The Criminal Investigations Department (CID) of the Ghana Police Service and the Economic and Organized Crime Office (EOCO) are on a manhunt for Directors and Operators of CryptoCurrency syndicate who have allegedly swindled more than 3,000 people of their deposits.
Operating under an unlicensed company named the Global Coin Community Help, a deposit taking institution, the directors and owners are said to have absconded with more than GHC4m of depositors funds.
What is a Cryptocurrency?
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency. Since the release of bitcoin, over 4,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) have been created.
About 3,000 customers are alleged to have been syndicated in this new financial instruments. The government of Ghana, through the central bank is yet to have a clear position on the operation of cryptocurrency trading in Ghana.
The directors of Global Coin Community Help are thought to have abandoned their clients and so the EOCO and the CID division of the Ghana Police Service have placed the directors and operators on public alert for their arrest.
