South African brothers perpetrated the world’s largest bitcoin fraud: $3.6 billion stolen

Two South African brothers vanished, together with $3.6 billion in bitcoins placed in their Africrypt cryptocurrency platform by investors. The law firm in Cape Town claims it has been unable to locate the scammers and has already informed the Hawks, the national police’s special branch. In the near future, the brothers are anticipated to try to convert the stolen cryptocurrency on one of the exchanges.

The greatest cryptocurrency swindle to date will be the disappearance of roughly 69 thousand coins valued more than $4 billion during the April peak. There is also speculation that, in light of the increasing number of cases of bitcoin fraud, this episode would prompt regulators to adopt more stringent measures to restore order in the cryptocurrency market.

When Bitcoin reached new highs in April, the first hints of problems on the Africrypt platform appeared. Ameer Cajee, the firm’s chief operational officer and the elder of the two brothers, abruptly informed consumers that the company had been hacked. He requested that they not disclose the incident to the police or lawyers, since this would delay the process of retrieving the monies. However, other skeptics contacted the law firm Hanekom Attorneys, and a separate group filed for bankruptcy against Africrypt.

Africrypt’s cash was withdrawn from its South African accounts and client wallets, according to an inquiry. To make it virtually untraceable, the cryptocurrency has been split into small pools of bitcoin.

Bloomberg

In 2019, Amir Kaji and his 20-year-old brother Raees founded Africrypt, which attracted a lot of interest from investors. Calls to the brothers’ cellphones are now sent to voicemail. The company’s website is now unavailable.

Remember that the largest bitcoin hoax up to this point was also perpetrated by a South African company. Last year, Mirror Trading International and 23 thousand bitcoins went missing. The new swindle, on the other hand, inflicted three times the amount of damage to investors.

Because bitcoin is not legally considered a financial product, the South African Financial Conduct Authority is precluded from initiating an official inquiry into Africrypt. The country’s police force has likewise remained silent on the steps taken to apprehend the scammers.