Bitcoin

South African brothers flee $3.6 billion in Bitcoin


Two African brothers have disappeared, and so has $3.6 billion worth of bitcoin from the cryptocurrency investment platform.

The biggest scam in bitcoin history?

AFRICOPT is a file Cryptocurrency South African based investment platform. It was created by Amir Kaji and his brother. The complex provided huge returns to investors.

Back in April, when BTC was soaring, COO Cajee announced that the company was under hack.

However, in the notification, Cajee asked investors not to seek legal assistance as it would slow down the redemption process.

It was an immediate red flag, and some investors hired Hanekom Attorneys to look into the case.

Related reading | Ledger Fraud: Fraudsters hack into ledger devices to steal crypto

Reports say that AfriCrypt employees lost access to back-end servers a week before Cajee disclosed the alleged hack to investors.

Hanekom’s lawyers found that Bitcoin was sent from the Africrypt group through methods that made it difficult to trace. These methods include sending coins to other large pools, or through tumblers and mixers.

The company’s website is down. Kage and his brother, Chief, have their phone numbers set to voicemail. They are gone, along with nearly 69,000 bitcoins.

The Financial Sector Conduct Authority in Africa is also looking into the issue. However, since Bitcoin is not considered a legal financial asset, the organization has not been able to initiate a formal investigation.

Now, according to ReportsHaneom’s lawyers have reported the disappearance of the two brothers to the Hawks family, an elite group in the police force.

The law firm has also alerted global crypto exchanges to report if there have been any attempts to sell stolen bitcoins.

Related reading | Crypto Sonar: A Sign That Whales Are Accumulating Bitcoin

This is not the first time something like this has happened in the country. Just last year, another company, Mirror Trading International, got involved in a case in which investors lost $1.2 billion in bitcoin.

The nearly 69,000 bitcoins stolen in the Africbit case were worth more than $4 billion during the month of April when the incident occurred. Almost tripled the fraud in 2020, which was described as the biggest cryptocurrency scam in 2020.

Perhaps the biggest scam in the entire history of cryptocurrency, the African Brothers scam could provoke governments to get serious about it cipher regulation.

Bitcoin price

Bitcoin Just under $35,000 at the time of writing. The Currency It is up 4.1% in the past 24 hours, but is down 7.6% in the past seven days.

Here is a graph showing how the price of the cryptocurrency has changed in the past few months:

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

Some experts believe we could see the coin drop a bit, and then get back on an upward trajectory.

However, nothing is clear at the moment, and it is likely that the bearish pattern will end up hitting the market.



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