• Bitlucky, a Croatian cryptocurrency investment firm, has reportedly collapsed and lost $75 million in customer money.
• Local media said the company advertised monthly returns of 5% to 25%.
• Authorities in Croatia have begun investigating the firm after receiving complaints from customers.
Croatian Crypto Investment Firm Bitlucky Shuts Down Post $75M Loss
Company Advertised Monthly Returns of 5% to 25%
Bitlucky, a Croatian cryptocurrency investment business, has reportedly collapsed and lost $75 million in customer money. Luka Burazer emailed the company’s 700 or so customers to explain a slew of mistakes. Local media said the company advertised monthly returns of 5% to 25%.
Investigation Launched After Complaints From Consumers
After receiving complaints from consumers, authorities in Croatia have reportedly begun investigating the firm, which has been in operation for five years. It seems that the company advised customers on how to invest in cryptocurrencies like Bitcoin. The company advertises itself on its website as “an intermediary” that offers “advisory and education services” and guarantees a “safe and secure entry” into the cryptocurrency market.
Bitlucky Not A Member Of Croatian Association For Blockchain And Cryptocurrencies
In the developing Croatian crypto community, Bitlucky stands out as an exception. Bitlucky was not a member of the Croatian Association for Blockchain and Cryptocurrencies, according to a press release. “The director” presumably referring to Burazer also was not present at the association’s meetings or events.
Crypto Investors Speculating Over Company’s Collapse
Members of a Balkan crypto club Discord complained about Bitlucky’s false promises of profit as investors absorbed the news. The crypto sector is already under scrutiny over regulation all over the world and such events add fuel to the situation thus hindering its growth further .
Once touted as “your window into the blockchain world,” Bitlucky has unfortunately closed its virtual doors due to bad trades resulting in losses worth $75 million for many investors who had trusted them with their investments .