Crypto Company AfriCrypt Owners Vanish With $3.6B

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Ameer and Raees Cajee, owners of the South African cryptocurrency firm AfriCrypt, have reportedly run away with $3.6B from the platform users in what seems to be the largest cryptocurrency scam to date.

According to Bloomberg, the operators of the company, which was founded in 2019, had been attracting investors promising them very high returns of a daily 10%.

Now, some of the users have contacted local lawyers firm Hanekom Attorneys as they are unable to locate the owners of the platform, who have reportedly vanished with the users funds (69,000 Bitcoins or $3.6B at the time of writing).

According to the lawyers firm, the two brothers have send the stolen funds “to various dark web tumblers and mixers, resulting in severe fragmentation.”

Due to the magnitude of the incident, the country’s Finance Sector Conduct Authority has started to investigate the company, however, they cannot start an official investigation because cryptocurrencies are not considered as financial products in South Africa.