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South Africans may have walked in a crypto Ponzi scheme with Bitcoin Wallet

south africa to regulate crypto sphere

Reports are coming in from Ladysmith, a South African city nearly 400 kilometers away from Johannesburg that the local population may have stepped in a crypto Ponzi scheme without even realizing it.

The company in question is called Bitcoin Wallet and was campaigning in South Africa in June 2019, by promising 100% returns to investors in 15 days through trading cryptocurrencies.

Considering the fact that the promises were made in early June and it’s now the beginning of July, it’s safe to say that the investors may have inadvertently walked into a Ponzi scheme.

According to local media outlets, the company was making as much as $135,000 every single day from the investors. It doesn’t require a calculator to see that the company has already made more than $2.5 million without having paid out a single cent to its investors.

A very odd case

Bitcoin Wallet is actually one of the oddest cases one may have found about potential crypto Ponzi schemes. The investors were actually sleeping outside of Bitcoin Wallet’s Ladysmith office, waiting to somehow get on the hype and deposit their money.

Now, however, they’re spending their nights outside the office waiting for an answer about where their money has gone.

The police have been notified and they’ve conducted an investigation, but nothing resembling a Ponzi scheme has been found, which makes it even more baffling.

But, regardless of what hopes the investors may have about Bitcoin Wallet, it is most likely a typical Ponzi scheme, where the owners will pay the early investors to keep them happy as they try to get new ones.

Or, the alleged scammers could be on an island resort somewhere, spending the defrauded funds while they still can.

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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