South African investment company, AfriCrypt has been found reportedly defrauded investors of 3.6 billion dollars in Bitcoin funds. Sources reported that these two brothers and founders of the investment platform have fled from the country.
The South African police force was on high alert after a Cape Town law firm hired by investors said that they were unable to trace these 2 founders. The father also informed the cryptocurrency exchanges around the world to report if these two brothers were found converting digital coins into cash.
Africrypt was set up in 2019 by Chief Operating Officer Ameer Cajee and his brother Raees. This company’s website was taken down and the publication also was unable to reach neither of the brothers through any means of communication.
The signs of trouble started in April when the elder brother said that the company had become a victim of hacking and it had asked the clients not to report the incident to any authority by which claiming it would decelerate the process of recovery of the missing funds.
The Africrypt employees also lost their access to the back-end platforms 1 week before the incident took place. Furthermore all the coins invested by the clients and the funds from the wallet from South Africa were passed through mixers and tumblers or to a large pool of Bitcoin to make all of them untraceable.
The Gauteng South High court in South Africa has issued a provisional liquidation order against these two brothers and give them time until 1920 21 to argue against the liquidation
