The Namibian Police on Wednesday arrested a self-proclaimed prophet based in Rundu.
Jafet Johannes' arrest follows the opening of a fraud case against him.
Johannes' arrest comes after an alleged victim opened a case against him, claiming that Johannes created a blockchain account and invited the victim to buy the cryptocurrency, known as Trongrace.
It is alleged that the victim invested an amount of more than N$280,000, which he expected would be paid back with interest.
The 32-year-old made his first appearance in the Rundu Magistrate's Court on Thursday.
Johannes was denied bail because the court feared he might interfere with police investigations.
The case is postponed to May 11.