• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin scam
Nexo Logo

South African Brothers Escape With $3.6 Billion In Bitcoin

Hououin Kyouma by Hououin Kyouma
11 months ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

Two African brothers have disappeared, and so does the $3.6 billion in bitcoin from their cryptocurrency investment platform.

Biggest Scam In Bitcoin History?

Africrypt is a cryptocurrency investment platform based in South Africa. It was set up by Ameer Cajee and his brother. The pool offered huge returns for investors.

Back in April, around when BTC was riding high, Chief Operating Officer Cajee announced that the company was under a hack.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In the notification, however, Cajee asked investors not to seek legal help as it will slow down the recovery process.

It was immediately a red sign, and some investors hired Hanekom Attorneys, a law firm, to look into the case.

Related Reading | Ledger Scam: Scammers Mail Hacked Ledger Devices To Steal Crypto

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Reports say that Africrypt employees lost access to backend servers a week before Cajee revealed the alleged hack to the investors.

Hanekom Attorneys found that the Bitcoin from the Africrypt pool has been sent through methods that make it hard to trace. Such methods include sending the coins to other large pools, or through tumblers and mixers.

The company website is down. And Cajee and his brother, Raees, have their phone numbers set to voicemail. They have disappeared, along with almost 69,000 Bitcoins.

Africa’s Finance Sector Conduct Authority is also looking into the case. However, as Bitcoin isn’t considered a legal financial asset, the organization hasn’t been able to launch a formal investigation.

Now, according to reports, Hanekom Attorneys has reported to the Hawks, an elite group of the police force, regarding the disappearance of the two brothers.

The law firm has also alerted global crypto exchanges to report if there are any attempts to sell off the stolen Bitcoins.

Related Reading | Crypto Sonar: The Sign That Whales Are Accumulating Bitcoin

This isn’t the first time something like this has happened in the country. Just last year, another company, Mirror Trading International, was involved in a case where investors had lost $1.2 billion in Bitcoins.

The nearly 69,000 Bitcoins stolen in the Africrypt case were worth more than $4 billion during April when the incident occurred. Around three times as much as the fraud in 2020, which was dubbed as the biggest cryptocurrency scam in 2020.

The African brothers scam is possibly the biggest in the entire history of the cryptocurrency, and it might provoke governments to become serious about crypto regulation.

Bitcoin Price

Bitcoin is a little under $35k at the time of writing. The coin is up 4.1% in the past 24 hours, but down 7.6% in the last 7 days.

Here is a chart that shows how the price of the cryptocurrency has changed in the past few months:

Bitcoin chart

Bitcoin seems to show a slight upwards trend | Source: BTCUSD on TradingView

Some experts believe we could see the currency drop down a bit, and then return on a bullish path.

However, nothing is clear at the moment, and it’s possible a bearish pattern might end up clawing the market.

Tags: bitcoinbitcoin scambtccrypto scamSouth Africa
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Hououin Kyouma

Hououin Kyouma

Loves to write, enthusiastic about cryptocurrency. Currently studying Physics at university.

Related Posts

Crypto starts week Positive, Bitcoin Bulls Prep For A Breakout

Crypto starts week Positive, Bitcoin Bulls Prep For A Breakout

11 hours ago

Bitcoin Taker Buy/Sell Ratio Approaches Bullish Cross

15 hours ago
bitcoin

Bitcoin Investors Gripped By Fear, Any Sign Of Hope Remain?

16 hours ago
Lido

Lido (LDO) Sheds 58% Of Its All-Time High TVL At $11 Billion

18 hours ago
Bitcoin

Bitcoin Reclaims $30K Territory After Recent Weeks’ Struggle – Analysts Weigh In

1 day ago
bitcoin hammer reversal

Hammer Time: The Bullish Signal That Could Save Bitcoin

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Global Fit Club: The World’s 1st gym that pays it’s members set to launch

May 24, 2022

The Last Palmswap Trading Competition Before Mainnet Launch. Up to 500K PALM in Prizes – for free!

May 24, 2022

Cardano NFT Disruptor – EGO.COM Enters the Game

May 24, 2022

LBank Weekly Listing Report, 23th May 2022

May 24, 2022

Muu Inu (MINU) Is Now Available for Trading on LBank Exchange

May 24, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.