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Three Kenyans Arrested for Selling Bitcoin to a Bank Robber

Dec 05, 2017 Posted /  16588 Views

Three Kenyans Arrested for Selling Bitcoin to a Bank Robber

Three traders arrested in Kenya

In Kenya, three Local Bitcoin traders have been arrested following a bank robbery where about 10.2 million Kenyan shillings approximately $80,000 were stolen. The robber allegedly tried to convert some of the money into Bitcoin by selling it to the arrested traders.

The money was allegedly robbed from I&M Bank and safaricom pay, cellphone financial services. Part of the stolen money was allegedly sent to the Bank accounts of three arrested Bitcoin traders although all the three traders denied any involvement in the bank robbery. The traders claim to have been transacting normal businesses via for the last five years and have received millions of shillings for the transactions. The trio claimed that this one case has just been an unfortunate situation where they unknowingly traded with the criminal.  The traders produce the chat log to show to the police that they indeed sold 1.2 Bitcoin to a user with the account named BADASS20 in exchange for the money alleged robbed money.

In a normal sense of money being a fungible commodity would mean the three men have no issue with the authority. Authority has reported that the three men are being investigated for their possible role in the bank robbery.

Bitcoin in Kenya

Kenya is the largest economy in east Africa with booming trade and diversities of hi-Tech Company operating in the country. Kenya has a fairer level of Bitcoin infiltration compared to the other countries in east Africa. A mention of Bitcoin be used to hide proceeds of the money from a bank robbery inside Kenya could provoke the authority to think of putting a ban on Bitcoin citing its capabilities of being used for criminal activities.

A lot of middle-class Kenyans got to know Bitcoin as early as 2013 and some of them have been participating in Bitcoin mining. Recently a Kenyan Bitcoin miner reveals that cryptocurrency is the best wealth distribution mechanism ever. The news which made headlines around the world show how satisfied Bitcoin miners and people dealing in Bitcoin were in the country. People involved with the use of cryptocurrency commented on the event that just took place in Kenya with one user quoted saying,

“Yes, the best a nation state can do to distribute wealth fairly and equitably is to keep its grubby paws off that which belongs to the individual. The market will always do a vastly better job than any system employing guns and fists.”

This follows a concern by another user that nations were not doing enough in terms of wealth distribution giving rooms for what he termed ‘illicit’ mechanisms to do the job. The verdict of the court case in the Kenyan Bitcoin sales if unfavorable will determine the choices of so many people to use or not to use Bitcoin as it is unclear if the person buying your Bitcoin is a criminal or not.

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Tags: Selling Bitcoin Bitcoin traders Localbitcoin Bitcoin Miners

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