A prominent eye specialist, Dr. Solomon Guramatunhu, has allegedly fallen victim to a cryptocurrency scam, losing a staggering sum of over $108,000 in a transaction with a crypto trader, as revealed in proceedings at the Harare Magistrates’ Court.
Harare magistrate Marehwanazvo Gofa presided over the case yesterday, remanding Lloyd Chiyangwa (31) in custody pending a ruling on his application for refusal of placement on remand.
According to allegations presented by Prosecutor Lancelot Mutsokoti, the incident dates back to 2020 when Dr. Guramatunhu, while in India, purchased cryptocurrency from a United Kingdom-based company. Upon his return to Zimbabwe, he enlisted the services of Chiyangwa, described as a crypto trader, to facilitate the management of his crypto assets.
Chiyangwa’s responsibilities purportedly included setting up wallets and transferring tokens across five accounts, along with creating passwords for the wallets.
The court was informed that between January 7 and 27 this year, Chiyangwa executed transfers totaling 122,467 Matic tokens valued at $108,924.24 from Dr. Guramatunhu’s Metamask wallet to the Waybit exchange.
However, Dr. Guramatunhu only became aware of the disappearance of the tokens when he attempted to move them to another wallet, leading to suspicions of foul play.
Investigations suggest that Chiyangwa utilized his iPhone 15 cellphone to conduct the transaction, adding a technological dimension to the unfolding legal saga.
The case underscores the risks associated with cryptocurrency transactions, particularly in the absence of robust regulatory frameworks to safeguard investors. Dr. Guramatunhu’s ordeal serves as a cautionary tale for individuals navigating the complex and often volatile world of digital assets.
As the legal proceedings unfold, stakeholders are closely monitoring the case for its implications on crypto regulation and investor protection in Zimbabwe. The outcome of Chiyangwa’s application for refusal of placement on remand will likely set a precedent for future cases involving cryptocurrency-related disputes.
With the global surge in cryptocurrency adoption, incidents of fraud and mismanagement underscore the urgent need for enhanced consumer awareness and regulatory oversight to mitigate risks and safeguard investor interests in the burgeoning digital economy.