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As much as $50 million may have been lost by an international group of investors after putting their money into a bitcoin investment group called BTC Global.
A report from South African news outlet Sunday Times indicates that "more than 27,500 people" may be impacted, with investors spread across South Africa, Australia and the U.S., among other areas. Some victims have reportedly claimed that they lost as much as $117,000 to the scheme.
A spokesperson for South Africa's Directorate for Priority Crime Investigation - popularly known as the Hawks - said the commercial crimes unit is investigating the matter as a potential Ponzi scheme. The spokesperson did note that the group was being investigated for failing to abide by the Financial Advisory and Intermediary Services Act.
Further complicating the situation, individuals in control of the official BTC Global website have posted a statement claiming that the group's funds manager, Steven Twain, had disappeared on February 18.
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https://ohiobitcoin.com/50-million-gone-south-african-police-probe-suspected-bitcoin-ponzi/
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