An alleged cryptocurrency pyramid scheme in Uganda has fled afterward defrauding dozens of victims that invested in and worked for the scheme.

Dunamiscoins Resource Limited opened in Masaka final month and started inviting individuals to invest and become part of its "digital currency network," independent Ugandan paper Daily Monitor reports December. 5. The firm'due south offices airtight down covertly just a month later opening, with employees reportedly coming to the office to discover information technology empty.

Dunamiscoins required employees to pay to kickoff work

A businessman who worked next to Dunamiscoins' closed offices reportedly said that Dunamiscoins was convincing people to bring together its firm past promising 40% returns on greenbacks investments. According to the witness, the firm was apparently working with money transfer companies in the city to recruit new people to the scheme.

Additionally, Dunamiscoins allegedly asked each bidder to pay 20,000 Uganda shillings ($v) to register with the company. According to a former Dunamiscoins salesperson, the firm promised loftier returns on investments merely fleeced its employees of money paid for registration as well.

Daily Monitor attempted to become in bear on with Dunamiscoins but none of the phone numbers obtained by the publication was available, the report notes. Cointelegraph reached out to an email address mentioned on Dunamiscoins' website only to receive a discover that the listed address couldn't exist found.

The written report follows a recent announcement by the deputy governor of the Banking company of Republic of uganda that online cryptocurrency businesses are non regulated in the country to engagement. In June 2022, the official warned the public on the limited protections offered them when they invest in unregulated cryptocurrencies, besides outlining a number of risks associated with crypto trading and adoption.