This Bitcoin Scam in South Africa is Raking in Over $130,000 Every Day

A cryptocurrency investment scheme in South Africa’s Kwa-Zulu Natal Province has proven that having an unoriginal name, Bitcoin Wallet, never stopped any scam from raking in tens of thousands of dollars daily from the masses.

According to The Citizen, the cryptocurrency scam is operating from Kwa-Zulu Natal’s rural town of Ladysmith. The scam is estimated to be drawing in R2 million ($135,000) daily in a town of just over 60,000 people.

The investment scheme owned and operated by Sphelele ‘Sgumza’ Mbatha is promising returns of 100 percent within 15 working days. Initially, the lowest investment amount allowed was R100 ($6.74). However, it has grown so popular that no amounts below R5,000 ($337) are being accepted. And due to its immense popularity, long queues are forming at its offices. Some ‘investors’ are even being forced to begin queuing as early as 3 AM.

Reference: https://www.ccn.com/crypto/bitcoin-scam-south-africa-raking-130000-daily/2019/06/15/

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