$3.6 billion in Bitcoin (BTC) goes missing from South African exchange

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Jun 24, 2021
  • Founders of AfriCrypt crypto investment platform have allegedly disappeared with 69,000 Bitcoins.
  • The two brothers reportedly withdrew investors’ funds and vanished to the U.K.
  • Global crypto exchanges have been alerted to watch out for transactions involving the funds.

Founders of AfriCrypt, a South African-based crypto investment platform, are missing along with 69,000 Bitcoin (BTC/USD) (currently worth $3.6 billion) invested on the platform.

The platform informed its investors in April that it was shutting down after a hacking incident that compromised customers’ accounts. The platform also announced in an email that all investor’s accounts will be frozen to hasten the recovery process.

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The investors were also told not to inform law enforcement about the hack, claiming it would delay the recovery process.

But it has been alleged that the founders of the platform Raees Cajee (17 years old) and Ameer Cajee (20 years old), withdrew investors’ funds from the platform and disappeared to the U.K.

The two brothers have also shut down AfriCrypt’s websites and have not replied to anyone or returned their calls.

The largest crypto scam in history?

This will not be the first time crypto investors would have to lose their funds in a South African investment scheme.

Earlier this year, investors were defrauded $589 million after the Mirror Trading International (MTI) crypto scam in South Africa.

But the latest incident will probably be one of the largest crypto scams ever, considering the value of Bitcoin involved.

Investors have started liquidation procedures

Some AfriCrypt’s investors have already hired Hanekom Attorneys, a law firm based in Cape Town, to fight their case and recover the funds.

The attorneys say the funds were transferred through a variety of ways, which makes them almost impossible to trace. The lawyers also noted that they have informed several global exchanges on the situation in case Bitcoins are traded on their platforms.

The crime has also been reported to South African law enforcement agencies as well as the Hawks, the South African police force that handles organized crime.

Other investors have started liquidation procedures against AfriCrypt.

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