Media personality Andrew Kibe has warned Kenyans against falling for Worldcoin, a new cryptocurrency.
Kenyans, according to the former radio show presenter, should be wary when an offer appears to be too good to be true.
He stated that the only way for people to make money is to labor.
“This is where you will probably get anything. This place is called work,” he said.
In a YouTube video, Kibe advised Kenyans against falling for cryptocurrency scams.
“What small brain do you have that you think there is a place you can go and make money off the internet just like that?” he posed.
“Are you stupid? Games za pata potea zimepelekwa kwa internet.”
Here are some social media reactions:
@RadBunny2269: “We have such a filthy culture of easy money that it’s appalling. And sad at the same time because this is going to be the sustained culture these kids teach their kids. Shame.”
@pattohkip5886: “Basically, Kibe doesn’t understand finance and had not done any research about Worldcoin, otherwise he can also say Bitcoin is a scam.”
@nagedante9727: “There is only one way to get wealth. By working.”
@charleskamunde1516: “Bro Kibe preach. Tell them the truth.”
Kenyans are scanning their irises in exchange for Worldcoin tokens
Kenyans are queuing in shopping malls to scan their iris in exchange for Worldcoin tokens worth 7700 Kenyan Shillings.
And crypto firms in Kenya are riding on the coattails of Worldcoin’s popularity to help participants change their free tokens to cash.
Last week, Worldcoin, a blockchain company founded in 2019 by Open AI chief, Sam Altman, Max Novendstern, and Alex Blania, launched their iris-scan-for-token orbs globally, after trial runs in Indonesia, Chile, Kenya and 24 other countries.
On Wednesday, July 26, two days after the global public launch, Altman tweeted that one person was being “verified” every 8 seconds.
Kenyan crypto firms latch on After registering and scanning their irises, participants are given 25 Worldcoin tokens.
But to convert that token to cash, they have to sell the tokens for USDT (a virtual US dollar) on a crypto exchange that lists Worldcoin’s virtual currency. They can then resell USDT for local currency.
By the end of the first day of launch, each Worldcoin token was worth $2.1 or 299 Kenyan Shillions.
Every person who scans their iris on Worldcoin’s shiny orbs gets 25 Worldcoin tokens (or WLD) which is worth an estimated KES7,700 or roughly $54.
Data from Take Profit, a data analytics provider puts the average monthly pay of low-wage earners in Kenya at around KES15,000 monthly before tax.
On Sunday, KotaniPay, a local crypto company tweeted a video inviting people who had scanned their irises at the Kenyatta International Convention Centre to visit their booth to exchange WLD for Kenyan Shillings.