New Zealand-based travel company, We Are Bamboo, has suffered significant financial losses due to cryptocurrency trading. The company used customer funds intended for prepaid trips to engage in active trading across multiple platforms. Director Colin Salisbury invested over $2 million using customer funds, resulting in bankruptcy. The company also lost $800,000 after investing in fraudulent platforms. Customers have lodged complaints with the police, and investigations are being conducted by the Commerce Commission and the Serious Fraud Office. We Are Bamboo has rejected customer refund requests using the force majeure clause. Liquidators appointed by BDO are investigating the company’s management and exploring avenues for potential recovery. The incident highlights the importance of responsible handling of customer funds. The cryptocurrency industry has seen a surge in scams, including investment schemes, phishing scams, and Ponzi schemes. It is crucial for companies to exercise caution when dealing with cryptocurrencies.
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