Sometimes we also have to realize that the number one reason why the government will think of putting regulations on our industry (actually any industry for this matter) is because we are riddled with so many scammers and hackers and there is really a need to protect the innocent investors and customers.
It is never easy to be victimized by a scam and we can really lost our hard-earned money no matter if we know that we are dealing with a very risky industry still it can hurt us. And scam artists are so good in their trade that anybody can be a part of their scamming game.
Topic: [2017-08-02]Bitcoin Store Operator Lost Investors $40 mln: Reports (Read 3258 times)
August 02, 2017, 11:47:12 AM
Bitcoin Store Operator Lost Investors $40 mln: Reports
Investors in fraudulent Bitcoin exchange operator Renwick Haddow’s businesses are coming forward as losses worth millions of dollars surface.
As United Arab Emirates news resource The National reports Tuesday, those who contributed funds to Haddow’s schemes have all but lost everything.
Haddow is now in police custody after Interpol issued a warrant for his arrest last week. Police found him in Morocco after the US Securities and Exchange Commission said he had committed securities fraud.
“So many others have fallen into this trap,” Kamal Singh, who took out a bank loan worth $90,000 to invest in Haddow’s Bar Works project told the publication. “We only knew of the involvement of Renwick Haddow after the problems started.”
Haddow had purported to run a cryptocurrency exchange under the name of Bitcoin Store. According to the SEC, the business never became “profitable,” with investor funds being diverted elsewhere.
From its genesis in 2015, the ‘exchange’ had only received $250,000 in inbound transfers.
Bar Works meanwhile illicitly sold work space to residents in countries all over the world, including the US, Singapore and Turkey.
In total, Haddow is suspected of conning victims out of more than $40 mln.
https://cointelegraph.com/news/bitcoin-store-operator-lost-investors-40-mln-reports
Investors in fraudulent Bitcoin exchange operator Renwick Haddow’s businesses are coming forward as losses worth millions of dollars surface.
As United Arab Emirates news resource The National reports Tuesday, those who contributed funds to Haddow’s schemes have all but lost everything.
Haddow is now in police custody after Interpol issued a warrant for his arrest last week. Police found him in Morocco after the US Securities and Exchange Commission said he had committed securities fraud.
“So many others have fallen into this trap,” Kamal Singh, who took out a bank loan worth $90,000 to invest in Haddow’s Bar Works project told the publication. “We only knew of the involvement of Renwick Haddow after the problems started.”
Haddow had purported to run a cryptocurrency exchange under the name of Bitcoin Store. According to the SEC, the business never became “profitable,” with investor funds being diverted elsewhere.
From its genesis in 2015, the ‘exchange’ had only received $250,000 in inbound transfers.
Bar Works meanwhile illicitly sold work space to residents in countries all over the world, including the US, Singapore and Turkey.
In total, Haddow is suspected of conning victims out of more than $40 mln.
https://cointelegraph.com/news/bitcoin-store-operator-lost-investors-40-mln-reports
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