Crypto Ponzi Scheme Says It Has ‘No Cash to Pay out’ to Upset Investors

Jul 09,2019 at 01:38 pm



Bitcoin Wallet, a South African “investment scheme,” used to attract hundreds of investors a day, many of whom clamored at the company’s doors to invest. Now, the company’s shuttered office is attracting hundreds of protestors demanding their cash back.


The South African enterprise that many regulators and media had begun suspecting of operating as a Ponzi scheme shut down. The firm enticed investors with promises of 100-percent returns in just over two weeks by reinvesting customer deposits in cryptocurrencies. These same investors want to know where their money went now that the company closed.


Bitcoin Wallet founder Sphelele “Sgumza” Mbatha admitted to the Ladysmith Gazette on Saturday that he doesn’t have any more cash to pay out to clients.


“I don’t know what’s going on. I don’t know online or how this system works. [It has] to be workshopped,” he said.


Before closing, Bitcoin Wallets had grown so popular that Mbatha stopped taking in deposits of less than 5,000 rand or $350. At the time, African News Agency speculated the firm received more than R2 million in cash deposits per day, representing “the largest daily cash flow in the whole of Ladysmith.”

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