Croatian company BitLucky told its customers that it would invest their money in cryptocurrencies, promising 5–25% monthly profits. However, its director Luka Burazer wrote an email to clients on May 19, explaining: “Dear clients, with a series of bad trades and decisions, unfortunately, I have brought the state of the company into a crisis situation. We will have more information in the following days”. He and the company co-founder have since gone dark, turning off their cell phones, not replying to emails, and deleting their social media presence. According to Croatian news outlet Jutarnji list, a secretary for the company reached on the phone explained, “the director went crazy and spent all the money”. The losses allegedly involve crypto assets notionally worth €70 million (~$75.7 million), and affect at least 700 individuals.Some have expressed the opinion that BitLucky was a Ponzi scheme all along, given the unreasonable promises of 5–25% monthly returns. The editor of a crypto news outlet also expressed that “there was a ’line of [red] flags’”, including that Burazer never wanted to appear in the media or have his picture shown online.

Total loss estimated at $75,700,000.