BTC Global Team under criminal investigation, $50 million in losses
Local media have dubbed BTC Global Team as “one of the biggest bitcoin scams to hit South Africa”.
Following the filing of 27,500 complaints, South African authorities have confirmed an investigation into BTC Global Team.BTC Global Team complaints are reported to have been filed primarily from victims in South Africa, the US and Australia.
Hawks spokesman Captain Lloyd Ramovha on Thursday confirmed that the serious commercial crimes unit was investigating complaints against BTC global‚ a company in which thousands invested cryptocurrency valued at over $50-million by transferring bitcoins into an online wallet address.
“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.”
“The amount is over $50-million and could rise as more victims come forward‚” said Ramovha. He could not confirm if the scam artists were South Africans.
“The investigation is in its infancy. I also cannot say whether it is a Ponzi scheme. BTC Global is being investigated for contravening the Financial Advisory and Intermediary Services Act‚” he said.
BehindMLM reviewed BTC Global Team last November and, based on its business model, concluded it was a Ponzi scheme.
Following BTC Global Team’s collapse, research revealed it is likely being operated by locals Cheri Ward and Andrew Caw – who together may be working with others based in South Africa.