$766 000 USD





"Phineas Chakanyuka, the alleged brain box behind the" "Bitcoin Interchange Zimbabwe" "scheme, had offices in Harare and Chitungwiza, Zimbabwe. A large number of investors were from these cities." "It is alleged that clients [were informed] that they would earn high percentage profits from investment." "The investors had allegedly promised profits of 35% after every two weeks on the initial deposit."


"They included offices at Freirn House situated at corner Speke Avenue and Harare Street and others at LAPF House, corner Chinhoyi Street and Jason Moyo Avenue, respectively."


"OVER 10 000 investors mainly from Harare and Chitungwiza, who invested between US$100 and US$300 000 in a Bitcoin scheme, were left counting their losses after the scammer closed shop without warning.


"I checked their website there are some functions that are not working. Like if you check the footer the social links are not working. Seems as if they don’t have a social proof. What I mean by social proof. There are little to no one talking about this business on social sites. Maybe is a new company I don’t know. Any bitcoin investment of this nature may not end well. If you decide to participate make sure you participate with money that you are prepared to lose. See people need conviction that it works. The first time you may invest $10 like you said if you get paid you would want to invest more and more."


"Chakanyuka allegedly closed all his offices without prior notice or warning to his clients. He also did not provide any means of contact as his mobile was unreachable, thus leaving investors counting their losses." "He claimed he had problems with the police and the Reserve Bank of Zimbabwe."


"43 people reported being swindled of US$765,935." "Some 43 people were left counting their losses after Bitcoin Interchange Zimbabwe Private Limited, represented by someone calling himself Paradzai Muchenga, swindled them of US$765 935."


"Efforts to get a comment from Chakanyuka were fruitless as his mobile was not reachable."


"He, however, sent a message on his various Bitcoin Interchange WhatsApp groups."


Part of the message read: “Our most valued clients. We are pleased to announce that we are still progressing very well. Our system upgrade was completed successfully. We are continuing to work tirelessly to resume operations. We had indicated that we will open on November 7 to November 14. However, there are still a few requirements that we are yet to complete on our side with our broker, the Reserve Bank of Zimbabwe and the police.


“Thank you for your continued patience in our very last phase towards official opening next year. Any inconvenience caused is sincerely regretted. Bitcoin Interchange is here to stay. Please note that your funds are available and safe. Once we get the greenlight we will pay everyone”.


"One of the investors, Peter Munyai, said he sold his house before lockdown and invested in the scheme."


“I am stressed. I sold my house and invested and now this guy is nowhere to be found. We are organising ourselves so that we make an official police report. Other disgruntled investors have already reported him to the police,” Munyai said.


National police spokesperson Assistant Commissioner Paul Nyathi said they were yet to receive a report from aggrieved parties.


“I haven’t received such a report at the moment. I will definitely give you details as soon as I get that information,” he said.

Bitcoin Interchange was a Zimbabwe-based investment platform which promised investors 35% returns. They had offices in multiple Zimbabwe cities including Harare and Chitungwiza. Investors lost over $766k through investing.


Having a large scale of investments occurring outside of any oversight and no widespread way to validate if a scheme is legitimate means that victims often have few resources to turn to when making decisions. Greater resources and education could greatly diminish the success of such plans.


Check Our Framework For Safe Secure Exchange Platforms

Sources And Further Reading

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