Crypto firm Bitlucky crashes in controversy: Croatian authorities probe $75 million loss

TL;DR Breakdown

  • Croatian crypto investment firm Bitlucky allegedly lost $75M in client assets due to bad trades and decisions.
  • Director Luka Burazer acknowledged the crisis and has since been unreachable; Croatian police have opened an investigation.
  • Bitlucky had promised investors 5-25% monthly returns, sparking Ponzi scheme suspicions in the wake of the collapse.

The Croatian investment firm Bitlucky has found itself in controversy following its sudden collapse and alleged loss of $75 million in client assets. Croatian authorities have investigated the matter, marking a dramatic twist in the country’s burgeoning crypto scene.

A tumble in the blockchain universe

Bitlucky, once portrayed as “your window into the blockchain world,” now presents a shattered image. The company’s fall has sent shockwaves through the crypto community, particularly in the Balkans, with its promise of a secure entry into the digital market.

The firm’s director, Luka Burazer, reportedly emailed its approximately 700 clients, informing them of a chain of adverse trades and decisions that plunged the company into a crisis. “Unfortunately, with a series of bad trades and decisions, I brought the state of the company into a crisis,” Burazer stated in his email, according to media reports. However, the firm’s customers are now left grappling with the aftermath of its abrupt closure.

Bitlucky was known for its role as an intermediary, offering advisory and education services in the crypto sphere. The firm ostensibly assisted clients in investing in Bitcoin and other tokens, and the dramatic closure has elicited reactions of surprise and skepticism.

Unfulfilled promises and a trail of suspicions

Bitlucky’s promise of 5 to 25% monthly investment returns now appears to be more of a mirage than reality. It is essential to know that the news has not only unnerved the firm’s clients but has also sent ripples through Croatia’s cryptocurrency community, leading to suspicion about the authenticity of Bitlucky’s operations.

The Croatian Association for Blockchain and Cryptocurrencies quickly distances itself from Bitlucky. However, it revealed that the firm was not a member, and its director had no involvement in the association’s round tables or conferences.

Speculation is rife in the crypto community, with some members suggesting that Bitlucky might have been a Ponzi scheme. This view is underscored by the company’s alleged unrealistic promises and the unwillingness of its director to maintain a visible media presence.

The extent of the damage is yet to be quantified, but the potential loss of nearly $75 million and the impact on at least 700 individuals cannot be ignored. As the Croatian police delve into this case, the world will keenly observe the revelations that emerge from Bitlucky’s sudden downturn.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Crypto firm Bitlucky crashes in controversy: Croatian authorities probe $75 million loss

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月26日 08:04
Next 2023年5月26日 09:38

Related articles

  • Director of Texas Blockchain Council Announces Candidacy for State House

    TL;DR Breakdown Steven Kinard, Director of Bitcoin mining analytics at the Texas Blockchain Council, is running for the Texas House of Representatives. Kinard plans to advocate for digital freedom and resist the Federal Reserve’s exploration of a central bank digital currency (CBDC). Description Steven Kinard, the Director of Bitcoin mining analytics at the Texas Blockchain Council (TBC), has declared his candidacy for the Texas House of Representatives. Running for the Republican Party nomination in District 70, which covers the Dallas-Fort Worth area, Kinard aims to bring his expertise in blockchain technology and his advocacy for digital freedom to … Read more Steven Kinard, the Director of Bitcoin mining analytics at the Texas Blockchain Council (TBC), has declared his candidacy for the Texas House of Representatives. Running for the Republican Party nomination in District 70, which covers the Dallas-Fort Worth area, Kinard aims to bring his expertise in blockchain technology and his advocacy for digital freedom to the forefront of Texas politics. If successful in the primaries and subsequent general election, Kinard will serve a two-year term starting in 2025. His…

    Article 2023年7月14日
  • 24 CBDCs expected to be fully operational by 2030 – BIS Report

    TL;DR Breakdown Bank for International Settlements (BIS) reports that there could be as many as 15 retail and 9 wholesale CBDCs in circulation by 2030. According to BIS, AEs and EMDEs differ in two ways: Compared to AEs, retail CBDC work in EMDEs is driven more by financial inclusion and monetary policy implementation.  In 2022, the number of central banks expected to issue a retail CBDC within the next three years rose from 15% to 18%. There still lies legal ambiguity over the issuance of digital currencies. Description According to a survey by the Bank for International Settlements (BIS), 93% of central banks are researching central bank digital currencies (CBDCs). As per the report, by 2030, there could be as many as 15 retail and 9 wholesale CBDCs in circulation. The survey of 86 central banks, published on July 10, took place from … Read more According to a survey by the Bank for International Settlements (BIS), 93% of central banks are researching central bank digital currencies (CBDCs). As per the report, by 2030, there could be as many as…

    Article 2023年7月11日
  • SwirlLend rugged on Base, TVL falls from $784K to $49K

    TL;DR Breakdown SwirlLend on Base has been rugged, with TVL dropping from $784,300 to $49,200. Base appears to be the latest hotspot for rug pulls.   Description SwirlLend, a DeFi lending platform, has been rugged on Base, as PeckShield reported. The project suffered a rug pull today that led to the total volume of its assets falling from $784,300 to $49,200. Shortly after the rug pull, the protocol’s official accounts on X, Telegram, GitHub, and Discord channel were deleted.  The deployment also … Read more SwirlLend, a DeFi lending platform, has been rugged on Base, as PeckShield reported. The project suffered a rug pull today that led to the total volume of its assets falling from $784,300 to $49,200. Shortly after the rug pull, the protocol’s official accounts on X, Telegram, GitHub, and Discord channel were deleted.  The deployment also bridged $289,500 in ether and USDC tokens to the Ethereum blockchain from Coinbase‘s Base. The deployer also removed 32,600 USDC and 140.68 ETH while 92 ether is still held on the platform. In an update, PeckShield noted that SwirlLend got…

    Article 2023年8月16日
  • Ethereum supply goes up as gas fees slip to 2022 lows 

    TL;DR Breakdown Ethereum Gas Fees hit an eight-month low of about $1.83 on Etherscan, amounting to an average of 9 gwei for gas fees. ETH has assumed an inflationary trend, with the supply going up by 4,092 ETH tokens in the past week, which is worth $6.6 million. Ether on-chain activity increased in the first quarter of 2023 with the NFT frenzy caused by the first and second Blur token airdrop, which caused a spike in NFT trading volumes. Description Ethereum Gas Fees have plummeted towards lows last experienced in 2022, registering an eight-month low. According to data from Coin Metrics, Ethereum transaction fees have decreased in the middle of reduced activity in meme coin trading, telegram bot subsides, and reduced NFT sale volumes. As per Etherscan data, the average fee for Ethereum transfers is … Read more Ethereum Gas Fees have plummeted towards lows last experienced in 2022, registering an eight-month low. According to data from Coin Metrics, Ethereum transaction fees have decreased in the middle of reduced activity in meme coin trading, telegram bot subsides, and reduced NFT…

    Article 2023年9月12日
  • Sound.xyz harmonizes with Ethereum layer-2 optimism for music NFTs

    TL;DR Breakdown Optimism, an Ethereum Layer-2 currency, has been included in the workings of the Sound.xyz music NFT platform. The project’s co-founders pay exuberant respect to Vitalik as the music NFT platform Sound.xyz introduces support for Ethereum layer-2 technology. The “V Buterin” song about the Russian-Canadian inventor is now available for free NFT minting to interested parties. The popular music NFT platform Sound.xyz recently announced the addition of support for Ethereum Layer-2 Optimism, which has piqued the interest of both musicians and crypto fans. This advancement opens up new opportunities for musicians and fans to engage with and trade music NFTs more efficiently and cost-effectively. These issues will be mitigated by including Layer-2 Optimism on Sound.xyz. Layer-2 solutions intend to improve the Ethereum network’s scalability by allowing certain transactions to perform off-chain, decreasing congestion and fees. Optimism, in particular, is a key Layer-2 technology aimed at providing near-instant transaction confirmation while drastically lowering gas costs. Sound.xyz adds layer-2 support As part of the historic occasion, the music NFT platform Sound.xyz has added support for the Ethereum Layer-2 token Optimism (OP),…

    Article 2023年6月17日
TOP