JUST IN – The home of Sphelele ‘Sgumza’ Mbatha the alleged founder of Bitcoin Wallet scheme in Ladysmith Kwa-zulu Natal , South Africa has been burned down by an angry mob . It is believed the mob comprises many people who have invested in the Bitcoin Wallets Ponzi scheme.
Public Safety and the Fire Department are currently at the scene. One of Sgumza’s vehicles was at the home at the time of the fire and was damaged in the blaze. The mob is still in the area.
His business situated behind Mica in the Ladysmith CBD they have been trading from 5am in the morning until 1am in the last few days. The business first set up offices in Queen Street and has been operating since last year.
Mbatha admitted to local newspaper that he has no money left to pay his investors which prompted the nasty unrest that has engulfed that town since past two weeks.
Bitcoin Wallet reportedly received over R2 million in cash deposit daily since 2018.
Rumours that major Ladysmith businesses TFS and BAWAS Furniture have invested in the scheme forced the businesses to publicly distance themselves from Bitcoin Wallets in a statement.
Most modern scam artists use bitcoin as the investment, relying on their target market knowing very little about bitcoin