South African investment firm vanishes with $3.6B in Bitcoin

mjlee wrote: post #3

This has been discussed before: https://news.ycombinator.com/item?id=27606039 I'm not sure there's any new information since that article was written.

Yeah, they were stalling through their lawyer, but he has since then quit.

No other information has been forthcoming as of yet.

Re: South African investment firm vanishes with $3.6B in Bitcoin

#5

Post by MathYouF » Wed, Jul 07, 2021, 5:51 PM UTC

jokoon wrote: post #2

It's like an epidemic of fraud

Exactly, if people trusted legitimate financial markets like the NASDAQ and invested their money with accredited, well regulated investors like the former NASDAQ chairman Bernie Madoff, we could avoid losing billions of dollars from fraud and instead bump it back up to tens of billions of dollars.

At least then we can be sure what's left of the stolen money that the fraudster didn't spent and kept in accounts under their name in participating countries can be returned.

Re: South African investment firm vanishes with $3.6B in Bitcoin

#6

Post by mdkdog » Wed, Jul 07, 2021, 8:35 PM UTC

Yeah, i almost feel sorry for those poor Bitcoin investors. until there are no more stupid people there will always be someone "smarter" to take their money. Bravó!

Re: South African investment firm vanishes with $3.6B in Bitcoin

#7

Post by jokoon » Wed, Jul 07, 2021, 8:37 PM UTC

MathYouF wrote: post #5

jokoon wrote: post #2

It's like an epidemic of fraud

Exactly, if people trusted legitimate financial markets like the NASDAQ and invested their money with accredited, well regulated investors like the former NASDAQ chairman Bernie Madoff, we could avoid losing billions of dollars from fraud and instead bump it back up to tens of billions of dollars. At least then we can be sure what's left of the stolen money that the fraudster didn't spent and kept in accounts under t…

Well, to answer your sarcasm, at least Madoff was found guilty and goes to prison.

Bitcoin frauds rarely results in prison sentences.

Re: South African investment firm vanishes with $3.6B in Bitcoin

#8

Post by Gibbon1 » Wed, Jul 07, 2021, 8:51 PM UTC

jokoon wrote: post #7

MathYouF wrote: post #5

Earlier quoted context omitted.

Exactly, if people trusted legitimate financial markets like the NASDAQ and invested their money with accredited, well regulated investors like the former NASDAQ chairman Bernie Madoff, we could avoid losing billions of dollars from fraud and instead bump it back up to tens of billions of dollars. At least then we can be sure what's left of the stolen money that the fraudster didn't spent and kept in accounts under t…

Well, to answer your sarcasm, at least Madoff was found guilty and goes to prison. Bitcoin frauds rarely results in prison sentences.

Madoff stole from rich people. Bitcoin frauds prey on poor people.

Re: South African investment firm vanishes with $3.6B in Bitcoin

#9

Post by jokoon » Wed, Jul 07, 2021, 9:53 PM UTC

Gibbon1 wrote: post #8

jokoon wrote: post #7

Earlier quoted context omitted.

Well, to answer your sarcasm, at least Madoff was found guilty and goes to prison. Bitcoin frauds rarely results in prison sentences.

Madoff stole from rich people. Bitcoin frauds prey on poor people.

Yeah well the comparison did not stand in the first place.

Re: South African investment firm vanishes with $3.6B in Bitcoin

#10

Post by audiometry » Thu, Jul 08, 2021, 1:58 AM UTC

jokoon wrote: post #7

MathYouF wrote: post #5

Earlier quoted context omitted.

Exactly, if people trusted legitimate financial markets like the NASDAQ and invested their money with accredited, well regulated investors like the former NASDAQ chairman Bernie Madoff, we could avoid losing billions of dollars from fraud and instead bump it back up to tens of billions of dollars. At least then we can be sure what's left of the stolen money that the fraudster didn't spent and kept in accounts under t…

Well, to answer your sarcasm, at least Madoff was found guilty and goes to prison. Bitcoin frauds rarely results in prison sentences.

Yeah and moreover, the fraction of money invested in regulated public markets that’s been stolen/defrauded must be minuscule compared to the degree of theft and fraud in cryptocurrency.