Crypto Scam Victims Set Ponzi Schemer’s House On Fire


The local media of Ladysmith, South Africa, reports about angry crypto scam victims who torched the residence of Sphelele Mbatha, known as Sgumza, a manager of alleged crypto Ponzi scheme Bitcoin Wallet. 

The article was updated on 17 February, 2020 by Amicus.

12 July, 2019 | AtoZ MarketsAccording to the local media, the police have recently been investigating an unnamed Ponzi Scheme in Ladysmith. This unknown scam could be the aforementioned Bitcoin Wallet, which minimally appears to have made get-rich-quick promises to prospective investors.

The Mob of Furious Crypto Scam Victims Attacks Ponzi Schemer’s Estate

The community member, who preferred to stay anonymous, shared some details with the local media how Ponzi scheme Bitcoin Wallet worked. 

According to the source, it was an investment scheme which the owner promised to double investors’ money within a matter of weeks. The campaign’s official  was speculating in the media, saying:

If you put in an amount of R100000, you get back an amount of R200000 in 15 days.” 

The local media reported in the area have high tensions and conflicts were unavoidable. A communications officer kept receiving complaints about crowds, public disturbance, and traffic congestion.

Besides, clients reportedly engaged in a scuffle. Bitcoin Wallets staff turned them away while they tried to enter the company offices.

A Manager Of Crypto Ponzi Scheme Bitcoin Wallet Says His Word

Sphelele Mbatha is a manager of alleged crypto Ponzi scheme Bitcoin Wallet. He has no knowledge or power over the company’s alleged back-end troubles. He does not know how Bitcoin Wallet system works. In his turn, he told the publication just five days before the event. Sphelele Mbatha concluded:

“The owner of the company is operating the online business. I was only the manager of the Ladysmith branch.” 

Sgumza also said a few days ago that Bitcoin Wallets customers defrauded by a presumably unrelated scam. It targeted creditors of Bitcoin Wallets. He also claimed that he had invested funds in the company, submitted his baking details online, lost money. It was now out of a job, and does not “have cash anymore”. 

While speaking on crypto scam victims, Mbatha noted, that people must go online and collect their funds. 

The report from South Africa comes just a few days after the recent raids of Beijing police in Tron offices and following blockchain company’s reply to Ponzi scheme accusations.

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