At VisuoSofts, we pride ourselves on our commitment to integrity, transparency, and trust. It has recently come to our attention that an individual or entity known as Alfouz, linked to the infamous “Bitcoin Kuwait” scam, has falsely claimed an affiliation with our company. We want to unequivocally state: VisuoSofts has no connection, affiliation, or involvement with Alfouz or the Bitcoin Kuwait scam. We have never communicated with Alfouz, entered into any contracts, or participated in any activities related to Bitcoin Kuwait or any associated fraudulent schemes. Any claims suggesting otherwise are baseless and malicious.
This blog post aims to set the record straight, expose the details of the $130 million Bitcoin Kuwait scam, and reaffirm our commitment to protecting our reputation and supporting the Kuwaiti community against such fraudulent activities. We have conducted thorough research into the scam, drawing from available web sources and posts on X to provide a comprehensive overview of Alfouz’s deceitful actions and our legal response.
The Bitcoin Kuwait Scam: A $130 Million Fraud
The “Bitcoin Kuwait” scam is one of the most significant financial frauds in Kuwait’s recent history, resulting in losses of approximately 40 million Kuwaiti dinars (equivalent to $130 million USD). According to reports, this scam revolved around a fraudulent cryptocurrency token, “Bitcoin Kuwait,” built on the Solana blockchain. The scheme, which unfolded over three years, targeted young and inexperienced investors, exploiting their lack of financial literacy and trust in cryptocurrency hype.
Dr. Safaa Zaman, a computer science professor at Kuwait University, uncovered the scam, revealing how Alfouz, the alleged mastermind behind it, manipulated investors with false promises of wealth. Alfouz reportedly claimed to manage a $150 million portfolio, creating an illusion of credibility to lure victims into investing in Bitcoin Kuwait. He promoted the token through various platforms, including social media, where he used aggressive marketing tactics and fabricated success stories to build trust.
Once significant funds were collected, Alfouz is said to have dumped his shares of Bitcoin Kuwait on the market, causing the token’s value to collapse almost immediately after its launch in January 2025. This pump-and-dump scheme left investors with worthless tokens and devastating financial losses. Additionally, Alfouz allegedly scammed individuals through fake subscription services, charging for access to nonexistent investment opportunities or premium financial advice. These actions have caused widespread harm, particularly among Kuwait’s youth, who were drawn in by promises of quick riches.
The scam’s impact was profound, with retail investors losing an estimated $40 million in the initial collapse alone, though some sources suggest the total losses could be closer to $130 million when accounting for subsequent market manipulations and fraudulent subscriptions. The Solana blockchain, known for its speed and low transaction costs, was exploited to create the illusion of a legitimate cryptocurrency, but the lack of regulatory oversight in Kuwait’s crypto market allowed Alfouz to operate unchecked for years.
VisuoSofts: No Connection to Alfouz or Bitcoin Kuwait
We at VisuoSofts want to make it abundantly clear: We have never met, spoken to, or collaborated with Alfouz. We have no involvement with Bitcoin Kuwait or any related activities. Recently, Alfouz posted a fabricated screenshot purporting to show a connection between VisuoSofts and his fraudulent operations. This screenshot is entirely fake, designed to exploit our reputable brand and mislead the public. Such actions are not only defamatory but also a deliberate attempt to hide Alfouz’s criminal activities behind our name.
VisuoSofts has never engaged in cryptocurrency ventures associated with Alfouz or Bitcoin Kuwait. Our business focuses on delivering innovative, trustworthy solutions in software development and technology services, and we have no history of involvement in blockchain or cryptocurrency projects of any kind. Any attempt to link us to Alfouz’s schemes is a malicious fabrication.
Legal Action Against Alfouz
In response to these false claims, VisuoSofts has taken decisive legal action. We have filed formal accusations and an abuse complaint with the relevant authorities in Kuwait. Additionally, we are working with the Kuwait Embassy in Dubai, which is preparing to issue a notice and summon Alfouz back to Kuwait to face accountability for his actions. Our legal team is fully committed to pursuing justice and ensuring that those responsible for defaming our company and scamming the public are held accountable.
We are also cooperating with Kuwaiti authorities to provide any necessary information to aid in their investigation of the Bitcoin Kuwait scam. Our priority is to protect our reputation and support efforts to bring Alfouz to justice for the harm he has caused to countless investors.
The Broader Context: Kuwait’s Crackdown on Cryptocurrency Fraud
The Bitcoin Kuwait scam is part of a broader wave of cryptocurrency-related fraud in Kuwait, exacerbated by the country’s recent crackdown on illegal crypto activities. In April and May 2025, Kuwaiti authorities intensified efforts to curb cryptocurrency mining due to its strain on the national power grid, which has led to rolling blackouts. The Ministry of Interior identified over 100 homes with abnormal electricity consumption linked to crypto mining, and the Public Prosecution is investigating 31 reports involving 59 residences.
Despite the mining ban, Kuwaitis continue to engage in crypto activities, making them vulnerable to scams like Bitcoin Kuwait. The lack of regulatory clarity in Kuwait’s cryptocurrency market has created fertile ground for fraudsters like Alfouz to exploit. Unlike neighboring Dubai, which has embraced the crypto sector by hosting major conferences like Token 2049, Kuwait has taken a stricter stance, declaring crypto mining illegal and warning of prosecution for related activities.
Alfouz’s Tactics: Manipulation and Deception
Alfouz’s methods were calculated and predatory. He leveraged the global cryptocurrency boom, particularly the hype around Solana-based tokens, to create Bitcoin Kuwait. By claiming to manage a $150 million portfolio, he positioned himself as a credible financial expert, despite having no verifiable track record. His tactics included:
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False Promises: Alfouz lured investors with guarantees of high returns, exploiting the lack of financial education among young Kuwaitis.
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Share Dumping: After inflating the value of Bitcoin Kuwait through aggressive promotion, he dumped his shares, causing the token’s value to crash and leaving investors with worthless assets.
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Fake Subscriptions: Alfouz charged for premium subscriptions to nonexistent investment services, further defrauding victims.
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Social Media Manipulation: He used platforms like X to spread false narratives, including fabricated screenshots linking reputable companies like VisuoSofts to his scam.
These actions not only caused financial devastation but also eroded trust in legitimate businesses and the broader cryptocurrency market in Kuwait.
A Call to Action: Protecting Against Crypto Scams
The Bitcoin Kuwait scam underscores the dangers of unregulated cryptocurrency markets and the importance of investor education. We urge the public to take the following steps to protect themselves:
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Verify Legitimacy: Research any cryptocurrency project thoroughly. Check for transparent whitepapers, verified team members, and regulatory compliance.
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Avoid High-Pressure Tactics: Be wary of investments promising guaranteed returns or requiring immediate action.
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Consult Professionals: Seek advice from licensed financial advisors before investing in cryptocurrencies.
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Report Suspicious Activity: If you encounter fraudulent schemes, report them to the authorities immediately.
At VisuoSofts, we are committed to supporting efforts to raise awareness about cryptocurrency scams. We encourage the Kuwaiti community to remain vigilant and to hold fraudsters like Alfouz accountable.
VisuoSofts’ Commitment to Integrity
VisuoSofts remains steadfast in our mission to deliver innovative, reliable technology solutions. We are deeply saddened by the impact of the Bitcoin Kuwait scam on our community and are dedicated to ensuring that our name is not misused to perpetrate fraud. We will continue to monitor this situation closely, cooperate with authorities, and take all necessary steps to protect our brand and our clients.
If you have any questions or concerns about this matter, please contact our team directly. We are here to provide clarity and support. Thank you for your continued trust in VisuoSofts as we work to uphold our values and contribute to a safer, more transparent digital landscape.
VisuoSofts Team