Two South African brothers who owned the Africypt cryptocurrency investment website are on the loose after making away with $3.6 billion in Bitcoin from investors.
Ameer Cajee, the Chief Operating Officer (COO), and Raees Cajee, the Chief Executive Officer (CEO), founded a cryptocurrency company known as “Africrypt” in Johannesburg, ostensibly as a currency conversion service.
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Africrypt provides all-encompassing solutions, including cryptocurrency and blockchain investment options, as well as brokerage services.
The first indications of danger appeared in April, when Africrypt COO Ameer Cajee alerted clients that the company had been hacked. He asked investors not to notify lawyers or authorities about the occurrence since it would delay the recovery of the missing monies.
Some doubtful investors ignored the COO’s instruction not to notify authorities and contacted the law firm Hanekom Attorneys were hired, and Africrypt was put into liquidation by another group of investors. The law firm stated that they were unable to identify the brothers and that they had reported the matter to the Hawks, a national police elite team.
Investors in Africrypt could lose three times as much. The South African authorities are expected to take harsh regulatory action in response to this episode, and a total ban on cryptocurrency is likely.