South Africa investigates $80 million bitcoin scam

'Members of the public are believed to have been targeted as part of the scam and encouraged by agents of BTC Global'

Image Credits: Jason Rainman, Flickr.

South African authorities are investigating an alleged cryptocurrency scam that defrauded investors of 1 billion rand ($80 million) with promises of huge returns that never materialized, police said on Friday.

The fraud investigation involves a company named BTC Global, which told clients they would earn 2 percent per day, 14 percent a week and 50 percent in a month, the police said.

A search for the company on the internet showed its services had been suspended.

The website lists Steven Twain as the “primary trader”. A request for comment by Reuters sent to an email address listed on the website as belonging to Twain received no response.

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