There is a tidal wave of Bitcoin scams going over in France. The nation which is a home to the world’s astounding Eiffel Tower has been in the news for no good reasons. Some of the French citizens have become the prey of a recent cryptocurrency scam by losing of around €30 million (or $35 million).
According to the stock market regulator in France, Autorité des marchés financiers (AMF), 700 French citizens, who were duped in the scam, got lured with a vow of getting hefty amount since the beginning of 2018, when the cryptocurrency market was very much bullish.
The authority has discovered more than 200 fraudulent portals that use to entice the investors to invest in the scam. As Bitcoin is very technical and complex to understand, the investors do not get to know what is happening in the global cryptocurrency market except having only one thought of not losing the opportunity to earn money.
The reports state that France is not only the country to have seen such a huge cheat of funds. Even Belgium’s government officials are predicting frauds related to Bitcoin and other digital currencies may cross €100 million mark.
A French news site LeParisien has reported that the operators used to ask the victims for sharing phone numbers, give reminders, share updates on Bitcoins, and gradually inspire them to put their money on their platform. The investors in many ways were beguiled into the scheme by utilizing the advertisements related to Bitcoin investment and fake promises of high return on investment. This is how they used to gain trust from the victims.
To avoid such tremendous Bitcoin or any scams in cryptocurrencies, France has set up a regulatory framework for Initial Coin Offering (ICO) in September this year, AMBCrypto noted. Hence, now France is developing to regulate the cryptocurrency markets with the mandatory implementation of AMF registration for digital currency exchanges and cryptographic key custodians to make the framework genuinely work.
The post Bitcoin Scams Make 700 French Citizens Its Victims With A Loss Of €30 Million appeared first on OWLT Market.
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