BitLucky Clients Defrauded of €70 Million

The Croatian cryptocurrency trading company, BitLucky, stands accused of defrauding its clients of a staggering 70 million euros in digital currencies.

by Faruk Imamovic
SHARE
BitLucky Clients Defrauded of €70 Million

The Croatian cryptocurrency trading company, BitLucky, stands accused of defrauding its clients of a staggering 70 million euros in digital currencies. Amid an ongoing investigation, the company's founder, Luka Burazer, has vanished without a trace, leaving customers scrambling for access to their locked investments.

The Disappearance of BitLucky's Founder

Luka Burazer, BitLucky's director, was a well-known figure within the local crypto scene. His sudden disappearance has further complicated matters, leaving hundreds of worried investors in the lurch.

It appears that Burazer has gone into hiding, cutting off all contact and deactivating his phones and social media accounts. His current location and potential associates remain a mystery. Prior to his departure, Burazer issued a brief message to clients, acknowledging the company's predicament due to poor transactions and decisions.

He promised further details would be forthcoming but has since remained silent.

BitLucky Scandal: Unprecedented in Croatia

The BitLucky scandal is a first for Croatia. Initial estimates of the losses range from 40 to 70 million euros in cryptocurrencies, impacting at least 800 clients.

Information obtained by Jutarnji List indicates that investments via BitLucky varied from approximately 2,000 to 66,000 euros, with a contractual period of one year. Investors had entrusted their funds to BitLucky in the expectation of a monthly return of between 5% and 25%.

Given the number of clients, it's clear that BitLucky had control over a considerable capital, possibly between 10 and 350 million HRK. It's speculated that some investors might have trusted the company with even larger sums, ranging from 150,000 to 700,000 euros.

Victims of the scheme have since reported the incident to local authorities, hopeful for justice and a resolution. The response from officials remains uncertain due to prevailing skepticism about recognizing cryptocurrencies as valuable assets in Croatia.

Nonetheless, efforts are ongoing to gather information and establish the appropriate course of action.

The Ripple Effect of the BitLucky Scandal

The impact of the BitLucky debacle extends far beyond the immediate financial losses suffered by the investors.

The incident has also shaken faith in the broader cryptocurrency industry. Though cryptocurrencies have earned recognition as a legitimate asset class in recent years, attracting institutional investors and achieving mainstream acceptance, events like the BitLucky fraud reinforce the notion that digital currencies are inherently risky and susceptible to scams.

SHARE