South Africa: A Crypto-Ponzi Scheme Involving 28,000 Investors Is Being Investigated

The South African Police is currently pursuing an alleged major cryptocurrency investment fraud, according to a police statement that was released yesterday, May 25. According to this statement, more than 28,000 investors are said to have suffered losses that exceed 1 billion in rand ($80.4 million).

The Hawks which is an investigative unit in South Africa’s Priority Crime Investigation Directorate (DPCI) has outlined the case and stated the following:

“[Targeted members of the public are believed to have been] encouraged by BTC Global agents to invest with promises of 2% interest per day, 14% per week and ultimately 50% per month. Payments were allegedly made every Monday. Some of the investors got paid in terms of the agreement. However, the payments suddenly stopped.”

Based on this promises, the scheme offered a 4% referral program and other false promises. According to BTC Global’s website, the blame for the terminated payments lies with an elusive former admin member who the company “cannot locate”.

“We are as shocked and angry as everyone. But we all knew the risks involved in placing funds with Steven.
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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…”

The Lieutenant of the Hawks, Yolisa Matakata, is currently calling on any further affected investors to step forward and “prove the tip of the iceberg with potentially thousands more to discover that they lost money”, according to his statement.

Meanwhile, the US government has moved forward to educating more investors against the crypto-related frauds present nowadays, involving Initial Coin Offerings (ICOs) and other potential scams.