South African investment firm vanishes with $3.6B in Bitcoin

Re:South African investment firm vanishes with $3.6B in Bitcoin by MathYouF on Wednesday July 07, 2021 @01:51PM (#27763881)

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.

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Re:South African investment firm vanishes with $3.6B in Bitcoin by jokoon on Wednesday July 07, 2021 @04:37PM (#27765494)

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

Bitcoin frauds rarely results in prison sentences.

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Re:South African investment firm vanishes with $3.6B in Bitcoin by audiometry on Wednesday July 07, 2021 @09:58PM (#27767762)

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.

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Re:South African investment firm vanishes with $3.6B in Bitcoin by Gibbon1 on Wednesday July 07, 2021 @04:51PM (#27765608)

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

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Re:South African investment firm vanishes with $3.6B in Bitcoin by jokoon on Wednesday July 07, 2021 @05:53PM (#27766143)

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

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