Complete list of Crypto Ponzi Scams in Africa | Timeline 2016
Since 2016, Africans have lost billions to exit scams and fraudulent schemes, with Nigeria alone reporting losses exceeding $2 billion. Cryptocurrency adoption across Africa began gaining momentum around the same time, coinciding with global interest after Bitcoin’s surge past $1,000. For many Africans, crypto offered an alternative to unstable currencies, limited banking access, and high remittance fees. Countries like Nigeria, Kenya, and South Africa quickly emerged as hotspots for peer-to-peer trading, with Nigeria often topping global charts for crypto usage by volume (per Chainalysis and others).
However, this rapid growth also attracted fraudulent operations targeting the continent’s emerging crypto community. With limited…
