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South African brothers make off with 51R billion($3 billion) from crypto exchange



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 1 month ago '20        #1
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GREENDOWN  topics gone triple plat - Number 1 spot x13
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South African brothers make off with 51R billion($3 billion) from crypto exchange
 

 
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A pair of South African brothers have vanished, along with Bitcoin worth $3.6 billion from their cryptocurrency investment platform.

A Cape Town law firm hired by investors says they can’t locate the brothers and has reported the matter to the Hawks, an elite unit of the national police force. It’s also told crypto exchanges across the globe should any attempt be made to convert the digital coins.

Following a surge in Bitcoin’s value in the past year, the disappearance of about 69,000 coins — worth more than $4 billion at their April peak — would represent the biggest-ever dollar loss in a cryptocurrency scam. The incident could spur regulators’ efforts to impose order on the market amid rising cases of fraud.

The first signs of trouble came in April, as Bitcoin was rocketing to a record. Africrypt Chief Operating Officer Ameer Cajee, the elder brother, informed clients that the company was the victim of a hack.

He asked them not to report the incident to lawyers and authorities, as it would slow down the recovery process of the missing funds.

Some skeptical investors roped in the law firm, Hanekom Attorneys, and a separate group started liquidation proceedings against Africrypt.

“We were immediately suspicious as the announcement implored investors not to take legal action,” Hanekom Attorneys said in response to emailed questions. “Africrypt employees lost access to the back-end platforms seven days before the alleged hack.”

The firm’s investigation found Africrypt’s pooled funds were transferred from its South African accounts and client wallets, and the coins went through tumblers and mixers — or to other large pools of bitcoin — to make them essentially untraceable



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its the wild wild west man
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20 comments
 

 1 month ago '11        #2
Joseph  topics gone triple plat - Number 1 spot x1
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But, but, but Boxden members said that crypto is the future of finance and a better investment than the S&P 500.
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 1 month ago '17        #3
justin747  topics gone triple plat - Number 1 spot x5
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But when I tell the Boxden Crypto cult about this....




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 1 month ago '07        #4
ericsupreme 
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 Joseph said
But, but, but Boxden members said that crypto is the future of finance and a better investment than the S&P 500.
first off it's bitcoin not crypto and you need to educate yourself. NEVER keep your bitcoin on an exchange. "not your keys not your bitcoin". google that phrase and LEARN.
+7   

 1 month ago '17        #5
justin747  topics gone triple plat - Number 1 spot x5
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 ericsupreme said
first off it's bitcoin not crypto and you need to educate yourself. NEVER keep your bitcoin on an exchange. "not your keys not your bitcoin". google that phrase and LEARN.
Every single coin price is linked to Tether and Binance and Bitcoin.


You MFers gonna learn a hard lesson about technology soon

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 1 month ago '07        #6
ericsupreme 
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 justin747 said
Every single coin price is linked to Tether and Binance and Bitcoin.


You MFers gonna learn a hard lesson about technology soon

they've been saying that about bitcoin for 12 years bruh and each year it's up 200%. now i do agree with you about all the sh*tcoins out there and the corrupt a*s exchanges.
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 1 month ago '17        #7
justin747  topics gone triple plat - Number 1 spot x5
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 ericsupreme said
they've been saying that about bitcoin for 12 years bruh and each year it's up 200%. now i do agree with you about all the sh*tcoins out there and the corrupt a*s exchanges.


Do you remember 2017-2018? Yall are all looking at this short-sighted as fu*k.

Maybe I'm wrong tho.

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 1 month ago '19        #8
MP2019 
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This is just the beginning. More hacks and fake deaths on the way via crypto
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 1 month ago '20        #9
GREENDOWN  topics gone triple plat - Number 1 spot x13 OP
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 MP2019 said
This is just the beginning. More hacks and fake deaths on the way via crypto
Lol one guy stole 50 million and left a note on the website saying "p*nis"
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 1 month ago '15        #10
Prad Bitt 
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These boys gotta be in the Amalfi Coast, Monaco, or the Maldives with the strongest flake, rocket launchers, M240s, and a Harem that don’t speak the same language
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 1 month ago '08        #11
YoungRay20  topics gone triple plat - Number 1 spot x2
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 justin747 said
Every single coin price is linked to Tether and Binance and Bitcoin.


You MFers gonna learn a hard lesson about technology soon

Cold wallet been good to me. Been scammed cryptopedia in the OG days. Don't keep much on exchanges that are not known world wide.

Coinbase, Gemini, Gate, Kucoin there's a short less of safe exchanges but cold wallets is the way to go
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 1 month ago '08        #12
YoungRay20  topics gone triple plat - Number 1 spot x2
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 MP2019 said
This is just the beginning. More hacks and fake deaths on the way via crypto
I mean it happens with existing currencies. Why would digital currency be different.

People been madeoff with folks money.
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 1 month ago '17        #13
justin747  topics gone triple plat - Number 1 spot x5
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 YoungRay20 said
Cold wallet been good to me. Been scammed cryptopedia in the OG days. Don't keep much on exchanges that are not known world wide.

Coinbase, Gemini, Gate, Kucoin there's a short less of safe exchanges but cold wallets is the way to go
The problem with the cold wallet is its worthless if you never cash it out. It's not gonna appreciate in value.
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 1 month ago '08        #14
YoungRay20  topics gone triple plat - Number 1 spot x2
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 justin747 said
The problem with the cold wallet is its worthless if you never cash it out. It's not gonna appreciate in value.
What???

Could just bought btc under 10k kept in your wallet, keep wallet and phrases safe. How is worthless. Would of gotten you 50k return. It's easy to move off the wallet .
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 1 month ago '17        #15
justin747  topics gone triple plat - Number 1 spot x5
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 YoungRay20 said
What???

Could just bought btc under 10k kept in your wallet, keep wallet and phrases safe. How is worthless. Would of gotten you 50k return. It's easy to move off the wallet .
How would you turn that to cash? How much are the fees? What are the taxes?


Also why would you turn it to cash? I thought Crypto was against Fiat aka cash.
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 1 month ago '19        #16
MP2019 
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 GREENDOWN said
Lol one guy stole 50 million and left a note on the website saying "p*nis"
ruthless you know he had that dr.evil laugh going on when he typed it
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 1 month ago '05        #17
That Dude 
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1. Never store it on an exchange.
2. Have a separate computer or phone to store your currency
3. Get a ledger, write down your key phrase somewhere safe
4. The end
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 1 month ago '07        #18
OVERLORD 
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 GREENDOWN said
Lol one guy stole 50 million and left a note on the website saying "p*nis"

 1 month ago '16        #19
Adrian99OVR 
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 YoungRay20 said
What???

Could just bought btc under 10k kept in your wallet, keep wallet and phrases safe. How is worthless. Would of gotten you 50k return. It's easy to move off the wallet .
Takes no more than 10-30 minutes these days, even with peak congestion. I remember the days when you would have to wait hours for the required confirmations to go through.
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 1 month ago '08        #20
YoungRay20  topics gone triple plat - Number 1 spot x2
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 justin747 said
How would you turn that to cash? How much are the fees? What are the taxes?


Also why would you turn it to cash? I thought Crypto was against Fiat aka cash.
Break down into increasements 9.5k

Send btc directly to coinbase and sell there.

Cash to your bank account.

Taxes are less if you hold more than a year but there is a chart for the percentages. Even if you have to pay taxes it's worth. Don't get caught evading taxes.

 1 month ago '10        #21
kingjab7542 
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 YoungRay20 said
What???

Could just bought btc under 10k kept in your wallet, keep wallet and phrases safe. How is worthless. Would of gotten you 50k return. It's easy to move off the wallet .
Don't waste your time explaining to him. He's a crypto troll. Ignore him
+2   



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