Crypto Scams in Guinea, Hundreds of Victims of LKY and McGivern

Investment platforms in cryptocurrencies, including LKY (LuckyCoin), have scammed hundreds of Guineans. Users can no longer withdraw their funds, despite visible balances. One investor reported having invested over 10 million Guinean francs (approximately 1000 euros) and is being asked for 1000 dollars for verification fees. The Central Bank of Guinea has warned that these platforms are Ponzi schemes, where early investors are paid with the deposits of new ones. Losses range from a few hundred to several thousand euros. The BCRG has requested mobile payment providers to block accounts linked to these scams. Another platform, McGivern, shut down on August 10, leaving its users without access to their funds. The Guinean judiciary is involved in identifying those responsible and assisting the victims. Investors are advised to verify the legality of platforms before investing.

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