Skip to main content

South African Women Lose Money to Crypto Scammer Who Convinced Them That Botswana Pula Coins Are Bitcoins

South African Women Lose Money to Crypto Scammer Who Convinced Them That Botswana Pula Coins Are Bitcoins

A group of South African investors recently confessed to losing money to a brazen scammer after he convinced them to buy and hold nearly worthless physical coins. The coins, which are denominated in the Bostwana pula currency, were initially sold to a group of South African women back in 2019 when bitcoin was only worth $3,500.

However, according to a report, this con only came to light when one member of the group, who is only known as Lizet, attempted to cash out after she lost her job. Lizet explained:

I lost my job and decided to sell one bitcoin since it had doubled in price (and that is when) I found out I had bought two 5 pula coins for $6,988 (100,000 rands) and now the Nigerian man who scammed us is no where to be found.

Meanwhile, Lizet adds that before the women realised they were being conned, the scammer would tell them that what they were “doing is what investors call hodl” and that “when the price is right people will be fighting to purchase the coins from us.” It was this reassurance that convinced Lizet, who was waiting patiently to become a millionaire, to take out a loan which she used to buy the coins.

In the meantime, the report quotes an unnamed spokesperson of the country’s police also confirming that the physical coins in question were in fact Botswana Pula coins. The police also revealed that “information (has been) filed off and the letters BTC (are now) engraved on them.”

What do you think of this story? You can share your views in the comments section below.



from Bitcoin News https://ift.tt/3u3Q0Zr
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more