Former NBA player, Isaac Edward Austin, has purportedly defrauded a Ghanaian Company out of $825,000 in bitcoin (BTC). The cash was allegedly procured with the guarantee of putting it in a bitcoin computerized exchanging program.
Bitcoin Investment Scam
bitcoin doublerThrough the Isaac Edward Austin (IEA) and Tudor Trust, Austin apparently took on the appearance of a trustee with the capacity to enable a Ghanaian organization to make a benefit on a bitcoin speculation. The two gatherings marked an agreement on July 3, 2019. This agreement is among different records that have been shared on mynewsgh.com showing the trick occurred.
The organization sent to a bitcoin speculation at a strike cost of $11,000 per bitcoin, totaling to $825,000, to Austin hoping to get back the first venture in addition to benefits. Be that as it may, Austin neglected to make the installment at the end of exchanging according to the understanding.
A victim of Austin’s scam shared his experience as follows: “He will take your BTC and you will never get your investment back or your returns. On the day of payment, he will tell you story after story filled with lies of issues why the BTC could not be delivered on the day of payment. From him having a heart attack, to the coin being sent to the wrong wallet, to him being in a queue at the bank, to him waiting for the trade to conclude, to the funds being held by the bank. Week after week after week of unresolved issues even when he has confirmed the day before that all is set 1000 percent to deliver and conclude the transaction. He is a fraudster of the highest order. Stay away from him. We have all the proof – contracts, letters, and messages.”
One of the other documents mynewsgh.com obtained is a letter sent to Austin notifying him of his failure to meet the agreed terms of the contract. The Ghanaian company expected their money back on the same day they signed the contract with Austin. The funds expected should have been 75 BTC going for a strike price of $11,000.
In the letter, the company gave Austin 48 hours to pay them their money – failure to which they were going to take legal action.
Is the Scammer an Imposter?
According to the documents shared on Ghana Web, the bitcoin scammer’s date of birth and height is similar to the former NBA player, Isaac Edward “Ike” Austin as indicated on Wikipedia. So, could this be a case of a retired basketball player turning into a scammer or is someone impersonating him? The answer to this question is unclear.
This LinkedIn profile of an Isaac Austin, who has been the Finance Director and Trustee of Tudor Trust and Finance Society LLC since June 2012, does not seem authentic. Although this profile has some similarities to the former NBA player’s personal information as written on Wikipedia, the years he attended Arizona State do not coincide.
Furthermore, the profile on LinkedIn says Isaac Austin took a Bachelor’s Degree in Liberal Arts and Sciences for one year which is not the usual study period for a degree course. There is also no mention of the former NBA player being a trustee of IEA and Tudor Trust.
The upturn of the crypto market experienced in mid-2019 appears to have spurred scammers into action. This scam comes after another bitcoin investment deal in Nairobi went wrong between December 2018 and May 2019.
That said, these scam stories are a lesson to potential bitcoin investors that they are better off managing their own investments as opposed to handing funds to someone to manage them. If the Ghanaian company had carried out thorough research, perhaps they would have noticed the obvious red flags.