A group of South African investors losing money to a scammer when buy and hold nearly worthless physical coins impersonated Bitcoin

Scams continue to spread in the cryptocurrency market. In it, a group of members of this scam organization convinced South African naive investors to believe that they were buying Bitcoin, but it was just a worthless token.

South African women lose money to buy Botswana Pula coins impersonating Bitcoin

A group of South African investors recently confessed to losing money to a blatant fraudster after he persuaded them to buy and keep virtually worthless physical coins. The coins, denominated in Bostwana pula coins, were initially sold to a group of South African women in 2019 when Bitcoin was only worth $ 3,500.

However, according to one newspaper, the scam came to light only when a member of the group, known only as Lizet, tried to withdraw money 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 nowhere to be found.”

Meanwhile, Lizet added that before the women realize they are being scammed, the scammers will tell them that what they are doing is what the investors call hodl and that when the price is right. Agree, people will fight to buy money from us. It was this reassurance that convinced Lizet, who was patiently waiting to become a millionaire, to borrow a sum of money she had used to buy coins.

Meanwhile, the report citing an anonymous police spokesman also confirmed that the physical coins in question were in fact Botswana Pula coins. The police also revealed that the information (was) deleted and BTC letters (currently) engraved on them.

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