Bitcoin scam from South Africa is reeling in $135k per day

fraud sa bitcoin scam


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South African media outlet The Citizens reveals that a fraud company is functioning from Ladysmith located in Kwa-Zulu Natal province. The con is appraised to attract R2 million ($135,000) every day in a town of sixty thousand individuals.

According to recent reports, the South African virtual currency investment scheme has confirmed that having an in genuine name can never stop any con from scraping up thousands of dollars daily from the population.

The investment structure maintained and functioned by Sphelele ‘Sgumza’ Mbatha is pledging to return a hundred percent (100%) in 15 working days.

Primarily, the lowest permitted investment amount was hundred Rand (100R) i.e. nearly seven dollars ($6.74). Though, it has popularized to the extent that amounts less than five thousand Rand ($337) are not recognized.

According to the media, Sgumza had specified in a conference that he was engendering revenues for his shareholders by purchasing and retailing BTC while charging ten percent (10%) as administration fee.

BTC trading is indeed a lucrative business, but a hundred percent (100%) assured returns within three weeks seem impossible. Also, crypto prices do not move in one direction only, and it can reverse anytime baring traders to damages.

Moreover, BTC never surged by hundred percent (100%) within three weeks. The closest mark to one hundred was fifty-six percent (56%) in May. Since 2018 low, BTC has prized by more than one hundred and sixty percent (60%).

The news further specifies that Sgumza has turned into a native star having a police escort. He has declined multiple interviews stating he needs to get paid for interviews. Some companies situated near BTC Wallet’s offices have also dissociated from the investment program

Bitcoin Wallet is trying to get enumerated by South African watchdogs, but its documents seem bogus. Moreover, it is overplaying by presenting documents at its offices.

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Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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