Bitcoin Kuwait creators stole $130 million from investors
Date: 2025-02-04 Author: Oliver Abernathy Categories: BUSINESS
The BTCQ8 token was launched on the Solana blockchain on January 14 and was actively promoted online, targeting cryptocurrency newcomers. At the height of its speculative rise, its value reached $0.0193, but soon followed a 99% collapse, and now the asset is trading at just $0.0006074. As a result of the fraudulent actions, approximately 3,000 investors lost their investments.
Safaa Zaman, president of the Kuwait Society for Information Security, noted that the attackers took advantage of the inexperience of young traders who lacked financial knowledge. After attracting significant amounts of money, the scammers disappeared, leaving investors with nothing.
Zaman said that despite the official ban on digital asset transactions in Kuwait imposed by the Central Bank, existing controls are ineffective. She emphasized that the legislative loopholes create favorable conditions for such crimes, especially among young people and gambling traders, who make up about 60% of the country's crypto investors.
Another scam related to the website Elon4u.com was previously uncovered. There, the attackers used a deepfake of Elon Musk to convince users that a digital asset giveaway was genuine. They claimed that the Tesla CEO was holding a contest and giving away more than $20 million worth of cryptocurrency, thereby misleading victims.
