Croatian Crypto Investment Firm Bitlucky Shuts Down Post $75M Loss

• Luka Burazer emailed the company’s 700 or so customers to explain a slew of mistakes.
• Local media said the company advertised monthly returns of 5% to 25%.

Bitlucky, a Croatian cryptocurrency investment business, has reportedly collapsed and lost $75 million in customer money. Thus, prompting authorities to launch an inquiry. Croatian media sites claimed earlier this week that the company’s director, Luka Burazer, emailed the company’s 700 or so customers to explain a slew of mistakes.

Bitcoin and cryptocurrency investors in the Balkan country are speculating that “bad trades” may not be the only explanation for Bitlucky’s closure. Local media said the company advertised monthly returns of 5% to 25%.

Hindering Growth of the Sector

Once touted as “your window into the blockchain world,” Bitlucky has unfortunately closed its virtual doors. After receiving complaints from consumers, authorities in Croatia have reportedly begun investigating the firm, which has been in operation for five years.

It seems that the company advised customers on how to invest in cryptocurrencies like Bitcoin. The company advertises itself on its website as “an intermediary” that offers “advisory and education services” and guarantees a “safe and secure entry” into the cryptocurrency market.

In the developing Croatian crypto community, Bitlucky stands out as an exception. Bitlucky was not a member of the Croatian Association for Blockchain and Cryptocurrencies, according to a press release. “The director,” presumably referring to Burazer, also was not present at the association’s meetings or events.

Members of a Balkan crypto club Discord complained about Bitlucky’s false promises of profit as investors absorbed the news. The crypto sector is already under scrutiny over regulation all over the world and such events add fuel to the situation. Thus hindering the growth of the sector.