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Home Markets Cryptos

South African brothers vanish with $3.6 billion in Bitcoin

Ajibola Akamo by Ajibola Akamo
June 23, 2021
in Cryptos, Spotlight
South African brothers vanish with $3.6 billion in Bitcoin
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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.

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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.

READ: Ethereum’s Vitalik Buterin: Story of a 27-year-old Crypto billionaire

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.

READ: El Salvador’s opposition party files lawsuit against Bitcoin legislation

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.


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Tags: AfricyptAmeer CajeeBitcoinRaees Cajee
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

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Comments 18

  1. Raufu Kolade JIMO says:
    June 23, 2021 at 10:08 pm

    Okay.

    Reply
  2. Anonymous says:
    June 24, 2021 at 10:30 am

    Now they will say just Nigerians are corrupt

    Reply
    • Mojojojo says:
      June 24, 2021 at 3:20 pm

      The fact that 2 South Africans are currently involved in a scam scandal doesn’t preclude Nigerians from being corrupt.
      Nigerians are still corrupt and criminal-minded. That won’t change.

      Reply
      • Spear says:
        June 25, 2021 at 12:40 pm

        Not All Nigerians Are Corrupt, Stop Implicating The Innocent 1s To It..

        Reply
      • Mayor says:
        June 26, 2021 at 6:40 am

        So the arm robbers in South Africa, hijacking cars are not corrupt. I don’t know why people have half brain. Inciting all manners of provocative statement where there is a perfect conversation.

        Reply
      • Vin e says:
        June 26, 2021 at 3:37 pm

        What more proves do you need to know that SAns are more corrupt than their Nigerian counterparts

        Reply
    • Mojojojo says:
      June 24, 2021 at 3:22 pm

      The fact that 2 South Africans are currently involved in a scam scandal doesn’t preclude Nigerians from being corrupt.
      Nigerians are still corrupt and criminal-minded. That won’t change.

      Reply
      • Esther says:
        June 24, 2021 at 4:37 pm

        Why even generalize for goodness sake, not all Nigerians are corrupt please, just as not all South Africans are. Sigh? It’s like… let me not say anything else before this turns into something else.

        Reply
  3. Alpha George says:
    June 24, 2021 at 11:47 am

    What they’ve done is borne out of greed and nothing else. If you own and run a company that is worth 3.5 million dollars, you can afford to live your dream life but these dudes just wanna be stupid and ruin their lives.

    They will definitely be found out and they will pay. This is 21ST century and you don’t expect people not to explore the opportunity and make legitimate money digitally just because it is not endorsed by the government. I mean, everyone mustn’t own a shop with visible product before they can survive.

    Reply
    • Mr Nobody says:
      June 25, 2021 at 12:36 pm

      True….!

      Reply
  4. Anonymous says:
    June 24, 2021 at 12:39 pm

    That’s more like it?

    Reply
  5. MyCryptoAfrica says:
    June 24, 2021 at 1:55 pm

    this is crazy. we really do need crypto regulation in Africa.

    Reply
  6. Anonymous says:
    June 24, 2021 at 9:55 pm

    I refused to invest in crypto despite persuations.

    Reply
  7. Anonymous says:
    June 25, 2021 at 6:04 am

    This is very good lesson for those whom did not go for crypto, for crypto is the most dangerous and fraud business so far, you will gain but surely you will wait for the day you will regret the begining and the start. You will be wiped. Invest only in a recognize and legit biz now

    Reply
  8. Spear says:
    June 25, 2021 at 12:45 pm

    Look To All Those Blaming Nigerians
    You Gotta Say It To All The Countries Too Cause We’re Not Perfect..
    90% Of People Living From Different Dimensions Are Also Involved, So Pls Do Me A Favour And Don’t Implicate All Nigerians..

    Reply
  9. Obule19 says:
    June 27, 2021 at 6:57 am

    Why always Africans…… This is an act of wickedness, I pray people learn their lessons.

    Reply
  10. Ann says:
    August 8, 2021 at 10:36 am

    I made a deposit of $210,000 into this Iqoption broker on 1st january last year, then I got a call from the account

    manager telling me about my account and the bonuses I could get if I put in more money…he was

    really good at convincing (maybe he brainwashed me ) I later put $86,000 in total.

    Then I sent all of my verification documents such as proof of address, ID and Bank card details

    (I sent without CVV) and Declaration form . Also I received lots of emails from them about

    verification and activation and etc.

    During the first 3 days my account was funded and was ready to start; they called me many

    times to re-invest and increase my amount and I refused because they got too pushy about it. I

    figured something was wrong when I requested for a withdrawal and was told I had to

    reach a deposit target before I can make withdrawals.

    So I couldn’t trust them as they changed their word and I asked the adviser I want to close my

    account as my account is verified and it’s ready. I already told him which I can’t put more

    money and now I change my mind and I want to withdraw my money and close my account.

    I send lots of email, chat, request, text, call and etc and asked them to call me and explain

    but nobody answer and reply to me even through email (Used to be emailed straight away) Now I

    i want to withdraw all of my money but I can’t go through my account. THEY NEVER CAME BACK TO ME.

    TEL, ADDRESS AND COMPANY AND ALL ARE SCAM.

    Until I was introduced to the guys at “CONTACT Email: mattdunham928(at)gmail(dot)com they helped me get my money

    back from these rippers after a long while…I owe my life to them right now. not everybody

    there would be fortunate to find a trusted recovery guru mattdunham928(at)gmail(dot)com

    Text/WhatsApp: +16614247215

    Reply
  11. Smith Williams says:
    March 14, 2022 at 1:52 am

    It’s crazy how digital assets theft kept increasing and lower the space of potential investors in the crypto world this is really a thing of concern. Few weeks back I was a victim of a crypto theft where I invested with a faux investment website that got me a huge chunk of my savings after days of brooding and depression I saw a post about Dave who was the recovery tech who rescued me and restore my lost fortune. This is why I’m writing this review cause someone out there might need to see this if by any chance you fall victim to crypto or forex theft you can recover your funds completely in one swipe if you write Dave at F U N D R E S T O R E R (at) gmale dot coom

    Reply

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