CAPE TOWN - Around 27‚000 cryptocurrency investors in South Africa, USA and Austrailia have been fooled by what is seen as one of the biggest Bitcoin scams, TimesLive reported.
Hawks spokesman Captain Lloyd Ramovha confirmed they will be investigating complaints against BTC Global‚ a company which asked investors to send their cryptocurrency to an online wallet address.
“The amount is over $50 million and could rise as more victims come forward,” Ramovha told TimesLive.
He said the company was being investigated for violating the Financial Advisory and Intermediary Services Act, but could not confirm whether it was a Ponzi scheme or if the people behind it are South African.
Victims from South Africa told TimesLive they had invested between R16‚000 and R1.4 million with BTC Global. BTC Global promised investors that if they sent their Bitcoin to its wallet address they would receive guaranteed returns of 14% per week.