Wednesday, May 25, 2022
About us | Contact
Blockzeit
  • bitcoinBitcoin(BTC)$29,474.000.83%
  • ethereumEthereum(ETH)$1,947.99-0.68%
  • binancecoinBNB(BNB)$326.501.47%
  • SolanaSolana(SOL)$47.90-2.78%
  • dogecoinDogecoin(DOGE)$0.082650-1.06%
  • Home
    • Business
    • Politics
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
    • Metaverse
  • Education
    • Glossary
    • Buy Crypto
      • Buy Cardano
  • Events
    • Metaverse Events
No Result
View All Result
  • EnglishEnglish
    • EnglishEnglish
    • DeutschDeutsch
    • PortuguêsPortuguês
  • Home
    • Business
    • Politics
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
    • Metaverse
  • Education
    • Glossary
    • Buy Crypto
      • Buy Cardano
  • Events
    • Metaverse Events
No Result
View All Result
Blockzeit
No Result
View All Result
Home Bitcoin News
Scam bitcoin south africa

Scam bitcoin south africa

Billion Dollar Bitcoin Scam In South Africa

Aaron Moses by Aaron Moses
June 25, 2021
in Bitcoin News
Reading Time: 3 mins read
0
Share on FacebookShare on TwitterShare on LinkedinShare via WhatsappShare via Email

Two South African brothers have vanished, along with 3.6 billion dollars in Bitcoin, from their cryptocurrency investment platform. This isn’t the first Bitcoin scam in South Africa though.

The two brothers, Ameer and Raees Cajee, are the founders of a cryptocurrency investment platform called Africrypt. This week, reports say that the two brothers are now missing. Not only that – they disappeared a long with 3.6 billion dollars worth of Bitcoin. This raises enormous suspicions and many have already accused Ameer and Raees of scamming their clients and stealing the multi billion dollar worth of assets.

How the Africrypt scam unfolded

There were several issues happening with the Africrypt platform. Africrypt investors received an e-mail informing them that a hack breached the safety of wallets, nodes, and accounts. The e-mail briefed shareholders that there would be a freeze of all of Africrypt’s accounts due to the hack. The strange things was: the two brothers requested Africrypt investors not to report the incident to the police.

Of course as one might imagine, investors of Africrypt were not comfortable about the situation. Several investors went to attorneys to liquidate their Africrypt investments. It was then when they discovered that billions of dollars in Bitcoin, the entrie company’s networth, was transferred from the digital wallet where it belonged to a new chain address. According to an attorney from Cape Town, the funds were for all practicality untraceable. Now Hanekom, a Cape Town law firm, is working with the national police to locate the missing brothers.

Will the Bitcoin scams in South Africa bring regulation?

This isn’t the first Bitcoin scam in South Africa though. Last year, Johann Steynberg, the CEO of Mirror Trading International (MTI), reportedly fled to Brazil when his company was in provisional liquidation last month, as investors were attempting to extract their capital. It was discovered that his company kept no accounting records, following an investigation by the Financial Sector Conduct Authority (FSCA).

Brandon Topham, a high ranking FSCA official told Bloomberg:

“At the point something becomes a Ponzi scheme, we have lost our jurisdiction,” he said. “We need the police and the prosecuting authority to work fast and put people in jail.”

The MTI scandal happened all the way back in January. And at that point, South African authorities were professing the need for regulation to the public and lawmakers. Now with another alleged Ponzi scheme with the Africrypt brothers, arguments posing for regulation in South Africa are likely going to resurface and strengthen.

Final thoughts

This is a disheartening piece of news and brings in another wave of negative press for Bitcoin and crypto in general.

There have been no further reports on the wherabouts of the Cajee brothers. It appears the only way for shareholders of Africrypt to have their stolen money returned to them is if police successfully take Ameer and Raess into custody. One can hope for the best that the stolen money is returned.

Aaron Moses
Aaron Moses

Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.

Tags: AfricryptScamSouth Africa
Previous Post

Wyckoff Accumulation: Is The Wyckoff Valid for Bitcoin?

Next Post

Karura Wins Parachain Auction on Kusama: How Parachain Auctions work

Related Posts

Bitcoin Pizza Day

Bitcoin Pizza Day: The Best Mistake in the History of Crypto

by Vincent Munene
May 23, 2022
0

It is that time of the year again - Bitcoin Pizza Day! On May 22, 2010, Laszlo Hanyecz traded 10,000...

Bitcoin Bearish

Bitcoin Bearish Sentiments Increase Fears of a Price Crash

by Vincent Munene
May 19, 2022
0

The Bitcoin chart has been bearish for a few months now. Investors everywhere are in panic mode as Bitcoin persists...

bitcoin 5001164 1920 1

Shanghai Court Declares Bitcoin “Virtual Asset” Protected By Chinese Law

by Jay Speakman
May 13, 2022
0

In a landmark ruling, the Shanghai High Court has declared that Bitcoin is a virtual asset with economic value protected...

Load More

Get updates to your inbox!

Subscribe to our mailing list to receive daily updates!

FOLLoW US:

Blockzeit Logo 10 1

Blockzeit was founded in 2021 in Switzerland with the mission of bridging the gap between the complex blockchain technology and the general public. Blockzeit is a news and education platform that aims to make blockchain more accessible and bring more transparency to the scene.

Popular Categories

Categories
  • Bitcoin News
  • Business
  • Buy Crypto
  • Education
  • Investing
  • Markets
  • Metaverse
  • NFTs
  • Politics
  • Press Release
  • Switzerland
  • Technology
  • Trends

Important Links

  • Privacy Policy
  • Disclaimer
  • About us
  • Contact us
  • Blockchain Jobs
  • Events

Contact & Social

For guest posts, contact us via info@blockzeit.com

 

Contact: info@blockzeit.com
Press: press@blockzeit.com

Facebook Twitter Linkedin Instagram
  • Home
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
  • Education
  • Events
© Copyright by Blockzeit.com. All rights reserved.

Disclaimer

No Result
View All Result
  • Home
    • Business
    • Politics
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
    • Metaverse
  • Education
    • Glossary
    • Buy Crypto
      • Buy Cardano
  • Events
    • Metaverse Events
  • DeutschDeutsch
  • PortuguêsPortuguês

© 2021 Blockzeit by Blockzeit.