From fake Twitter accounts claiming to send free Ether and Bitcoin to imposters sending fake emails to ICO investors, cryptocurrency scams are increasing at an alarming rate. Even Apple’s co-founder, Steve Wozniak, lost seven Bitcoins to an online fraud. The latest company to join the growing list of scammers is BTC Global. The binary options trading platform reportedly pocketed more than $50 million Bitcoins from people in South Africa, America, Australia and others.
More than 27,500 people filed complaints against the company to South Africa’s Directorate for Priority Crime Investigation, usually known as the ‘Hawks‘. According to spokesperson Captain Lloyd Ramovha, “I have spoken to one of the investigators in our team and he has confirmed that this matter came to them about two weeks ago. There are in excess of 27‚500 complainants with many outside South Africa. The amount is over $50-million and could rise as more victims come forward.”
BTC Global was launched in Sep. 25, 2017 by ‘famous’ trader Steven Twain. His success in binary options trading led people to believe that the platform was trustworthy. However, the set-up was criticized and called out for being a scam ever since it was released. Reviews questioned the “unmatched returns” offered by the company.
BTC Global first allowed people to purchase BTC from the platform, followed by an advise to invest in their company to get 2% to 14% returns weekly. Victims told South African newspaper Times LIVE that their investments varied from $1,341.92 (R16,000) to $0.1 million (R1.4 million).