Cryptocurrency investors in South Africa have been duped of over $50 million in Bitcoin by a company named BTC Global after it allegedly pulled scam stunts on said investors. Majority of the over 27,500 investors were South Africans but the extent of the scam reached the US and Australia.
BTC Global was believed to have created a fictional character by the name Steve Twain, who was positioned as a master trader with the task of enticing investors to hand their money to them. BTC Global asked investors to send Bitcoins to the companyâ€™s wallet address and they would receive a guaranteed return of 14% every week.
Reports from victims indicate that they were receiving the said weekly payouts until about two weeks ago when Steve Twain vanished off the face of the internet earth. The victims said that individually, they had lost between R16,000 and R1.4 million, which they had invested in BTC Global.
â€œI have spoken to one of the investigators on our team and he has confirmed that this matter came to them about two weeks ago. There are in excess of 27â€š500 complainants with many outside South Africa. The amount is over $50-million and could rise as more victims come forwardâ€šâ€ said Captain Lloyd Ramovha, Hawks (South Africaâ€™s Directorate for Priority Crime Investigation) spokesman, confirming the incident.
At the moment, BTC Globalâ€™s website claims that they too have lost contact with Steve Twain. Part of the statement reads;
The company goes ahead to urge the investors to stop threatening them. â€œWe call for the threats, harassment and violence on leaders and admin to stopâ€¦ If you feel youâ€™ve had a crime committed against you, you need to follow the legal procedures to deal with the matter,â€ reads the statement.
We are as shocked and angry as everyone. But we all knew the risks involved in placing funds with Steven. We all became complacent with Steven. And all of us funded him independently. Until Steven Twain resurfaces or is found there is nothing the admin team can do.
This not the first time that such scams involving cryptocurrencies such as Bitcoin and Ethereum will be giving people near death experience after loosing millions. Below related reports from us.
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