Uganda Police Investigate Hut 8 Online Investment Platform

The Uganda Police Force says it is working with relevant regulatory and financial-sector agencies to establish the full circumstances surrounding the activities of Hut 8, an online investment platform, and identify individuals or entities linked to it.

“The Uganda Police Force, working together with relevant regulatory and financial-sector agencies, is ready to receive complaints and any available information to establish the full circumstances surrounding these activities, identify the individuals or entities involved, and take appropriate action in accordance with the law,” Uganda Police Force spokesperson ACP Rusoke Kituuma said in a statement shared on the official police X account.

Although no formal complaints have been received from members of the public, ACP Rusoke said police had taken note of the online investment platform operating in Uganda under the name Hut 8.

“While no formal complaints have yet been received by the Police, we wish to clarify that the legitimate Hut 8 Corporation has publicly disassociated itself from the alleged investment solicitations in Uganda,” he noted.

According to police, preliminary information indicates that individuals were allegedly lured through social media platforms to deposit money with promises of returns. Some of those who invested are now reportedly experiencing difficulties accessing their accounts or withdrawing their funds.

The investment platform came to public attention early this month after several people took to social media claiming that they were unable to withdraw money from their accounts on the platform.

Police noted that the legitimate Hut 8 Corporation has publicly distanced itself from the alleged investment solicitations in Uganda, stating on its X account that it has no authorised representatives or investment operations soliciting funds in Uganda.

Police have called on all affected persons to report to the nearest police station and provide any available evidence, including payment records, mobile-money and bank transaction references, telephone numbers, social-media accounts, online links, screenshots, chat messages, and details of individuals who recruited or promoted the platform.

Police have also advised individuals not to pay any additional fees to people claiming to facilitate withdrawals or unlock accounts.

Victims have further been cautioned to exercise caution when approached by individuals claiming they can recover lost funds in exchange for an upfront payment, as this may constitute another form of fraud.

Ugandans have also previously reported losses from similar online investment platforms, including BLQ, YEPBIT and Chicken Chicken.