Johannesburg – A local man, Sipho “Money Magnet” Nkosi, is now broke and traumatized after reportedly using his R350 SASSA grant to try his hand at forex trading — only to lose everything in just 30 minutes. Residents are calling it a classic kasi “too-good-to-be-true” disaster.
Sipho told locals he had seen flashy online ads promising huge profits from forex trading. “They said I could turn R350 into R3,500 in a day. I thought, why not? It’s only R350… or so I thought,” he said, shaking his head.
According to him, he deposited the grant money into a forex account, followed some tutorials, and within half an hour, the entire balance was gone. “I was staring at the screen… I couldn’t even cry. I was just… done. My money disappeared faster than my crush walking past my block,” Sipho lamented.
Neighbours are both sympathetic and entertained. “He really thought
kasi could outsmart
forex,” laughed one. “
R350 is for survival, not for becoming a millionaire online in 30 minutes.”
Social media has exploded with the story, with
TikTok and
Facebook users posting memes like:
“When you try to hustle online but the kasi gods say no 😔
“R350 grant: gone in 30 minutes. RIP Sipho’s dreams.”
Experts warn that forex is extremely risky, especially for beginners with small amounts of money. “Many people underestimate the volatility of currency trading. For a casual player, losing money quickly is not unusual,” said financial advisor Thabo Mthethwa.
Sipho says he’s learned his lesson. “No more forex, bru. I’m sticking to stokvels and chickens. Something I can see and touch, not some app that eats my money while I blink,” he said.
Meanwhile, locals are buzzing with a cautionary tale. “If you see a grant and think quick-money schemes, remember Sipho’s 30-minute disaster. Kasi money moves need strategy, not hype,” said Nomsa Dlamini, a resident and small-business owner.
The story has sparked memes, debates, and even a few “how-to-survive-grant-money” TikTok tutorials — all inspired by Sipho’s tragic but relatable kasi hustle attempt.
