Crypto Millionaire Lost 5500 Bitcoins in An Alleged Investment Scam

How much can you afford to lose as a cryptocurrency investor? I remember my world almost came crashing when I lost around 4BTC to scammers. Bitcoin was around $1800 when this happened but it hit me pretty hard.

According to a media report from Bangkok, a 22-year-old called the attention of the public after involving in a 5,500 bitcoins investment scam. Wow, now that’s a lot.

The report stated that a group of crypto enthusiasts convinced Otava Saarimaa’s business partner to invest in a new cryptocurrency called “Dragon coin.”

The group claimed that the dragoon coin would be used at a casino in Macau. His business partner later transferred 5,564 bitcoins to the group but saw no returns months after his investment.

The news reported that a report was filed with the Crime Suppression Division (CSD). The CSD launched an investigation. They declared that the fraudsters made off with $24 million and deposited the funds into seven bank accounts.

The CSD upon further investigation arrested Jaravijit last Wednesday and accused him of the crime.

According to the SEC, some celebrities have been guilty of promoting scam crypto schemes in the past. Even during the 2018 world cup in Russia, viewers were blasted with multiple commercials of a suspicious blockchain platform called “HDAC.”

The intelligence agency responsible for crimes in India is probing Indian celebrities with regards to a $300 million cryptocurrency scam. According to the report given to the agency, Amit created a scam Bitcoin project and promised investors a 10x return on their investment. He ended up duping uninformed investors the total sum of $300 million.

Another News channel stated that the ED’s investigation unveiled many Bollywood actresses that promoted the shady platform on various events in Dubai.

The Police in different parts of India has busted a dozen rackets of scammers investing in shady cryptocurrency scheme. In most cases, the investors had little information about the virtual currency and only spent due to selfish reasons. The companies they invested in either mined coins with zero value in the stock market or did not mine any cryptocurrency at all.

The SEC is strictly warning sports lovers against investing in cryptocurrencies. “Celebrities who endorse any blockchain investment scheme don’t care if the investment scheme complies with the Federal Securities Law.” SEC wrote in a statement last year.

Back to the Saarimaa’s case, the CSD alleged that Prinya Jaravijit sibling is suspected to be the leader of the scheme, but he relocated to the U.S this afternoon. The CSD is now collaborating with the security authorities’ in the track him down.

So once again, look before you leap. Not everything that glitters is gold. Always remember the golden rule of crypto investments, only put in what you can afford to lose.