Africa

South African Brothers Flee With Investors’ $3.6 Billion Bitcoins

Two South African brothers have disappeared with Bitcoin worth $3.6 billion from their cryptocurrency investment platform, Africrypt.

The brothers, named Ameer Cajee who acted as the Chief Operating Officer (COO) and Raees Cajee who acted as the Chief Executive Officer (CEO), started a cryptocurrency company called “Africrypt” in Johannesburg, a supposed currency exchange service.

Africrypt provided all-around solutions, including investment opportunities on cryptocurrency and blockchain technology; brokerage services proffering an electronic, off-exchange digital liquidity solution; payment services providing secured digital payments across the domestic, offshore and international market; and full-suite consulting and advisory services for merchant banks and services for the digital world.

The first signs of trouble came in April, when Africrypt COO Ameer Cajee, issued a letter to investors on 13 April, stating the company, founded in 2019, had been forced to halt all operations after a “recent breach” in which clients’ wallets had been compromised.

However, shortly after the so-called breach, Africrypt directors ( the two brothers, Ameer Cajee and Raees) were alleged to have transferred the crypto investment’s pooled funds from its South African account(s) through bitcoin on the blockchain in April 2021.

Investors say after issuing the letter, Cajee and his older brother and CEO, Raees disappeared, leaving investors who took to messaging service Telegram to speculate where the two may be.

Some sceptical investors contacted a law firm, Hanekom Attorneys while another group of investors started liquidation proceedings against Africrypt.

Gerhard Botha, the attorney representing the group of investors under the company Badaspex, said he had not received any response from the two brothers to the provisional liquidation order.

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