[2018-03-04] $50 Million Gone? South African Police Probe Suspected Bitcoin Ponz

[shakaru]

As much as $50 million may have been lost by an international group of investors after putting their money into a bitcoin investment group called BTC Global.

A report from South African news outlet Sunday Times indicates that "more than 27,500 people" may be impacted, with investors spread across South Africa, Australia and the U.S., among other areas. Some victims have reportedly claimed that they lost as much as $117,000 to the scheme.

A spokesperson for South Africa's Directorate for Priority Crime Investigation - popularly known as the Hawks - said the commercial crimes unit is investigating the matter as a potential Ponzi scheme. The spokesperson did note that the group was being investigated for failing to abide by the Financial Advisory and Intermediary Services Act.

https://www.coindesk.com/south-african-investor-makes-off-50m-in-crypto-scam/

[Kprawn]

Who should be blamed for this? Bitcoin or the scammers that were running these scams? If they used Fiat cash or PayPal or

credit cards as a payment option, would they blame them? Now that Bitcoin were used as a payment option, the media jump

on the opportunity to blame Bitcoin. They should blame the people who invest in these Ponzi schemes. You cannot tell me that

these people did not know that it was something illegal, when they get like 10% interest per week? 

[richardsNY]

They should blame the people who invest in these Ponzi schemes. You cannot tell me that these people did not know that it was something illegal, when they get like 10% interest per week? 

Investors were guaranteed 14% returns every week, lol. I am quite sure that the majority of the people did know it was a ponzi scheme, or at least something that wasn't entirely right, but they took the risk and invested anyway, all in the hope that they book returns before everything collapses. In this case it's the fault of the people being stupid and greedy enough to invest in it, so from there I can only say that people deserve to lose their money -- it may sound harsh, but it's the reality. The same basically applies to the fools having invested in BitConnect. It really annoys me how stupid and greedy people are, even till this day. It just shows that despite everything we have gone through, people will never learn anything. How difficult is it to understand that easy profits/money DOESN'T exist?