Live auction was a scam
Get rich quick schemes often start with paying a few founders something, then this is used as a bait for the next batch of people.
Before long, the news of free money spreads like wildfire and thousands, sometimes millions get on board. That's when the saying, 'when the deal is too good, think twice' comes true.
Many lose their personal savings that they had saved for years. Some, sell important assets so as to 'double' the money.
It is a gamble that even if it repeats today by any other name, Kenyans will still join. People haven't learned from such past occurrences, Public Likes etc. READ: Alert: Conmen Rebrand Public Likes As Public Make I wonder why we love free things.
Now, Live Auction which began sometimes in June, actually, on the Twitter account, it boasts of being 'launched 27th of June 2020'. It boasted of being a ' Peer to Peer online investment platform where members buy and sell our shares to Make profit'. The scammers attracted tens of thousands of 'investors' through a myriad of social media platforms; from WhatsAPP, Facebook, websites and Twitter. They had multiple accounts and channels all used to dupe Kenyans.
The “investors” were required to deposit a minimum amount of Ksh1,200 to start “trading”. The company which seemingly is from South Africa promised 30 percent returns in just four days, 60 percent returns in eight days and 95 percent profits in just 12 days. READ: Rental House Scam: Lady narrates how she was conned This scheme collapsed a few weeks ago leaving Kenyans counting losses. Most of the channels are now devoid of admins.
Facebook Page has been abandoned, Its two web domains, https://liveauction1.cash/ and https://liveauction.cash/ , are not working.
However, on WhatsApp, some swift clients got a hold of screenshots giving Kenyan mobile numbers, which might help authorities track down the criminals. READ: CONMEN ALERT: New Ways People Are Being Conned In Nakuru and Eldoret For all those who think that I can help track your stolen money, I can't, you were duped and you should always know that there's nothing like free money. Hi. I hope uko poa. Am being told kuna investment company imeibia watu pesa. Ina jiita LIVE ACTION KENYA. That watu wali invest the all off a sudden the company blocked out people. Watu hawazezi kuaccess their investments or even track their money. - How we received the message 256 participants complete with Admin in one of the WhatsApp Groups
READ: Mansa X: The new Ponzi scheme dealing in online Forex trading How a Facebook page with over 2500 likes announced Live Auction scam