Fraud is an ever-present threat in the cryptocurrency industry. In most cases, investors will never recover their money. In the case of ATC Coin, the conclusion is disappointing. This is primarily because one of the duped investors came forward when given the chance.
The ATC Coin Dupe in India
The cryptocurrency world attracts a lot of interest. Not all projects are created equal. Some of them are even downright scams, yet they still attract dozens of investors. In India, ATC Coin was one of the more successful ventures years ago. The project appeared legitimate, yet was ultimately investigated by law enforcement. Around a year ago, one person was arrested for duping investors pertaining to this scheme.
Unlike most investigations pertaining to crypto fraud, investors were given a chance to get their money back. All they had to do so was come forward and confirm they were duped when buying ATC Coin. Interestingly enough, no one has come forward to do so. A very unusual turn of events, as the investigation has been going on for over a year now. A lack of investors coming forward makes it difficult to prove any wrongdoing.
This development highlights a rather big problem pertaining to cryptocurrency. India has, like many other countries no official regulation pertaining to incidents like these. As such, there is no official repercussion unless investors effectively come forward. In the case of ATC Coin, no one appears interested in doing so at this stage. Several investors have been identified. To date, none of them intends to file an official complaint.
Indian Regulators Need to Make a Decision
When perceived scams can run rampant, an interesting situation is created. When investors suffer a loss, they will want their money back. It is unclear why no one files a complaint against ATC Coin. Backers were asked to wait 18 months prior to trading this currency on exchanges. It appears no one has ever seen their purchased ATC Coin at this time.
Even the proactive approach by the Economic Offences Wing isn’t helping. It is because of their initiative the investigation came to be. It is all investors can ask for, given the lack of cryptocurrency regulation. This incident shows officials will need to render a final verdict sooner rather than later.
The creator of ATC Coin, as well as his brother, remain in custody for the time being. Both face charges of cheating, criminal breach of trust, and criminal conspiracy. Their bank accounts have been frozen and their homes have been searched in the process. EOS Also has evidence showing money raised through the investment program reside in personal bank accounts. The evidence is piling up, yet until someone comes forward, the investigation will remain at a status quo.
Why do you think no investors are coming forward for the investigation? What should be done about the situation? Let us know in the comments below.
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