BTC Global: Another Blockchain Ponzi Scheme?
If you thought BitConnect was the last blockchain-related Ponzi scheme to blow up, you are in for a nasty surprise. BTC Global, an investment group based in South Africa, is now believed to have been an elaborate scam that may cost investors as much as $50 million in stolen funds.
According to the Sunday Times, a news outlet based in South Africa, almost 30,000 people may be affected by the BTC Global fiasco. The investors are spread across the world with a heavy concentration in South Africa, Australia, and the United States.
What are the Details?
The South African Directorate for Property Crime Investigation – an organization often referred to as “the Hawks” – believes BTC Global was operating an elaborate Ponzi Scheme. This is not the first time BTC Global has come under suspicion. The organization was already under investigation for violations of other financial laws in the country. And back in February, a post on Medium claimed its fund manager, Steven Twain isn’t even a real person.
The Medium post may have some basis in fact. The BTC Global website claims Steven Twain disappeared on February 18 stating:
Steven has not contacted anyone in leadership or admin team. If anyone has ANY information on how we can get in contact with him, please get in touch and let us know.”
It is believed by some that Cheri Ward, one of the administrators of the BTC Global website, may be responsible for the scam. She has received death threats and been granted a protection order for her safety.
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