BTC Global Team undergoing criminal investigation
BTC Global Team is one of the biggest bitcoin scams to hit South Africa.
27,500 complaints were filed and South African authorities have confirmed an investigation into BTC Global Team. BTC Global Team complaints are reported to have been filed primarily from victims in South Africa, the US and Australia.
Captain Lloyd Ramovha, Hawks spokesman on Thursday confirmed that the serious commercial crimes unit was investigating complaints against BTC global‚ a company in which thousands invested cryptocurrency valued at over $50-million by transferring bitcoins into an online wallet address.
He said “I have spoken to one of the investigators in our team and he has confirmed that this matter came to them about two weeks ago.”
“The amount is over $50-million and could rise as more victims come forward‚” said Ramovha. He could not confirm if the scam artists were South Africans.
“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‚”
Many South Africans are aggrieved about the collapse of this platform. This might just be recorded as one of the biggest scams to hit South Africa.