Close to $50 million dollars in crypto assets have been seized form investors that put their money into the Bitcoin investment group called BTC Global, as reported by the SA Sunday Times.

The manager of the investments in the company is Steve Twain, who people receive irregulat payouts from until he disappeared with their money in Feb 2018. The media has repoted that BTC Global’s admin team wrote a post on Facebook 2 weeks ago and stated they could not contact him.

Over 27500 people from countries like South Africa and the United States were apparently scammed by one of the largest scams to hit South Africa. Due to this scam, the Serious Commercial Crimes unit is investing the claims against BTC Global.

Investors put their funds into a singular wallet address. The amount of money could increase as more people step forward. Some people lost more than $100,000 each.

Antoon Botha of BMV based in Bedfordview stated that he has taken on clients who were scammed by BTC Global, which follows the formation of mandates, they now plan to take legal action against the company and its representatives.

Cheri Ward, who is the administrator at BTC global, stated that there has been no fraud committed and that investors have been sent sums and ought to have been aware of the risks of investment and trading.

Cheri went on to say that Twain had access to the funds, and that the police are not looking into the matter, in spite of the claims by investors.

According to Australia’s consumer watchdog, the Australian Competition and Consumer Commission, more than 1,200 people filed a complaint against crypto scams in 2017.

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