• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Banks Authorized For Crypto Activities, Confirms Federal Reserve Chair Powell
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Banks Authorized For Crypto Activities, Confirms Federal Reserve Chair Powell

Police Arrest Three Bitcoin Traders in Kenya

Jeff Francis
by Jeff Francis
7 years ago
·
Posted in News, Bitcoin, Bitcoin Exchange, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Police in Kenya arrest three Bitcoin traders on charges of money laundering by using stolen money to purchase cryptocurrency.


There are some definite advantages to using cryptocurrencies like Bitcoin, such as anonymity and ease of use. Of course, one of the main benefits of digital currency is that anybody, no matter where they are in the world, can be an active participant in the crypto economy. But there are times when the advantages of Bitcoin can lead some people into hot water, such as what happened recently in Kenya where three Bitcoin traders were arrested by the police and charged with money laundering.

The Good and Bad of the Digital Age

We do live in a age of wonder due to the technological advances that have been made over the last few decades. The internet allows for instantaneous communication between people from all corners of the globe, not to mention the joy of watching funny cat videos. Likewise, cryptocurrency allows for anonymous and easy transfers of capital across national borders without the hassles of dealing with bureaucratic red tape from governments and banks. However, all progress can be marred due to criminal mischief.

The three Kenyan Bitcoin traders found out that being able to easily buy digital currency can come with a cost. The three traders (Emma Kariuki, Stanley Mumo, and Timothy Gachehe) were using funds to buy Bitcoin on the LocalBitcoins exchange that turned out to be stolen.

It seems that the funds came from an anonymous person known as “BADASS20” that stole the equivalent of $100,000 from the I&M Bank and a Safaricom Pay Bill account. The police traced the stolen money, which eventually led to the bank accounts of the Bitcoin traders. What is interesting is that it appears the traders were unaware that the money had been stolen, which the authorities note due to their chat history. Still, the Kenyan Banking Fraud Investigation Unit (BFIU) arrested the three, but they were able to make bail and be released.

Bitcoin Soaring in Kenya

While the story of the three traders should serve as a cautionary tale in vetting your sources of money, I love the fact that Bitcoin has crept into the fabric of everyday life in every corner of the globe. The P2P trading market in Kenya is very active and on the rise. The Central Bank of Kenya (CBK) has noticed the popularity of Bitcoin and other cryptocurrencies, even though they note that such digital currencies are not legal tender within Kenya.

The CBK noted:

Domestic and international money transfer services in Kenya are regulated by the Central Bank of Kenya Act and other legislation. In this regard, no entity is currently licensed to offer money remittance services and products in Kenya using virtual currency, such as Bitcoin

The final fate of the three Bitcoin traders has not yet been determined. While they appear to not know the money was stolen, they did use it to buy Bitcoin, which could legally be viewed as money laundering. While it’s great that any person with a smart phone in Kenya can become part of the crypto world, if someone calling themselves “BADASS20” offers you $100,00 to buy Bitcoin, maybe you should just say no.

Do you think the Bitcoin traders are guilty of money laundering? Would you accept $100,000 from BADASS20? Let us know in the comments below.


Images courtesy of PublicDomainPictures and Pixabay.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jeff Francis

Jeff Francis

Follow

Full Profile

Related Posts

Bitcoin

21 Years Later: Michael Saylor Sees Bitcoin At $21 Million—Details

3 hours ago
Bitcoin UTXO Model Signals A Shift – Buyers Return As Selling Pressure Fades

Bitcoin UTXO Model Signals A Shift – Buyers Return As Selling Pressure Fades

8 hours ago
QFSCOIN Launches High-Yield Mining Contracts And Allows Global Investors To Earn Bitcoin And Dogecoin

Regulated By US Law And SEC: QFSCOIN Launches High-Yield Mining Contracts And Allows Global Investors To Earn Bitcoin And Dogecoin

22 hours ago
Ceasefire

BREAKING – Iran-Israel Ceasefire Sparks Crypto Bounce–Details

1 day ago
Bitcoin

Bitcoin Weathers The Iran-Israel Storm Better Than Wall Street’s Best—Analyst

1 day ago
Bitcoin

Strategy’s Michael Saylor Shrugs Off Lawsuit, Signals Next Bitcoin Acquisition

1 day ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Say goodbye to volatility anxiety, a new choice for XRP and...

    5 hours ago
  • PAIRMiner: Earn Bitcoin and Dogecoin Daily with a Free...

    6 hours ago
  • New encryption model: Get rid of the anxiety of watching...

    9 hours ago
  • Earn $9,800+ a day! As Bitcoin (BTC) breaks through...

    9 hours ago
  • [Limited time 72 hours] Register ETHRANSACTION during the...

    10 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.