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

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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.

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