One of Africa’s most popular bitcoin exchanges was operated by two brothers Raees Cajee and Ameer Cajee. Africrypt was the name of their Bitcoin investing enterprise in South Africa. Africrypt was an enormous hoax performed by these two men, Ameer Cajee and Raees Cajee, 18 and 21 years of age. The brothers reportedly approached high-status people and personalities in South Africa, tempting investors with claims of rich profits. They tried to fool their customers by advising them to keep the initiative private, which unwittingly drew even more individuals.
According to the guys, in April 2021, all of the company’s customers’ accounts were stolen, and the hackers took over the exchange. However, cybersecurity specialists eventually traced the “cyber attackers” wallet to the two men. They then attempted to keep the fraud hidden by persuading their consumers not to disclose it to police, but it all exploded after a bit of period. Nevertheless, traders and members of the general public immediately realized that the explanation didn’t make sense and began to question it.
According to estimates from victims’ attorneys, the brothers had already vanished, together with about $3,6 billion of their customers’ assets. This will make Africrypt the most significant cryptocurrency theft of all time if that is the case, even though the exact number remains a matter of debate. Even so, we’re talking hundreds and millions of dollars, the very least in this instance. Africrypt customers are all still trying to recapture their investment. To this day, their locations remain a mystery, and the traders are unsatisfied.
Conclusion
The Africrypt event has been one of two large frauds in South Africa within the recent two years. The other included Mirror Trading International, which misled traders of $589 million in August 2020. Therefore, South Africa’s Financial Conduct Commission proposed a regulatory regime on how cryptocurrency transactions should be done. The structure is likely to be presented soon.
