A wave of cryptocurrency fraud has struck Kuwait, leaving investors stunned after an estimated 40 million Kuwaiti dinars ($130 million) disappeared in just hours. This financial blow, one of the largest in the country’s digital trading history, followed the collapse of a newly introduced cryptocurrency called “Bitcoin Kuwait.” Traders had invested heavily in the asset, only for it to collapse almost immediately after its launch. The scheme, allegedly orchestrated by an anonymous developer over three years, was first exposed by Dr. Safaa Zaman, a professor of computer science at Kuwait University and president of the Kuwait Society for Information Security. Dr. Zaman took to social media platform X, revealing that the creator of “Bitcoin Kuwait” vanished with the funds, leaving behind many victims—mostly young and inexperienced investors. “Where is the oversight, where is the legislation, and where is the fraudster?” she asked, pointing to the regulatory failures that allowed such a massive fraud to unfold. Despite the Ministry of Commerce and Industry’s refusal to license Bitcoin trading in Kuwait, no effective safeguards are in place to protect the public from cryptocurrency scams. Dr. Zaman noted that the Central Bank of Kuwait officially prohibits dealings with digital currencies, but enforcement measures […]