Africrypt CEO Flees with $3.6 Billion BTC, Tributing Largest Bitcoin Scam in History

Africrypt CEO Flees with $3.6 Billion BTC, Tributing Largest Bitcoin Scam in History

Yet another Bitcoin scam, that too from South Africa again. The Africrypt founders, brothers Ameer Cajee and Raees Cajee, disappear, fleeing with $3.6 billion worth of Bitcoin (BTC). This marks another Bitcoin scam from the same region of South Africa. 

The Scam to Limelight

Africrypt remained a prominent cryptocurrency exchange and investment firm based in Cape Town, South Africa. In addition, its main headquarters is in Johannesburg. Africrypt was founded by two brothers, Ameer Cajee and Raees Cajee, and became well-reputed. However, by April 2021 both the brothers claimed that there had been a hack on the Africrypt platform.

Furthermore, they have sent personalized emails to their customers stating they are looking towards the retrieval of all the funds lost. In addition, they insisted the customers not to go for any legal action or contact the police, as they will soon solve the issue. Ever since the brothers announced the hack upon their platforms, none of them were to be contacted. The offices were shut down, their numbers didn’t work, they changed their mobile numbers, etc. 

Hence, a few investors persuaded themselves to investigate this through Hanekom Attorneys. Despite all efforts, unable to find or trace the two brothers, the case went on to the Hawks, a special crime investigation unit of  South Africa.

Hawks Investigation

The first thing to be found by the Hawks was, none of the customers were able to log in to the Africrypt platform 7 days prior to the brothers’ announcement of the hack. Accordingly, it is evident all the funds poured into Africrypt, along with all the Bitcoins, were all transferred to unknown sources accounts. All the funds in the customer’s wallets and accounts were all completely compromised altogether. The fund transfer took place through a series of dark web transfers.

Furthermore,  investigations revealed a transfer from an Africrypt account to an account based in the UK. Subsequently, both the brothers fled to the UK a week before their alleged hack announcement. 

However, the FNB Bank of South Africa denies any kind of transactions or enabled transactions for the cryptocurrency investment firm, Africrypt. 

The Africrypt scam has been carried out exactly as the MTI scam. The brothers have lured in customers promising a daily return of 10% upon their investments, which is absolutely ridiculous. Yet, many fell into the trap, including famous South African celebrities.

However, the brothers exclaimed themselves as crypto masters. Raees claims to have mined Ethereum (ETH) during his school days, developing his own AI-based blockchain algorithm too. 

Therefore, brilliant minds intertwined with criminal thoughts have played the act so far astonishingly well. Skeptics denote this Bitcoin scam to be the largest in history, by far.

Recommended for you

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.