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Meet Africa’s Youngest Blockchain Entrepreneur: Token Media’s Elisha Owusu Akyaw

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Youngest Blockchain Entrepreneur

In Africa, the number of entrepreneurs working on cryptocurrency and blockchain businesses is on the rise due to a growing global appetite for blockchain-based solutions and crypto-commerce. An example of this would be the story of Africa’s youngest blockchain entrepreneur, Elisha Owusu Akyaw.

Becoming a Blockchain Entrepreneur at a Young Age

Elisha is the founder and CEO of Token Media, a Ghana-based cryptocurrency marketing company. Founded in 2017, the company aims to assist new and existing blockchain projects to reach their target audience using global best practice marketing solutions.

Token MediaInterestingly, most people would agree that Elisha does not fit the profile of your typical entrepreneur. The 16-year-old is looking to carve his own niche in advertising with a particular focus on blockchain projects, at a time when his peers are mostly concerned with school or other social activities. He first came across cryptocurrencies on TV, fell in love with the technology and decided the opportunities presented in the space were too good to be ignored.

About what developed his interest in cryptocurrencies he mentioned this in an interview with BitcoinAfrica.io,

“I got into the cryptocurrency space after I saw a news item about bitcoin on TV and then decided to check it out. The idea of financial freedom and an entire economy based on the blockchain appealed to my curiosity, which caused me to investigate about bitcoins and cryptocurrencies as a whole. After research, I then looked at how I could apply my skills in the field and later joined the DASH community and started the first DASH commercial blog.”

Establishing his Mark on Blockchain Advertising with Token Media

Elisha’s foray into digital currencies could not have been at a more opportune time when big players like Goldman Sachs and Google recognise the untapped potential of blockchain technology. Meanwhile, startups are developing other uses for blockchain technology to secure information from tampering and allow users to access the entire record of transactions.

Elisha identified the need for PR services for established companies as well as new market entrants. With this in mind, Token Media was conceived. He states his inspiration for starting the company was,

“I watched a lot of cryptocurrency related videos and I remember watching one that spoke about bringing businesses from other industries into the blockchain industry, which got me thinking about a PR solutions company. After the boom of ICO’s and the popularity of cryptocurrencies, the need for proper marketing services in the space has become very important which lead to the birth of Token Media. Our solutions are unique because we blend affordability and quality.”

Token Media offers a variety of services primarily in public relations, ICO marketing, and social media management. Under public relations the company creates, publishes and distributes press releases, working with notable partners such as BTC Manager, Merkle, and Hongico just to name a few. With ICO marketing, the core activities are public relations and investor relations. Social media management involves spreading the message about various blockchain projects on popular social media channels.

According to Elisha, the company which began operations in June last year has so far worked with several clients such as PIVX, Komodo, Local World Forwarder, and SmartCash. Token Media has helped raise over $40 million in token sales through its marketing services and has worked with cryptocurrencies with a combined market capitalisation of over $1 billion.

While this may seem impressive for a company less than a year old, for Elisha this is just the beginning,

“In the future Token Media aims to be more than a marketing solutions firm. We are working on new projects that include an initial coin offering startup platform, content distribution, and creation on the blockchain and a blockchain related content platform that integrates all media formats,” he said about his future plans.

Challenges Faced and Advice to Aspiring Entrepreneurs

However, a journey into entrepreneurship is not without its hiccups and blockchain businesses are no exception. For Elisha, a persistent problem has been the presence of few platforms in Africa with cryptocurrency integration which makes moving money around quite hectic. Until recently he couldn’t find a decent cryptocurrency exchange in Ghana that offered excellent services with reasonable fees.

With cryptocurrency adoption in the continent still at its infancy stage, most Africans have to contend with international peer-to-peer exchanges like Localbitcoins and Remitano to buy and sell cryptocurrencies. While the exchanges support millions of dollars in trades every day, users are often faced with above market rate prices when buying bitcoin and other digital currencies. Lately, though, we are seeing more localised exchanges coming up across the continent that supports local currencies.

However, the biggest challenge according to Elisha has been unpredictable nature of market regulators. He says,

“Another problem that is getting bigger is the silence on the part of most governments on the continent on the regulation of cryptocurrencies. Regulators on the content seem not to understand the fundamental concepts of blockchain technology and may take rushed decisions that will hamper the growth of the blockchain industry in Africa. As an entrepreneur, it makes it hard for me to plan with this high level of uncertainty at play.”

The reality is the legal status of cryptocurrencies remains undefined in most African countries with regulators regularly sounding warnings against its use. The lack of a policy framework pertaining to digital currencies creates an environment of uncertainty for blockchain enterprises and hampers digital currency innovation across the continent. Hopefully, African governments which are more receptive towards blockchain technologies will involve stakeholders like Elisha in coming up with structures that can assimilate cryptocurrencies into local ecosystems.

For now, the Accra-based entrepreneur has split his time between growing Token Media and his studies. His advice to other young aspiring African cryptocurrency entrepreneurs is:

”There is a lot to be done in the blockchain space in Africa. Identify the problems around you, fix the problem and you will have a winning project or product in your hands. Let’s all work together to bridge the gaps on the continent, educate the masses and help the continent grow.”

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BitClub Network: The Rise And Fall of A Bitcoin Mining Scam

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Bitclub Network

Operators of the prominent bitcoin mining company, Bitclub Network, have been arrested and charged with fraud by the US Department of Justice in December 2019.

In this article, you will learn about the rise and fall of the BitClub Network scam, which has defrauded thousands of bitcoin investors.

What is BitClub?

The BitClub Network is a company that claims to enable individuals to make money through bitcoin cloud mining. Since BitClub was established in 2014, it has been in the spotlight for supposedly using MLM strategies to defraud investors.

BCN claimed on its website (before it was taken down) that it is a “team of experts, entrepreneurs, professionals, network marketers, and programming geeks who have all come together to launch a very simple business around a very complex industry.” These unspecific details about the people behind the company should have been the first warning sign.

The founders of BitClub Network have been anonymous for a long time. Only convicted sex offender, Russ Medlin, was associated with the bitcoin mining scam. However, recent arrests have brought to light other people that could be architects of the investment scheme.

Plenty of Red Flags

In addition to the acute lack of information about the company and its operators, the list of red flags was long.

  • Investors have to pay $100 to join BCN. They then choose from three packages of $500, $1,000, and $2,000. Considering that you can join other mining pools for free, BCN does not look attractive at all.
  • Generally, earning profits through bitcoin mining is difficult but on BCN, this is almost impossible. For example, an investor wrote on Steemit that he was earning $0.34 daily in 2017 with BCN’s $500 package. It would have taken nine years or more for him to get a return on his investment. But since the contract was only running for 600 days, he was never going to make any profits.
  • You can only sign up for an account on BitClub if you have a sponsor. This is characteristic of MLM schemes that thrive on referrals.
  • Russ Medlin is a convicted sex offender from the US associated with various BitClub Network YouTube videos and blog posts. He is considered the “Master Distributor” and unofficial “Owner” of the scheme.
  • Ofir Beigel, the founder of 99Bitcoins, states that the company used a criminal’s picture under a different name to display a customer testimonial. The photos were later taken down after the misrepresentation was discovered.
  • Investors are encouraged to reinvest their cloud mining earnings, which is a tactic MLM companies use to stay alive.
  • Many BitClub YouTube videos that were suspicious were deleted after catching attention from reviewers.
  • BitClub launched a “digital currency” that had no value outside its platform.

The Rise

Bitclub Scam

There is no doubt that the BitClub Network has been aggressively marketed. From Facebook and Telegram groups to Reddit, BitClub promotions have been all over social media. This attributed to its steep growth.

Although the hype surrounding making money with bitcoin is not what it once was, BCN has convinced a lot of people that they could get rich through bitcoin mining. After five years, some investors, if not all, are reportedly regretting their decisions after losing thousands of dollars to BitClub.

In Africa, BCN was just as popular as anywhere else in the world and social media was a key recruitment tool. An example is the Facebook page, BitClub Network South Africa, which is asking people to join.

Using the “fake it till you make it” approach, the leaders of the scheme defrauded investors $722 million even though earlier reports showed that the Network was contributing to bitcoin’s mining activity. However, the information from the recent arrests reveals that the BCN operators were displaying fake mining numbers to investors.

The Fall

Bitclub Network Scam

As with any Ponzi scheme operators, the law is bound to catch up with them. This is what happened to Matthew Goettsche, Joseph Abel, Silviu Balaci, and Jobadiah Weeks, the alleged operators of BCN.

The US District Court prosecutors charged the four with fraud in December 2019 with regards to the BitClub Network Ponzi scheme.

While these arrests could have brought the company to its knees, Russ Medlin, a well-known name in the BitClub Network scam, has not yet been charged.

The arrests revealed that the operators were making millions of dollars while using a small fraction of the money they received from new investors to pay the old investors. Interestingly, the leaders of BCN were not shy to state in their correspondence that they were out to profit from “the typical dumb MLM investor.” In January 2015, Goettsche told Balaci:

“We are building this model on the backs of idiots.”

Lessons Learned

The story of Bitclub is a great lesson for new and future crypto investors. There is a lot we can learn from a bitcoin scam that has been able to operate for so long.

The key points are:

  • Always do your research before investing in any opportunity
  • If you cannot find clear details about the founders of an investment company, do not invest
  • Always regard with suspicion any investment opportunity that asks for registration fees
  • Anyone who promises returns is most likely lying
  • Bitcoin mining is making people money but not as fast as you think
  • Never invest in something you do not understand

The ugly side of crypto is real. There are people intentionally starting crypto scams to make money from unsuspecting investors. Therefore, it is important to stay vigilant and to research the companies you plan on doing business with.

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November 30, 2019: OKEX and BitcoinKE Partner for a FREE Crypto Margin Trading Class

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FREE Crypto Margin Trading Class

After a full-house event in Nairobi for the CrypTour through Africa, OKEx is back again to host its popular Genesis Trading Classe, titled “Crypto Margin Trading.”

The class will cover the following:

  • Basics of crypto trading
  • Trading tools
  • Margin trading
  • Reading of trading charts
  • Trading psychology
  • among other topics.

You don’t want to miss this exciting class!

Come and network with other crypto enthusiasts over drinks and snacks. There will be a jam-packed list of speakers who will also be joining for this class.

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EVENT DETAILS:

DATE: SATURDAY, 30TH, NOVEMBER 2019

TIME: 11:00 AM – 5:00 PM

VENUE: MARBLE ARCH HOTEL, LAGOS RD, OFF TOM MBOYA STREET, NAIROBI, KENYA

REGISTER: http://bit.ly/BITCOINKEOKEX2019

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Retired NBA Player Allegedly Scammed Ghanaian Company Out of $825,000 in Bitcoin

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NBA Player

Retired NBA player, Isaac Edward Austin, has allegedly scammed a Ghanaian Company out of $825,000 in bitcoin (BTC). The money was reportedly acquired with the promise of investing it in a bitcoin automated trading programme.

Bitcoin Investment Scam

bitcoin doublerThrough the Isaac Edward Austin (IEA) and Tudor Trust, Austin reportedly masqueraded as a trustee with the ability to help a Ghanaian company make a profit on a bitcoin investment. The two parties signed a contract on July 3, 2019. This contract is among other documents that have been shared on mynewsgh.com indicating the scam took place.

The company sent to a bitcoin investment at a strike price of $11,000 per bitcoin, totaling to $825,000, to Austin expecting to receive back the original investment plus profits. However, Austin failed to make the payment at the close of trading as per the agreement.

A victim of Austin’s scam shared his experience as follows: “He will take your BTC and you will never get your investment back or your returns. On the day of payment, he will tell you story after story filled with lies of issues why the BTC could not be delivered on the day of payment. From him having a heart attack, to the coin being sent to the wrong wallet, to him being in a queue at the bank, to him waiting for the trade to conclude, to the funds being held by the bank. Week after week after week of unresolved issues even when he has confirmed the day before that all is set 1000 percent to deliver and conclude the transaction. He is a fraudster of the highest order. Stay away from him. We have all the proof – contracts, letters, and messages.”

One of the other documents mynewsgh.com obtained is a letter sent to Austin notifying him of his failure to meet the agreed terms of the contract. The Ghanaian company expected their money back on the same day they signed the contract with Austin. The funds expected should have been 75 BTC going for a strike price of $11,000.

In the letter, the company gave Austin 48 hours to pay them their money – failure to which they were going to take legal action.

Is the Scammer an Imposter?

According to the documents shared on Ghana Web, the bitcoin scammer’s date of birth and height is similar to the former NBA player, Isaac Edward “Ike” Austin as indicated on Wikipedia. So, could this be a case of a retired basketball player turning into a scammer or is someone impersonating him? The answer to this question is unclear.

This LinkedIn profile of an Isaac Austin, who has been the Finance Director and Trustee of Tudor Trust and Finance Society LLC since June 2012, does not seem authentic. Although this profile has some similarities to the former NBA player’s personal information as written on Wikipedia, the years he attended Arizona State do not coincide.

Furthermore, the profile on LinkedIn says Isaac Austin took a Bachelor’s Degree in Liberal Arts and Sciences for one year which is not the usual study period for a degree course. There is also no mention of the former NBA player being a trustee of IEA and Tudor Trust.

The upturn of the crypto market experienced in mid-2019 appears to have spurred scammers into action. This scam comes after another bitcoin investment deal in Nairobi went wrong between December 2018 and May 2019.

That said, these scam stories are a lesson to potential bitcoin investors that they are better off managing their own investments as opposed to handing funds to someone to manage them. If the Ghanaian company had carried out thorough research, perhaps they would have noticed the obvious red flags.

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