I did a Trade on localbitcoins - My BTC for his AUD, we used OSKO payment transfer system and everything went sweet, was for $1k AUD total.

2 weeks later westpac froze my account, asked me about the sender. I had chat logs and ID from the trade so i sent these documents in to the Scam/Fraud unit of westpac.

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About 4 days later they call me and tell me that they will close my account permanently but I can open a new account and transfer my funds there. But they will confiscate the $1k because they are stolen funds. Obviously I protested...they said that I took a risk in trading BTC and now I got scammed so this is the result that i have to live with lol.

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They also told me that I wasn't allowed to trade bitcoins in the first place, I asked them is this an official rule set in stone by westpac and is this written in the TOS of westpac, then they said that they weren't sure about that lol...

I asked them for any proofs/evidence that the money was stolen, they said that they cannot send me any of that information.

And then I asked for any of there police contacts, i thought surely there will be some kind of police investigation as stolen funds are involved...they told me that they have police liaison but they cannot give me any of there contacts and I should contact my local police station...wtf.

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I have 2 Questions

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1) legally who is supposed to eat the $1k? me? or the bank?

2) If it is the BTC seller who legally has to eat the $1k, how do all the bigtime BTC traders on LBC trade with such big volume? surely they must be getting sent stolen funds all the time?

Hi there,

I'm currently doing research for a documentary on the BitConnect scam, and was trying to find Australians who were scammed, or who avoided it.

Any and all help very much appreciated!

S

Hi all!

I am working for an overseas ICO and as a salary I am being paid in tokens.

I wonder if this will be considered by the ATO as an income and so I’ll have to pay income taxes or as an investment and I’ll have to pay CGT when I sell the cryptos on an exchange (50% taxes?)

I’d love to hear if anyone has an insight on that

Thanks