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South African Bitcoin Trader Fraud-Accused to Turn Himself in to Police: Report

Sandile Shezi, the young South African bitcoin trader who is facing fraud charges, has denied allegations he scammed shareholders in his Global Forex Institute.

Shezi: Shareholders Signed Up for Education, Not Investments

Despite Shezi’s rejection of the allegations, a spokesperson from the country’s Police stated to the Sunday Times that Shezi had agreed to surrender. As reported by Bitcoin.com News, a warrant for Shezi’s arrest had been issued after two aggrieved investors reported the bitcoin trader to the South African police.

As he considers surrendering, Shezi, South Africa’s youngest millionaire, has launched a passionate defense of his actions. He also rejected suggestions that the Global Forex Institute was a financial service provider. According to a report by the Sunday Times, Shezi said:

These shareholders signed up, not for investments, but our education programme. Technical analysis, fundamentals, and a little bit of everything are all part of our training. We train you to manage your personal portfolio and not trade for HSBC.

Shezi Exploring Possibility of Buying Out Aggrieved Shareholders

The 29-year-old bitcoin trader added that he finds it strange that some shareholders are making these allegations when in fact they were part and parcel of the business. Shezi stated that he is currently exploring the possibility to buy out the shareholders.

In the meantime, Shezi’s lawyers have vowed in a statement released via Instagram on October 15, that they will launch legal proceedings against those accusing Shezi of defrauding them.

What are your thoughts about this story? Let us know what you think about this story in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services in this article.

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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