Kenya: Trader charged with theft!

In Kenya, three people were arrested for attempted theft of money and subsequent money laundering. Under the pseudonym BADASS20.

As Kenyan Wall Street reported three peer-to-peer Bitcoin traders were indicted by the Milimani Court in Nairobi last month. Emma Kariuki, Stanley Mumo and Timothy Gachehe are alleged to have stolen Kenyan shillings worth about 83 million Euros from a local bank. The money was stolen from accounts of I & M Bank and the mobile operator Safaricom and then distributed to various bank accounts. Three of them belonged to the defendants.

Both Kariuki and Mumo assert that they knew nothing of the source of the money. The money they each received should provide for the settlement of transactions. Both have been active in local Bitcoin trading for over 5 years. The fact that the traders are not worried about the origin of the money is in the nature of things. That then on November 17, a trader named BADASS20 paid with stolen money, the traders did not know, according to their own statements.


By comparing information from the bank with the trading history, the authorities were finally able to prove the origin of the money. The bank accounts of the defendants were finally frozen and the defendants released on bail. The first hearing is scheduled for the beginning of this month, with the main hearing coming early next year.

Crypto-situation in Kenya unexplained

The behavior of the authorities shows that the situation of crypto currencies in Kenya has not yet been clarified. Apart from a warning from the Central Bank in 2015, there are not many official statements to regulate Bitcoin & Co. If the officials had even begun to deal with the basics of crypto currencies, it would soon have become clear that traders did not care about the origin of the crypto currency financial resources. Of course, such far-sighted assessments should always be treated with caution – the outcome of the negotiations remains to be seen.

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