LocalBitcoins Operating Bitcoin Sellers in Kenya Swindled Through Electronic Funds Transfer


One of the fastest ways to trade Bitcoins by either purchasing or selling is the website LocalBitcoins.com. The LBTC is a P2P platform that enables the users to have the fastest transactions possible. The users having account on the website are able to post a trade on the basis of the total number of Bitcoins the users want to purchase or sell. The users have full freedom to choose the mode of payment by following the terms and conditions laid down by the website. This enables the potential clients to identify the best rated offers of the vendors on the existing market prices.  It is also possible for the vendors and the buyers to engage in trade with each other outside the platform. But this could be a bit risky as the funds will not be protected using the escrow system.

The escrow system on the website of Local Bitcoins is easy to use and very easy to understand. This can be illustrated in two ways one from the buyer’s perspective and the other from the seller’s perspective. In the latest case, the Bitcoin traders in Kenya were swindled through the Electronic Funds Transfer that was once deposited to their bank accounts. The scammers knew the working functionality of the LocalBitcoins.com and hence they faked themselves to be the traders and posted a trade. The buyers who accepted the trade were asked to transfer the funds using the bank transfer and then the funds were sent from I&M Bank to Equity Bank accounts of the traders. The accounts were flagged that resulted in a chargeback. Wire transfers and MPesa Paybill numbers also took place.

There is absolutely no information whether the scammers are arrested or how much of the amount were scammed in total. This could a reason that most of the people on the dark web prefer to hide their real name


  1. Now a days we have a new platform , apart from the other 2 which are doing monopoly , and charging high fees and suspending accounds. xxnbxxxx.cxmx , low fee p2p , used worldwide , with more than 300+ payment modes, though its relatively new , but its really good…


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