South African Investment Site Shuts Down; 69,000 BTC Said to be Stolen

South African Investment Site Shuts Down; 69,000 BTC Said to be Stolen

AfriCrypt, an investment company based in South Africa, has disappeared out of the sight of its customers along with the owners.

The owners who are siblings have fled away with 69,000 BTC.

Although facts are not clear to support if AfriCrypt was hacked or not, this situation will be regarded as the worst case scenario of an exit scam since BTC was known, says Bloomberg.

Siblings Ameer and Raees Cajee gave birth to AfriCrypt two years ago. Two months ago, the brothers informed investors that their platform was hacked. At that time, it was reported that the company’s profits had grown to 54 billion rands (or $3.6 billion).

Investors were told to hold on withdrawals while they looked for how to recover the stolen funds.

Hanekom Attorneys, also in South Africa, began the legal process for the clients when it saw the suspicious message sent to the investors.

Hanekom Attorneys said that the brothers moved 69,000 BTC from the company’s wallet into other accounts through mixers and tumblers consequently making the destination accounts difficult to identify.

Attempts to reach the brothers on the phone have proved abortive and the website for AfriCrypt has not been working. Hanekom Attorneys has taken the matter to the Hawks, which is a department in the country’s police force.

The Guateng South High Court has ordered the brothers to liquidate its properties before July 20, 2021.

BitcoinKe, an online news outlet of African origin revealed that AfriCrypt succeeded in pulling so much funds because it offered very high interest rates reaching 10% daily in addition to referral bonuses.

This reminds South Africans of the ponzi scheme called Mirror Trading International (MIT) that stole away 23,000 BTC. The man in charge of the firm, Johann Steynberg, was said to have traveled to Brazil while the firm was scheduled for liquidation.


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