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[faribakhazaei]

South Africa's FNB Bank has denied any banking collaboration between the two entities, as African Digital Currency Investment Company named as AfriCrypt is said to have committed a $ 3.6 billion fraud. A spokesman for the bank said: "FNB emphasize that it has no banking ties with this company. "The bank can not provide any information about a specific bank account due to the confidentiality of customer information." According to the reports after a while that the accounts were blocked, AfriCrypt managers transferred assets from the investment pool in the form of bitcoins from South African user accounts. The South African media estimated the value of the transferred assets at $3.6 bilion.

 

[Razor1911]

That's a huge amount really. The more Bitcoin will come in the name of fraud incident, the worse it will be. If the way it is being used by scammers keeps on increasing, it will be hard for it to be recognized globally as a global coin.

 

[Niftyicon]

Fraudulent activities such as this has given some countries tries good reasons to prevent or ban crypto use. All in all, I think that proper regulations and policies to guide operations of exchanges would definitely curb incidences such as this one.

 

[Razor1911]

This is a sad note to investors and it will further trigger sell-off, which will further cause a dip of the bitcoin

That is not that bad particularly for bitcoin. Yes, the selloff is happening, but the reason of sell off is different from this one. This news is already digested