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By Iniel van Zyl*
In 2018, one of the largest Bitcoin scams to hit South Africa prompted MyBroadband to lead with an article that headlined, “You should have seen that BTC Global was a scam from a mile away”. The Hawks reported that over 50 million US dollars was lost in this scam – with South Africans each losing between R16 000 and R1.4m. Millions that could have been saved with vigilant and assiduous background research.
Fast track to three years later and unassuming, desperate investors are still trusting sophisticated investment fraudsters and losing their hard-earned savings to illegal unregulated investments in the hope of making a quick fortune to support them during challenging economic times. Just last year the Crowd1 scheme made news headlines and was the topic of a BBC documentary of how people were misled.
The BTC ordeal alone nabbed over 27 000 victims from…