RATE Group | South Africa investigates $80 million bitcoin scam
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South Africa investigates $80 million bitcoin scam

25 May South Africa investigates $80 million bitcoin scam

Posted at 11:31h in Bitcoin News by

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JOHANNESBURG (Reuters) – South African authorities are investigating an alleged cryptocurrency scam that defrauded investors of 1 billion rand ($80 million) with promises of huge returns that never materialized, police said on Friday.

FILE PHOTO: Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018. REUTERS/Dado Ruvic/Illustration/File Photo

The fraud investigation involves a company named BTC Global, which told clients they would earn 2 percent per day, 14 percent a week and 50 percent in a month, the police said.

A search for the company on the internet showed its services had been suspended.

The website lists Steven Twain as the “primary trader”. A request for comment by Reuters sent to an email address listed on the website as belonging to Twain received no response.

“Members of the public are believed to have been targeted as part of the scam and encouraged by agents of BTC Global,” the…

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