SA Consumers Lose R49.6bn In Crypto Scheme
Africa’s Biggest Crypto Scam?
Billions of Rand invested with Africrypt have disappeared and so have the directors of the investment company.
Recently a giant crypto investment company sent out messages to their many clients to say they had been hacked. This would cause them to be unable to process their usual client requests and they begged clients to be patient.
‘We regret to inform you that due to the recent breach in our system, client accounts, client wallets and nodes were all compromised’
Suddenly the directors, Ameer Cajee and his brother Raees Cajee jetted off to the UK overnight and eventually disappeared, leaving clients frustrated and concerned.
Concern Turns To Panic
Soon clients began to panic and call in their lawyers and investigators as well as the Hawks.
It now seems that Africrypt may have in fact just been a classic Ponzi scheme or perhaps the directors simply decided to grab the cash and run.
When the company stopped assisting consumers it appears that, over a few days, the directors used dark web mixers and cypto services to convert clients funds into bitcoin (and then perhaps other hard to track cryptocurrencies).
A report from Hanekom Attorneys says that Africrypt would ask clients to put money into their FNB account (though FNB denies they had an account with them) and would then claim they had “converted” the deposit into cryptocurrency.
‘FNB once again confirms that it does not have a banking relationship with Africrypt’
Investigators, into the original supposed ‘hack’, have reported that it now seems more likely that around R49.6 Billion has simply been stolen by the directors.
Investigators were able to track the directors to the UK. They have since disappeared along with all the investors’ funds.