From bitcoin to bust: How the world's biggest ponzi scheme caused heartache for Australians

It has been called the world's biggest ever cryptocurrency ponzi scheme. 

The scheme, allegedly the work of South African con artist Johannes Steynberg, is estimated to have scammed $2.6 billion from consumers worldwide. 

But it’s the details behind the figures that read like something out of a Netflix special. Like how the alleged conman escaped to South America, to be with his mistress, and evade authorities. And the angry investors who became citizen investigators, and helped the authorities to hunt down Steynberg.

Today, business reporter Sarah Danckert on what enabled this scheme to spread like wildfire, and the nearly 9,000 Australians who became caught up in it. Subscribe to The Age & SMH: https://subscribe.smh.com.au/ See omnystudio.com/listener for privacy information.