The spread of electronic fraud in areas controlled by the M23 movement in the Democratic Republic of the Congo news

Cryptocurrency trading platforms are spread across the eastern Democratic Republic of the Congo, concealing elaborate scams targeting an economically exhausted population suffering from the scourge of war and armed conflict.

A report by Agence France-Presse stated that a large number of residents of the cities of Goma and Bukavu in eastern Congo have accumulated huge wealth through trading in cryptocurrencies.

These revenues are exceptional in light of the economic crisis that the two regions are witnessing, as banks were closed on orders from the Kinshasa authorities to avoid financing the Rwandan-backed M23 movement, which severely affected companies and families.

The report indicated that the only condition for participation is to use the platform several times a day and “invite other people” to join a mysterious electronic trading platform that it says is an institution based in the United States, and the first to join it achieve significant gains.

This method is very similar to a pyramid scheme or Ponzi system, where investors’ returns come from the money deposited by new members, the decline in which leads to the collapse of the system and the loss of those who did not withdraw their money.

According to specialists in the digital field, Congo – where about 73% live on less than two dollars a day – is fertile ground for electronic fraud.

The closure of banks and the spread of violence have contributed to the spread of fraud, as many people resort to searching for alternatives, often fake companies.

Data indicate that the alleged companies behind these frauds “have no offices or official presence in the Democratic Republic of the Congo.”