Bitcoin Wallet manager’s house was looted by angry investors

Bitcoin Wallet scam

Yet again we hear reports about Bitcoin Wallet from Ladysmith, South Africa.

This time it looks like the victim was Mbhele himself, the alleged head of the Bitcoin Wallet Ponzi scheme in South Africa.

According to some reports from the city, several angry investors went to the manager’s house in order to demand their due payment on the 100% profit that they were promised.

Once they realized that nobody was home, they allegedly started to loot the house after which they set it alight according to several eyewitnesses.

Before they went to Mbhele’s house though, there are rumors that the “angry mob” held several of Bitcoin Wallet’s employees hostage in the offices, from where they were rescued by the local police.

Mbhele has responded to the incident saying that he’s very distraught about the community’s reaction. However, this was an expected reaction. Even though not on a scale like this, it was obvious that investors would demand answers at least somehow.

And after Mbhele went on an interview with a local news outlet and said that several accounts were hacked, it may have been the last drop of patience for some of the high-end investors with the company.

Bitcoin Wallet feels and sounds like a typical Ponzi Scheme, where the company promises to pay the investors around 100% of their deposits in an unrealistic amount of time. With Bitcoin Wallet’s case, it was 100% profits on investments in about three weeks.

Those three weeks have passed and the investors decided to take the matter in their own hands.

According to police reports, they’re keeping the peace for now, but Mbhele will have to answer questions about Bitcoin Wallet’s business model sooner or later.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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