South African authorities initiated an investigation against a Bitcoin-related million dollars Ponzi scheme.
To gain high returns in a small time frame, usually a better tricky tool to trick innocent investors. The majority of Ponzi schemes are using high return investment plans to trick the mentality of people.
Recently, Bloomberg published a report on a Ponzi Bitcoin scheme Africrypt bitcoin.
According to a Bloomberg report, the investigation departments in South Africa initiated an action against the Africrypto scam, to find the whole network and detain the fraudsters involved.
Reportedly, many people filed complaints against this scheme and claimed they lost their huge funds. And reports revealed that a Ponzi scheme stole millions of dollars from people.
Africrypt platform ran by a few people. Right now two people Raees and Ameer Cajee are known, who were running this Ponzi scheme-based Platform.
The victims of Africrypt urged the investigation authorities to help them against this scam so that all of them can get their money back easily.
The majority of the reports claimed that it is going to be one of the biggest scams in South Africa.
Mirror Trading International (MTI) scheme
Recently, fraudsters involved in the MTI Bitcoin scheme got detained by the Brazilian police agency. MTI associated members were on the radar of US agencies because MTI was running its Ponzi scheme in more than 170 countries. And also in this scheme, MTI grabbed around 23,000 Bitcoins. Its connection was also linked directly with South Africa.
However, the MTI scheme was running a few years ago and also closed a long time back. The action and investigation of the government agency took place after the case initiated against this scheme when withdrawal got stopped and members disappeared from the social media presence.