Most of us are actually happy the cryptocurrency talk has gone under because there were so many things that even those who claimed to be experts in the field did not fully grasp. It was even worse for the ordinary Tom, Dick, Mary, and Harry to understand.
Add this confusion to the widely publicized and high valuation of bitcoin about two years ago that pushed people to invest their monies in the new currency with prospects of reaping massive profits and you would have a general idea why people thought bitcoin is the future.
But as history has come to teach us, things that are too good are often disastrous, which, in the end, was proved thanks to the bubble that was cryptocurrency.
Of course, crafty individuals who have figured Kenyans’ love for money devised a way to take advantage of them. This is how NuruCoin was born, and you can find more details about its proposition in a previous story. What makes it interesting is that the co-founder, one Isaac Muthui had no idea about his product (yet understood how to dupe people of their money), but during interviews or public displays, he could use tough words to cement his point. I mean listen to this guy:
Everytime I remember about Nurucoin, I remember about this video pic.twitter.com/CNhcoPjXAi
— kiruti (@kiruti) March 6, 2019
Some people saw through his duplicity and warned the public using social media platforms. However, Kenyans are stubborn people and 11,000 of them invested in this obvious scam amidst warnings. As the popular Kenyan adage goes, kwa grao vitu ni different.
So, what really happened? In simple terms, people were lied to, and they invested their savings in the company, which had a religious backing in the name of Church Blaze Group. See, Kenyans are holy people, and anything that is associated with faith is as genuine as they come, right? In fact, Isaac Muthui was selling himself as a pastor, although he would later admit that he is not a church person.
According to the Standard, Isaac would go ahead and live lavishly with his new killing that started to raise suspicion among the organization’s leadership. Furthermore, the company began closing its regional offices once funding achieved the set target. Some leaders of the organization who claim Isaac edged them out of crucial decision-making processes left the Church Blaze for obvious reasons.
The matter is being investigated by the Capital Markets Authority (CMA) that is looking forward to nabbing Isaac who, hopefully, will shed more light on the matter.