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This article was published on December 6, 2019

Ugandan cryptocurrency startup promises jobs — steals employees’ money instead

They promised 40-percent returns then vanished

Ugandan cryptocurrency startup promises jobs — steals employees’ money instead

A number of Ugandan citizens have been left in the lurch after being promised jobs at a cryptocurrency startup that’s gone dark.

Independent Ugandan newspaper Daily Monitor reports that dozens of people in the Masaka District have been fleeced of their own money and employment after falling for the promises of a bogus cryptocurrency business.

According to the report, Dunamiscoins Resources Limited opened in Masaka Town last month and began inviting individuals to invest and become part of its “digital currency network.”

However, just a month after opening, Dunamiscoins’ offices have reportedly closed down.

A businessman who worked next door to Dunamiscoins said that the company had been convincing people to join its “network” by promising 40-percent returns on cash investments.

cryptocurrency, dunamiscoin, coin
Dunamiscoins’ investment promises

The heinous company had apparently been working with money transfer companies in the local area to recruit new people to the scheme.

If stealing money wasn’t enough, the scheme also hired at least 50 locals to work for the firm. They recruited marketing executives, cashiers, managers, and office assistants.

One individual, that was working for Dunamiscoins as a salesperson, said the company also fleeced its employees of money they had paid for registration. They were also promised high returns on investments.

Each applicant was allegedly asked to pay 20,000 Uganda Shillings, (about $5) to register with the company. But when they turned up for work the following day, the offices were deserted.

Indeed, that might not sound like much money, but perhaps that strategy is what helped the scam get off the ground.

Credit: Daily Monitor
Dunamiscoins’ offices closed

Victims are calling for others who have been affected to come forward and report their experiences to the relevant authorities.

The Ugandan government has — on numerous occasions — stated that it does not recognize cryptocurrency as legal money and that no organizations have been licensed to sell the digital assets in the country.

Representatives from Dunamiscoins have reportedly been unreachable.

The Dunamiscoins website is still live at the time of writing. Hard Fork attempted to contact the email listed on the website only to receive an “address not found” error.

We’ve all heard about cryptocurrency scams robbing investors of money, but robbing them of jobs? That sounds like a new one.

Perhaps the saddest thing about all of this is that dozens of people were promised employment that never materialized.

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