In the dark world of cryptocurrencies, scams are very commonly seen and many promises of huge returns never get materialized.
A crypto company by the name BTC Global is currently under investigation by South African authorities over allegedly committing a scam worth $80 million as a senior trader of the company has disappeared without a trace.
According to a report by Reuters, the local police states that this scam has affected over 28,000 investors who were promised by the company of a 2 percent earnings per day, 14 percent a week and 50 percent in a month.
Yolisa Matakata, a representative of local police investigations unit states;
“This may prove to be the tip of the iceberg with potentially thousands more yet to discover they’ve lost money. Unregulated, unusual investments at home or abroad come with a high risk that people could lose all their hard-earned pension and other savings.”
Interestingly, the BTC Global’s website lists Steven Twain as its senior trader. Reuters reached out to an email address appearing on the company’s site by his name but as expected he didn’t reply to the comment.
As per reports, BTC Global was consistently awarding payments to investors on every Monday, however, the firm suddenly stopped offering these bonuses.
It appears that BTC Global has made it to the list of such other controversial companies who actually committed a scam. Like the startup, Modern Tech which raised over $660 million in two of its ICOs vanished after few months.