2 percent interest per day, 14 percent per week and ultimately 50 percent per month.
With just having that kind of line or offer theres no doubt this is just a ponzi scheme and nothing on this world where investment do make such big returns on a short period of time.If you are a sensible investor and wise enough you wont easily fall for this trap and i cant imagine that 30,000 investors do believe on this thing. Sad thing for them and would really be a good lesson learned.
Topic: [2018-05-26] South African Police Investigate $80 Million Bitcoin Ponzi Scheme - page 2. (Read 219 times)
May 26, 2018, 10:20:34 AM
May 26, 2018, 09:51:49 AM
I wonder why some people fall for this deception in the name of ponzi schemes obviously it shows how greedy some South African are, in recent time MMM defrauded many people in some African countries which was well publicized, a whooping $80 million Worth of bitcoin gone into the drains another way of tarnishing the rising image of bitcoin, the police should investigate and man hunt and bring to book those individuals involved in the scam which will serve as a deterrent to others.
May 26, 2018, 08:38:43 AM
A similar thing happened in India where Guy named Amit Bhardwaj did Bitcoin mining scam. It was pretty huge and is now in Jail.
Article: https://www.newsbtc.com/2018/04/06/indian-police-arrest-leaders-major-bitcoin-mining-scam/
Article: https://www.newsbtc.com/2018/04/06/indian-police-arrest-leaders-major-bitcoin-mining-scam/
May 26, 2018, 07:40:22 AM
The South African Police said today it has launched an investigation into an alleged fraud that has claimed more than one billion Rand ($80 million) in bitcoin from 30,000 investors.
WOW this is a very large number of people and by value means that there were people who invested in this scheme a good amount of money
“Members of the public are believed to have been targeted as part of the scam and encouraged by BTC Global agents to invest with promises of 2 percent interest per day, 14 percent per week and ultimately 50 percent per month.”
how can anyone believe in these kinds of returns? I know there are a lot of people who invest in hyip sites and look at the hyip sites as a game, but here we are talking about 30,000 people, how the heck have so many people been deluded with this project? because I have not seen so much advertising on the internet, so how can they have reached 30,000 people?
May 26, 2018, 04:38:33 AM
The people invested in this was not scammed. If someone promise you 2% interest a day, you should have already realized that it was a Ponzi scheme or something illegal. They continued investing, because they were greedy.
Some friends of mine in South Africa Skyped me about this and asked me if this was Bitcoin. I investigated this and then warned them in advance that they should warn people that it was not Bitcoin. I explained to them that it was a Ponzi scheme and that they must report this to the authorities.
They contacted me again and said that these people know that it was a Ponzi scheme and that they are going to risk it. So I washed my hands and warned my friends not to get involved with this.
SHITE like this, gives Bitcoin a bad reputation.
Some friends of mine in South Africa Skyped me about this and asked me if this was Bitcoin. I investigated this and then warned them in advance that they should warn people that it was not Bitcoin. I explained to them that it was a Ponzi scheme and that they must report this to the authorities.
They contacted me again and said that these people know that it was a Ponzi scheme and that they are going to risk it. So I washed my hands and warned my friends not to get involved with this.
SHITE like this, gives Bitcoin a bad reputation.
May 26, 2018, 01:50:02 AM
The South African Police said today it has launched an investigation into an alleged fraud that has claimed more than one billion Rand ($80 million) in bitcoin from 30,000 investors.
Funds manager of BTC Global, Steven Twain, disappeared on February 18 leaving admin staff and clients at a loss for funds.
Ponzi Scheme Head Vanishes
A statement on the BTC Global website said:
“The admin team cannot locate him. If anyone has ANY information on how we can get in contact with him please get in touch and let us know. Until Steven Twain resurfaces or is found there is nothing the admin team can do.”
The statement included a request for threats towards the leaders and admins to stop, suggesting legal proceedings as an alternative. It said that all of the admin staff had funded him independently and that they were missing a week’s worth of pay. It does also acknowledge that the staff had only two ways of contacting him.
In an email statement, the police said:
“Members of the public are believed to have been targeted as part of the scam and encouraged by BTC Global agents to invest with promises of 2 percent interest per day, 14 percent per week and ultimately 50 percent per month.”
A ponzi, or pyramid, scheme is a business model that requires a constantly expanding supply of new members. They are illegal in many countries because while they can result in big profits for the founding members, the high numbers of new members lose out when the scheme collapses.
Continue reading >> https://www.newsbtc.com/2018/05/25/south-african-police-investigate-80-million-bitcoin-ponzi-scheme/
Funds manager of BTC Global, Steven Twain, disappeared on February 18 leaving admin staff and clients at a loss for funds.
Ponzi Scheme Head Vanishes
A statement on the BTC Global website said:
“The admin team cannot locate him. If anyone has ANY information on how we can get in contact with him please get in touch and let us know. Until Steven Twain resurfaces or is found there is nothing the admin team can do.”
The statement included a request for threats towards the leaders and admins to stop, suggesting legal proceedings as an alternative. It said that all of the admin staff had funded him independently and that they were missing a week’s worth of pay. It does also acknowledge that the staff had only two ways of contacting him.
In an email statement, the police said:
“Members of the public are believed to have been targeted as part of the scam and encouraged by BTC Global agents to invest with promises of 2 percent interest per day, 14 percent per week and ultimately 50 percent per month.”
A ponzi, or pyramid, scheme is a business model that requires a constantly expanding supply of new members. They are illegal in many countries because while they can result in big profits for the founding members, the high numbers of new members lose out when the scheme collapses.
Continue reading >> https://www.newsbtc.com/2018/05/25/south-african-police-investigate-80-million-bitcoin-ponzi-scheme/
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