Home » News » NZ travel company loses millions in customer funds to cryptocurrency

27 June, 2023

NZ travel company loses millions in customer funds to cryptocurrency

asian man has stock market or cryptocurrency investment from home by computer and he is depressed about his failure

We Are Bamboo, a travel company based out of Hutt-Valley, New Zealand has lost millions of dollars on cryptocurrency before announcing it was closing and customers would not be refunded.

The director, Colin Salisbury invested over USD $ 2 million (AUD $3m) of customer funds into multiple cryptocurrency platforms from October 2020 until mid-2022, all of which was lost, according to a liquidators report released by BDO last week.

The company also lost around USD $800,000 (AUD$1.2m) after it was invested in fraudulent platforms that didn’t actually exist.

Customers have made complaints about We Are Bamboo to the NZ police, commerce commission and serious fraud office (SFO)

In October last year, We Are Bamboo officially ceased trading, blaming the failure of the business partly on COVID.

NZ publication The Herald reached out to Mr Salisbury, though have not received a comment from the business owner.

BDO (an international network of public accounting, tax and advisory firms) received nearly 4,000 emails from customers during the liquidation process.

The police have since closed their investigation, leaving further inquiries into We Are Bamboo to be made with the SFO and the commerce commission, which have also suspended their investigations until the outcome of the liquidation.

We Are Bamboo operated as an ‘ethical’ travel company, allowing clients to book international holiday packages that include a portion of volunteer work at their destination to support local communities.

“Our intentions here are not to play the victim but simply share with you the levels to which this group has gone to ensure our downfall, and made it their sole purpose to attack us, our families, our staff, and our customers with the intent to destroy Bamboo,” a statement issued by the company at the time of closing read.

“Our lawyers have advised us that several individuals have crossed the line, and there is a case and evidence for criminal proceedings.”

Kate Jeffries Hill, a customer of We Are Bamboo told The Herald that being aware her money was lost on cryptocurrency made her sick.

“No wonder they refused our requests for our money to be refunded,” Hill said.

‘In my view, the funds the company had on hold for tours not yet supplied was not company funds. It should have been held in a secure account until travel restarted… They had now right to view this money as theirs to risk.”

Salisbury was summonsed and questioned under oath as part of the liquidations process at the end of May.

BDO will continue its review into the actions of management, directors, officers and advisors of the company and any potential claims against them.

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Email the Travel Weekly team at traveldesk@travelweekly.com.au

Colin Salisbury Kate Jeffries Hill We Are Bamboo