Nearly $ 50 million in cryptographic assets allegedly stolen from investors who invested in Bitcoin investment group BTC Global

The company's only investment manager was the forex trader and commodities Steve Twain, whose investors received irregular payments until Twain disappears completely in February 2018. The Sunday Times reports that BTC Global's administrative team wrote a message on Facebook two weeks ago stating that they were unable to locate it.

More than 27,500 people from South Africa, Australia and the United States were allegedly scammed by "one of the biggest Bitcoin scams in South Africa". Captain Lloyd Ramovha of the South African Criminal Investigation Branch, known as Hawks, confirmed that the Serious Commercial Crimes Unit is investigating complaints against BTC Global.

"The investigation is only in its infancy I also can not say whether it is one of a kind." Ponzi scheme, because BTC Global is under investigation for violating the Financial Services and Intermediary Act. "

Investors deposit their funds in one address . Ramovha added that the amount of money lost could increase as more victims come forward. Some investors reported sums lost of more than $ 113,000.

Antoon Botha, of BMV Attorneys, based in Bedfordview, confirmed to the Sunday Times that he took care of clients who were involved in BTC Global. After forming their arguments and warrants, they plan to bring legal action against the company and its representatives.

Botha adds that there is prima facie evidence suggesting cases of theft, common law fraud and various transgressions. the Bank Act.

Cheri Ward, a director of BTC Global, argues that there was no fraud and that investors received returns and should have been aware of the risks associated with investing in the company. funds.

"Every person who has invested in BTC Global has done it on his own and after conducting his own research on the fund.As is the case with any funds in which money is invested, there is no guarantee that an investor will receive a return on his investment. "

Cheri claims that Twain alone was in control and According to the Australian Consumer Monitoring Agency, the Australian Commission for Competition and Consumer Affairs (ACCC), 1,200 people filed complaints for cryptographic fraud in 2017. Cointelegraph has already reported scams, and how to spot them.