South African regulator says it's powerless over suspected $3.6 billion bitcoin scam, as crypto is out of its reach

South Africa's financial services regulator has said it can't take any action over a suspected scam that lawyers say has caused as much as $3.6 billion worth of bitcoin to go missing.

The country's Financial Sector Conduct Authority said Thursday that Africrypt, the company linked to the lost holdings, looks like a Ponzi scheme set up to defraud investors.

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