The founders of a South African company of cryptocurrency investment have disappeared with $3.6 billion in Bitcoin (BTC).
This could be the biggest exit fraud in cryptocurrency history.
A Disguised Piracy
Founded in 2019, AfriCrypt was managed by the Ameer and Raees Cajee brothers. The platform had Rand 54 billion in Bitcoin (BTC) which is equivalent to $ 3.6 billion.
In the middle of April, AfriCrypt's investors received an e-mail that said the platform was shut down and that it had been frozen as a result of a hacking that compromised customer accounts. Investors would be asked not to report piracy to the police since, according to the founders, this would slow down the process to retrieve funds.
A hack that seems more like a scam exit as AfriCrypt's employees lost access to platform management systems a few days prior to the alleged attack. In addition, there were signs of warning for investors, because AfriCrypt had a performance of up to 10 percent each day offering to users. This is obviously a very dubious promise.
In latest news, AfriCrypt's founders reportedly transferred investor funds and disappeared into the United Kingdom.
A case that reminds of another
According to the African site BitcoinKe, this impressive daily performance proposed by AfriCrypt makes forget the monthly performance promised by 10 percent to users of Mirror Trading International, South African channel (MIT).
The MIT project has been described as the biggest Ponzi pyramid South Africa has ever known, with BTC 23,000 being supported to investors, about US$774m during the current course. MTI Chief Executive Officer Johann Steynberg reportedly escaped the legal system in Brazil when the company was put into provisional insolvency in 2020.
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