait” is not an isolated event as Internet criminals now use different ways to carry out fraud in this industry. They attract their victims with many sweet offers, and they even go beyond the use of fake or stored images and data.
Dr. Zaman also mentioned the case of an engineer who lost about 300,000 Kuwaiti dinars (about 975,000 dollars) for these fraudulent digital trading plans. I mentioned that the loss left him a broken, as the engineer resorted to selling most of his assets. Although he had the opportunity to sell his assets, others may have used their entire money to invest, and push them to other vices and even self -harm. She added that the asset experience without appropriate knowledge can lead to financial losses.
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