On May 25, 2018, South African authorities announced further information of an ongoing investigation of a cryptocurrency scam that has cost investors one billion rands ($80 million).
False Claims and Investor Pitfalls
According to Reuters, South African police mentioned that the investigation involved BTC Global, a cryptocurrency trading company. The cryptocurrency company told clients they would earn substantial returns starting with two percent per day, to 14 percent a week, and eventually 50 percent in a month.
On BTC Global’s website, they stated that they suspended their services. The note on the site lists Steven Twain as the company’s “primary trader.” The website also stated that “until Steven Twain resurfaces or is found there is nothing the admin team can do.” The admin team left Steven’s contact details. While Reuters reached out to Twain’s email address, they received no response.
South African police mentioned that “members of the public are believed to have been targeted as part of the scam and encouraged by agents of BTC Global. Some of the investors got paid in terms of the agreement. However, the payments suddenly stopped.”
More important is the fact that BTC Global …
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