GHash Mining: Crypto Currency Scam, Crash & Arrest

February 17, 2024 / ke

GHash Mining was a fraudulent cryptocurrency mining company that promised insane ROI through their cryptocurrency mining technology. The company crashed in February of 2024 after it failed to pay its investors.

Modus Operandi
GHash Mining promised investors a higher return of investment of upto 60-80%. As it’s with most fraudulent crypto company, GHash Mining lured investors into believing they are into cryptocurrency mining, but in the real sense of things, they are just another Ponzi scheme.

Owners of the platform recruited investors by creating multiple fake profiles on social media who shared false payout and cash out proofs and testimonies, making innocent Kenyans believe in the genuineness of the platform.

Crash
The platform crashed in February of 2024. Signs of failure began manifesting in the last week of January 2024 when they were unable to pay investors. Reasons given for the failure to pay investors include expansion into the UK market and expansion of operations.

“GHash Mining, a company with strong growth in the cryptocurrency sector, especially in Africa, has seen its share price increase by 600% in the last three months, according to IVSC. This impressive growth has attracted a lot of interest from investors who are eager to buy shares in the company. The company is planning to go public in the UK soon, with its initial public offering (IPO) expected to be finalized in early February.” – GHash Mining

Few days into February, their website became inaccessible and they stopped responding to queries from investors.

Arrest
On the 17 of February 2024, The Directorate of Criminal Investigations arrested some operatives of GHash Mining.

“Four suspects implicated in a larger GHash mining scam were arrested yesterday within Kahawa, following a joint operation by various units drawn from DCI Headquarters. The four; Otieno Dismas Ongoro, Robin Mwika, Wycliff Otieno Olal and Michael Otieno Kaumba were booked at Muthaiga and Pangani Police Stations after their arrest. Found on them upon search were 1336 sim cards, (safaricom 1235, Airtel 80 and Telkom 21), a tablet, laptop and eight mobile phones. More suspects are being sought as the four pend arraignment on Monday.” DCI said in a statement it made available on February 17 2024.

The arrested fraudsters were caught with thousands of mobile Sims which they use in perpetuating their GHash Mining fraud.