Bitcoin ‘Scam’ Has South Africa’s Police Chasing Billions

A unit of the South African Police Service said it’s started an investigation into an alleged cryptocurrency investment fraud that has affected more than 28,000 people and led to losses of more than 1 billion rand ($80.4 million).

The allegations involve “BitCaw Trading Company, commonly known as BTC Global,” the police unit said in an emailed statement May 25. “Members of the public are believed to have been targeted as part of the scam and encouraged by BTC Global agents to invest with promises of 2 percent interest per day, 14 percent per week and ultimately 50 percent per month.” ...