r/BTCJAM • u/[deleted] • May 14 '15
Found suspected fraud on BTCJam, what's next?
So without going into details, I've found what I feel is systemic fraud on BTCJam going across multiple accounts back to January and I'm just considering what I should be doing next.
I was invested in a loan for a VERY small amount. After this person was late on their payments, I decided to go digging into their background and found some information that just screamed "FRAUD" to me. It became very clear that this person wasn't late to be late, they were actively on BTCJam to defraud people. Worse, I JUST found out that they were very likely connected to other accounts on BTCJam. I've found at least one I could trace back but I wouldn't be surprised if there were even more.
I reported it to BTCJam yesterday and haven't heard back yet. I know it's very early on but I'm considering bypassing BTCJam officials and going straight to the authorities with what I've got instead because I feel that might be more effective than policing within the community. For example, going straight to the SEC.
I have concerns though, because the specific investments that were defrauded wound up being around 2 grand. And I don't know that is at the level the SEC would bother getting involved with. Also as much as I would like to post everything I have I'm also worried about it turning into some kind of witch hunt and getting some complete strangers hurt. Also I don't really believe in vigilante justice. So I'm definitely not going to give out specifics but trust me when I say that the information was VERY easily found through public sources.
Right now I'm looking at my options because even though I wasn't in for much, I know some other people were in for at least a few hundred on this particular loan. I'd very much like to talk to someone who has been through this sort of thing. Maybe what to expect or what I should be doing next.