Six people, including Kenyan nationals and a Kenya-based business, have been charged in the United States over an alleged cryptocurrency investment fraud that reportedly targeted around 800 Americans and caused losses exceeding $750,000.
According to the US Department of Justice (DoJ), the accused allegedly operated scam centres in Madagascar, where workers used fake online identities to establish relationships with unsuspecting victims through dating platforms. After gaining their trust, they persuaded victims to invest in fraudulent non-fungible token (NFT) platforms.
Investigators said victims were encouraged to connect their cryptocurrency wallets to these websites, enabling the accused to access and withdraw digital assets without their knowledge or consent.
The investigation identified approximately 74 cryptocurrency wallets associated with victims across several US states. Authorities also traced the alleged network’s links to criminal groups operating in China and Malaysia.
Prosecutors allege that the operation initially functioned from Cambodia before relocating to Madagascar in early 2025 following law enforcement action against its activities.
The case combines elements of romance fraud, cryptocurrency investment scams and identity theft, highlighting how organised criminal networks exploit online relationships and digital investment platforms to target individuals across international borders.
US prosecutors are seeking the extradition of the six defendants from Madagascar to face charges in the United States. The case remains under investigation, and the allegations against the accused have not yet been established in court.
