Why Commonwealth Bank made an accountant sell his bitcoin at a loss

Last August, as cryptocurrencies were rising, Melbourne accountant Andrew Broadbent decided it was time to invest. Donald Trump looked to be headed for the White House, and digital currencies were soaring in his slipstream. Broadbent was prepared to punt $30,000.

Commonwealth Bank had other ideas. It immediately blocked the transfer, and stopped Broadbent’s access to his accounts. The bank assumed it was a scam. It was not. What ensued is a glimpse into the fraught world of fighting the kinds of cons that steal hundreds of millions of dollars every year.

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