Skip to content
Subscriber Only

Cryptocurrency ‘Scam’ Has South African Police Chasing Billions

  • More than 28,000 people may have been conned in Bitcoin fraud
  • South African police unit says it’s investigating BTC Global
Video player cover image
Bitcoin: What’s Coming in the Year Ahead
Updated on

A unit of the South African Police Service said it’s started an investigation into an alleged cryptocurrency investment fraud that has affected more than 28,000 people and led to losses of more than 1 billion rand ($80.4 million).

The allegations involve “BitCaw Trading Company, commonly known as BTC Global,” the police unit said in an emailed statement on Friday. “Members of the public are believed to have been targeted as part of the scam and encouraged by BTC Global agents to invest with promises of 2 percent interest per day, 14 percent per week and ultimately 50 percent per month.”