{"id":31729,"date":"2023-10-19T06:38:19","date_gmt":"2023-10-19T06:38:19","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/crypto\/c-african-republic-arrests-crypto-rug-pull-exec\/"},"modified":"2023-10-19T06:38:21","modified_gmt":"2023-10-19T06:38:21","slug":"c-african-republic-arrests-crypto-rug-pull-exec","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=31729","title":{"rendered":"C. African Republic Arrests Crypto \u2018Rug Pull\u2019 Exec"},"content":{"rendered":"
\n

Police in the Central African Republic think they have captured one of the alleged masterminds behind an apparent rug pull that left \u201chundreds\u201d of citizens out of pocket.<\/p>\n

Investors, including high-level politicians, senior civil servants, and traders, say that the operators of a fast-growing crypto firm named Cl\u00e9 du Succ\u00e8s (\u201ckey to success\u201d) \u201cvanished overnight\u201d with their money.<\/p>\n

But the media outlet Journal de Bangui reported that \u201claw enforcement forces\u201d arrested a man named Bryan Ndikum, a Cameroon national, in Berberati.<\/p>\n

Police think Ndikum and his associates ran Cl\u00e9 du Succ\u00e8s from Bangui, the CAR capital.<\/p>\n

And they believe that Ndikum had been dispatched to Berberati to establish a regional Cl\u00e9 du Succ\u00e8s office.<\/p>\n

But they think that Ndikum\u2019s associates, described as Nigerians and Cameroonians, have \u201calready left the country.\u201d<\/p>\n

Officers said Ndikum and others had \u201claunched an advertising campaign\u201d focused on \u201ccryptocurrency.\u201d<\/p>\n

Ndikum is yet to be indicted, but is likely to face \u201cfraud and breach of trust\u201d charges, the media outlet reported.<\/p>\n

Central African Republic \u2018Rug Pull\u2019 \u2013 Will \u2018Masterminds\u2019 Face Justice?<\/h2>\n

The alleged scam operators used Bitcoin (BTC) logos in their marketing materials, and told would-be investors that they \u201cstood to earn 20% on their stakes.\u201d<\/p>\n

However, following fake reports of an \u201carmed attack\u201d 17km outside the capital, the Cl\u00e9 du Succ\u00e8s executives reportedly vanished without telling anyone, seemingly taking over $1.6 million worth of crypto and fiat with them.<\/p>\n

Even staff members at the firm appear clueless about what happened to the executives.<\/p>\n

Media outlets reported that the company\u2019s office \u201cdoors have been closed\u201d for over a week, with both the company\u2019s staff and customers \u201cplunged into deep uncertainty.\u201d<\/p>\n

Crypto has been a hot topic in the CAR for some time.<\/p>\n

Adoption in the country, as well as the greater Sub-Saharan Africa region, has been on the up for several years.<\/p>\n

And last year, the nation\u2019s government announced the adoption of BTC and other coins as legal tender.<\/p>\n

The move was seen as a watershed moment for Bitcoin, following a similar move by the pro-BTC government of El Salvador.<\/p>\n

But bitcoiners\u2019 celebrations were short-lived: Less than a year later, the CAR National Assembly repealed the decree.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Police in the Central African Republic think they have captured one of the alleged masterminds behind an apparent rug pull that left \u201chundreds\u201d of citizens out of pocket. Investors, including high-level politicians, senior civil servants, and traders, say that the operators of a fast-growing crypto firm named Cl\u00e9 du Succ\u00e8s (\u201ckey to success\u201d) \u201cvanished overnight\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":31730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[35],"tags":[],"class_list":{"0":"post-31729","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"\nC. 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