BTC Global latest: Hawks investigating scam after R1 billion lost

Back in March, South Africa was lit up at all the news pouring out about BTC Global. While thousands had been using it as a quick and easy investment, it turned out to be a big-time Ponzi scheme. Now, the Hawks have stepped in to investigate.

The Hawks’ Serious Economic Offences Unit has confirmed that it’s investigating alleged investment fraud carried out by Bitcaw Trading Company, commonly known as BTC Global.

What is BTC Global?

BTC Global is believed to have seen over 28 000 investors lose money in total losses over R1 billion.

They were then encouraged to hand over their purchases to invest. In return, they would receive dividends of 14% per week.

The minimum threshold required investors to buy around R12 000 in Bitcoin. Once the purchase was made, it was time to transfer the Bitcoin into BTC Global’s digital wallet address.

While some got paid dividends initially, the majority didn’t receive even a small piece of what they were promised.

IOL reports that investors were told that the company was linked to an investment guru, therefore making high rewards likely.


“Investors were told that BTC Global was the marketing arm of Steven Twain, a binary, forex and commodities trader, whose access to the latest cutting-edge trading tools and his ‘extensive experience’ meant he was able to ‘win in a market that crushes most newcomers’.”

BTC Global: Hawks seek public help

In a statement on Friday, the Hawks asked South Africans who had invested in the scheme to come forward.

“This may prove to be the tip of the iceberg with potentially thousands more yet to discover they’ve lost money. There is a timely reminder that unregulated, unusual investments at home or abroad come with a high risk that people could lose all their hard-earned pension and other savings.”

“Despite the setback, we want to assure the affected individuals that we are investigating the matter but due to the large volumes, it will take time to conclude,” the Hawks said in their statement.

Please, folks, be very careful and be sure to do detailed research before investing in any sort of Cryptocurrency. There are no banks involved, if someone steals your money, it really is gone.


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