2 South African brothers vanish with $3.6 billion in Bitcoin

A pair of South African brothers who ran a cryptocurrency investment platform called Africypt have gone into hiding along with investors funds worth $3.6 billion in Bitcoin.

What happened?
Two brothers named Ameer Cajee who acted as the Chief Operating Officer (COO) and Raees Cajee who acted as the Chief Executive Officer (CEO) started a cryptocurrency company called “Africrypt” in Johannesburg, a supposed currency exchange service.

Africrypt provided all-around solutions, including investment opportunities on cryptocurrency and blockchain technology; brokerage services proffering an electronic, off-exchange digital liquidity solution; payment services providing secured digital payments across the domestic, offshore and international market; and full-suite consulting and advisory services for merchant banks and services for the digital world

The first signs of trouble came in April, when Africrypt COO Ameer Cajee, informed clients that the company was the victim of a hack. He asked investors not to report the incident to lawyers and authorities, as it would slow down the recovery process of the missing funds.

Some sceptical investors did not listen to the request not to alert authorities by the COO and contacted a law firm, Hanekom Attorneys while another group of investors started liquidation proceedings against Africrypt. The law firm said they could not locate the brothers and reported the matter to the Hawks, an elite unit of the national police force.

Cryptocurrency exchanges across the globe have also been alerted should any attempt be made to convert the digital coins to cash.

The law firm stated, “We were immediately suspicious as the announcement implored investors not to take legal action,” in response to emailed questions.

Africrypt employees lost access to the back-end platforms seven days before the alleged hack. The investigation conducted by Hanekom Attorneys found out that Africrypt’s pooled funds were transferred from its South African accounts and client wallets through tumblers and mixers to make them essentially untraceable.


The company’s website is down and attempts to reach the two brothers have not yielded any results. The disappearance of about 69,000 coins, worth more than $4 billion when Bitcoin was trading an all-time high of $65,000, would represent the biggest-ever dollar loss in a cryptocurrency scam. The incident could accelerate regulators’ efforts to impose order in the market amid rising cases of fraud.

The South African Finance Sector Conduct Authority is also looking into Africrypt but is currently prohibited from launching a formal investigation because crypto assets are not legally considered financial products, according to the regulator’s head of enforcement, Brandon Topham. The police have not yet responded to a request for comment.

What this means
This is not the first time cryptocurrency scams are happening in South Africa. This comes just after last year’s collapse of another South African Bitcoin trader, Mirror Trading International.

The losses totalled approximately $1.2 billion in cryptocurrencies and the event is referred to as the biggest crypto scam of 2020. Africrypt investors stand to lose three times as much. This incident will prompt strong regulatory action from the South African authorities and a total ban of cryptocurrencies is likely to happen.

https://nairametrics.com/2021/06/23/south-african-brothers-vanish-with-3-6-billion-in-bitcoin/

It's about time crypto is seriously regulated or banned outrightly the Chinese way.
Something has to give way to end this reign of fraudsters. Only scammers are scared of putting end to their fraudulent crypto activity so FG should move in fast before crypto fraudsters undo their efforts in reducing poverty and defending the naira against those buying USD with naira for crypto to pump and dump worthless virtual cryptos. FG act now, please !
FIRS has been embarrassingly silent too. Those Nigerians dashing their money to crypto fraudsters need tax evaluation as well. If you can rein in Twitter, you can rein in those floating and sustaining the climate for crypto fraudsters in Nigeria too. If China can do it so we can. Do not fall for the crypto marketing hype cunningly crafted to bait you , Crypto is a scam and Ponzi scheme.

Yenefer:
Why posting this on politics

Because putting a stop to this scam and scammers requires the attention of the political class especially those in the National Assembly. They need to make the laws to regulate it to fence out these scammers.
Part of the money stolen by these criminal SA brothers includes money from Nigerians. Crypto is a scam and Ponzi scheme until it becomes regulated. Don't ever put your hard earned money in Crypto.
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Make Dem just give me the .6 wey on top make I manage am

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Fools and their bits are so easily parted.

Bitcane.

Bitcrime

South African yahoo Boys.

omo, this is a very huge theft, i pity the investors. they will not sleep well for a very long time.

on a side note i heard the national assembly have earmarked over N370billion for the renovation of their complex because of their leaking roof. imagine, just for only renovation oh, that is N999million X 370 times. kai, 9ja na wah. as if the salary those thieves in the nass recieve from the budget isn't enough now they have padded this new one. do they wan to bulldoze the whole compond and start building and furnishing afresh? and buhari approved it. chai

the youth who is sent by his father to steal noisily breaks the door with his feet.

Good news

We go still invest in BTC no matter what.

Me when I notice that m amongst those that the brothers scammed!!...HURRIEDLY rushing to the so called airport where I guess might be their exit point!!

Chai! God help me!! .....money wey I don dey save to use train one babe for University like that!.....money wey I been dey plan use purchase Iphone 22 for one babe that has been giving me green light since.......I no fit loose both home and away naw...mbanu!!

Two South African Brothers, yet they would carry that their xenophobic mouths to start screaming that Nigerians are their problems.

Anyways, it is sparogative to note that crypto is here to stay regardless of fraud or conspiracy theorists. In Nigeria, it is proving better as days go by to convert your Naira to USDT than to keep hoping "say one day e go better for Nigeria and the Naira"

investments.

ole

Original voicemail

Nigeria and its managers foolishly allow the world paint us all as criminals but in reality, our criminals are mere petty thieves and learners in the world of crime.

What's tha business?

Why do people not invest themselves........


They are always looking for quick money....... Greed would eventually put them in trouble.......



They always foolishly claim, been hacked..... Watermine too claimed hacking........

Cryptos, giving people HBP since 1487BC

There ARE two worlds to this Bitcoin shiiit..
Heaven and Hell..

I guess this is where it gets hellish..

Maga come maga go.
Niggas chop em Bitcoin so

OK...

Another one bites the dust!

Coneheads

omo

Why I do feel it all was already a laid down plan to scam their investors

Hum