With the growing excitement surrounding Worldcoin, particularly in East Africa and Kenya, scammers are exploiting WorldCoin to defraud as many Ugandans as possible.
The Worldcoin hype has been at its highest peak in the past few weeks and several Kenyans were seen lining up long queues to register and acquire accounts and allegedly get free cash under this new cryptocurrency. The registrations are done at “Orb Centers” by alleged WorldCoin operatives through the use of biometric retina eye scans.
In Uganda, these Orb centers have been set up as registration points in locations such as Acacia Mall, Ham Shopping Grounds, Pioneer Mall, Akamwesi Shopping Mall, and Junction Mall, and they are mainly operated by people that are allegedly WorldCoin representatives under the company name “ZeroDay Intel Crypto Hub,” which claims to be Uganda’s official WorldCoin representative.
Despite creating hype in East Africa, particularly Kenya, and registering thousands of members, the WorldCoin initiative was suspended by the Kenyan government because it was discovered that WorldCoin exploited gaps in Kenya’s data protection law.
In Uganda, the Bank of Uganda has also issued a warning to Ugandans involved in WorldCoin trading to stop participating in order to avoid falling victim to the scam.
Meanwhile, these con artists are exploiting the new WorldCoin business boom to defraud numerous Ugandans utilizing the following strategies:
Social Media Impersonation:
In order to gain Ugandans’ trust, these scammers are frequently creating fake social media profiles where they pretend to be Worldcoin officials or influencers, or traders in WorldCoin currency.
Carrying out Investment Seminars and Workshops:
These con artists often hold investment seminars or workshops for Ugandans, portraying Worldcoin as a definite means to financial success. During these workshops, they may demand exorbitant admission fees or promise exclusive access to early investment opportunities, such as earning free money just for registering.
New Ponzi Schemes and Pyramid Scams:
These fraudsters may utilize Worldcoin to conceal their own Ponzi or pyramid scams. They may recruit or register people and offer them significant returns on their money, typically by urging them to bring in more people.
Conclusion:
As the interest surrounding Worldcoin develops in Uganda, so does the chance of becoming a victim of fraud. Ugandans should educate themselves on the initiatives, undertake extensive research, and seek advice from authorized financial institutions or experts before making any investment decisions.
