Warning issued: A man loss $15,000 Cryptocurrency investment in a fraud

  • A scam came into the limelight where a man lost a 15,000 dollars cryptocurrency stake lending to know-how simply it is to drown inventors to defraud
  • A scam came into the limelight where a man lost a 15,000 dollars cryptocurrency stake lending to know-how simply it is to drown inventors to defraud

A man named Issac who managed to purchase cryptocurrency to finance an investment policy lost $15,000  in a scam which was cautioned by the feud finding scheme the Financial Services Complaints Limited (FSCL).

Moreover, Issac in return already earned his recoveries so he prefers to go on. According to FSCL, the major point is that it was a scam therefore there was a recovery at first.

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The most important point of fraud is that they initially provide sure recoveries, the case as many twists and turns an image on the corporation’s site displaying the company CEO to be played by an unknown individual whereas the incorporation agreement should be of a US company but is alleged from the Caribbean nation.

Trading Platform Already warned Issac about the Threat

According to Issac, commerce outlets must have verified the case if not then they should have restricted his transactions and he blamed that the exchange protocol must have some sort to confirm the traders their clients also reimburse Bitcoin anyway.

Moreover, the trade outlet had settled their supervision at that particular moment, however, it was just when Issac had failed his entire investment and wanted the trade outlet to pay back him for the Bitcoin that he had already invested. Later on, he knew that trade platforms are not accountable for this behaviour.

After purchasing the client’s Bitcoin with profitable ventures the trading platform has no duty to look over their consumer’s action and what they do with that. Besides, they also have advised Issac not to invest in it.

Trading Platform has no responsibility once the Investment is approved

Though, the FSCL chief administrative authority Susan Taylor notified that they assessed the trading platforms responsibilities under the FMCA  (Financial Markets Conduct Act) 2013 to prevent and not to involve any type of fraud or misconduct.

Although the trading platform had approved its responsibilities to guarantee their statement about the threat and costs of purchasing crypto holdings were stabilised. They also advised Issac about the danger of investing.

Susan further said, ” they likewise pondered the trading platform made the quote good duty to advise Issac about the risk and we are stable that the trading platform didn’t involve in any misconduct”.

As Bitcoin is protected in online unknown stacks therefore the trading platform never approved the Issac transaction. 

Susan further replied, ” The trading platform did their duty with great sincerity, avoiding the misleading with the fraudsters after this incident took place”.

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Andrew Smithhttp://thecoinrepublic.com
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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