Violent Retribution Against Bitcoin Ponzi Scheme

Bitcoin Ponzi Scheme News

You don’t have to be on social media and online platforms long before you are bombarded with wild and wonderful ways to boost your investments with some company who has discovered a Bitcoin hack that guarantees you great returns on your investment. No genuine Bitcoin advert will guarantee you increase of investment, simply because cryptocurrency is truly volatile and cannot be predicted. 

It is news and advertisements like this that landed Facebook in hot water last year, as a result of their alleged allowing of misinformation and fake news onto their platform. While we know that it must be really difficult to monitor all of the posts on the platform, surely certain algorithms can be designed to filter potential threatening words and highlight them as priority for inspection? 


On the other side of the pond, there is a community that refused to rest on the laurels of the law by taking revenge into their own hands by getting even with Bitcoin swindlers. 

A man trading as “Bitcoin Wallets” was allegedly offering a full proof way of doubling investments on his site through various Bitcoin investment channels, within 15 days of investing with him. 

Of course, like all of these Ponzi scheme promises, they are very rarely, if ever delivered upon. Many of these criminals get away scot free. While these South African’s money may be lost forever, the angry crowd has left its mark on Sphelele Mbatha’s life, in a big way. 

The angry crowd had gathered both outside the Headquarters of “Bitcoin Wallets” and their local police station, demanding that retribution be made for their losses. Once realising that nothing was to be done by the authorities, the victims became vigilantes, pillaging the alleged owners home, before setting it alight and burning it to the ground. 

VegasCasino does in no way consent to violence or agree with vigilantism, however, we do believe that stiffer regulations must be sanctioned against such rip off artists, or else more such unorthodox ‘regulation’ may be witnessed again in the future. 


It is claimed that “Bitcoin Wallets” was hauling in as much as $143,000 per day, according to SA local paper, The Citizen. People would queue outside their offices with cash in hand to claim their piece in the Bitcoin pie. The popularity of the scheme led the ‘company’ to increase their minimum investment to that of around $350 per person. 

With the fear of further loss to the ‘Bitcoin business’ authorities agreed to offer assistance to Mr Mbatha, by agreeing to help him relocate his premises. This would be done on the condition that he could prove the legitimacy of his business via the provision of a solid business plan. These documents have still not been received. 


There will always be those who are ready to pounce on the ignorance of the masses for the sake of their own well-being. The trick to curbing Ponzi Schemes and fake news about Bitcoin is to educate the masses on cryptocurrency. 

Bank cashiers are taught what authentic money notes are and are drilled on it, so that when fakes arise they are able to clearly recognise them. They do not teach cashiers to handle fakes. In like manner, there is no advantage to teaching people about all the fake Bitcoin offers out there, as they can come in different forms all the time. Instead, it is valuable to teach them about the authentic way in which Bitcoin and other crypto investments work. 

Cryptocurrency is a financial concept that looks to be with us forever. As such, educators, schools, and news agencies must take it upon themselves to educate people on these subjects. The only reason so many people are caught out around the globe is because very few people understand the principles of Bitcoin. 


There are only three ways to legitimately increase your holdings in Bitcoin, but all of these ways cannot guarantee that you succeed. 

The first way is through investment. If you buy low and ride a bull trend in the market, you could truly make money quickly. For instance, had you bought Bitcoin in January, you would have tripled your investment by now. But tomorrow you could lose half of that again if the market slips into decline. When you buy, only buy at authentic exchanges, such as Coinbase

The second way is through mining the currency yourself. This is a very expensive and difficult way to increase your crypto holdings and going it alone is very risky to your pocket. 

The third way is probably the most entertaining way, and that is through online gambling at Bitcoin-first casino sites, like VegasCasino. We offer you the chance of using your Bitcoin holdings to win potential jackpots and prizes on a host of different casino games. High stakes games could increase your bankroll by hundreds, if not thousands of times. 


If you would like to go the gambling route, make sure that you register on our site and claim your exclusive welcome bonus. This will maximise your slots entertainment on our platform. If you are already a VegasCasino member, don’t forget to reload your account with an exclusive deposit bonus, every month.