South African company BTC Global, also known as Bitcaw Trading, are currently under investigation for an $80 million cryptocurrency scam that may have been a ponzi scheme.
The company promised investors returns of 2% a day, 14% a week and 50% in a month. Attempts by Reuters to contact ‘primary trader’ Steven Twain have received no response.
Up to 28,000 investors may have been affected, with potentially thousands more still to be discovered. It was reported back in March already that possibly a figure of around $50 million had been stolen, but a full investigation has only come to light now.
According to their website services have been suspended and Twain is missing and uncontactable.
The South African Directorate for Priority Crime Investigation, known as The Hawks, announced today that their Serious Economic Offences Unit are investigating the case, in which they believe members of the public were targeted in the scam and encouraged by BTC Global agents.
Lieutenant general Yolisa Matakata has called on members of the public to come forward with information:
This may prove to be the tip of the iceberg with potentially thousands more yet to discover they’ve lost money. This is a timely reminder that unregulated, unusual investments at home or abroad come with a high risk that people could lose all their hard-earned pension and other savings,”
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