Analysis News Scam

Probable Fraud At S. African Investment Group Leads To $50 Million Lost

According to the report, almost $50 mln in crypto assets have been stolen from investors who put their money into the Bitcoin investment group BTC Global.

The only one manager of investments at the company was the forex and commodities merchant S. Twain, from whom investors received irregular payouts until Twain disappeared altogether last month. According to the report, that BTC Global’s administrative team wrote a post on Facebook 14 days ago, saying they couldn’t find him.

According to the reports, over 27,500 people from S. Africa, Australia, and the USA have been swindled by “one of the biggest Bitcoin scams to hit South Africa”. Captain Lloyd Ramovha of the S. African Directorate for Priority Crime Investigation, known famously as the Hawks, has confirmed that the Serious Commercial Crimes Unit is investigating claims against BTC Global.

“The investigation is in its infancy. I also cannot say whether it is a Ponzi scheme. BTC Global is being investigated for contravening the Financial Advisory and Intermediary Services Act.”

Investors deposited their funds into a single wallet address. Ramovha added that the ammount of lost funds could increase as more victims come forward. Some investors have reported lost ammounts of more than $113,000.

Antoon Botha of BMV Attorneys based in Bedfordview has confirmed that he has taken on customers who were involved with BTC Global. Following the formation of their arguments and mandates, they plan to take legal action against the firm and its representatives.

Also, Botha stated that there is prima facie proof to suppose examples of steal, common law cheating, and different transgressions of the Bank Act.

C. Ward, an administrator at BTC Global, claims that there has been no law breaking, and that investors have received incomes and ought to have been aware the risks involved in investing in the fund.

“Every single person who invested in BTC Global did so of their own volition and subsequent to having conducted their own research into the fund. As is the case with any fund into which money is invested, there is no guarantee that an investor will be receiving any return on their investment.”

Cheri states that Twain alone operated and had access to the funds, and that the police are not investigating her regarding the occasion.

In accordance with some reports, 1,200 people filed claims of crypto frauds last year. Some sources have formerly reported on common frauds, and how to define them.