2,939
 

Jun 24 - South African Brothers Vanish, and So Does $3.6 Billion in Bitcoin



ADVERTISEMENT
 
topics gone triple plat - Number 1 spot 3X PLAT

most viewed right now
  61
84 replies  @hiphop

most viewed right now
+23  51
38 replies  @sports


section  x1   |  0 bx goons and 1 bystanders Share this on Twitter       Share this on Facebook

section news
  
 1 month ago '11        #1
1359 page views
34 comments


Sin  topics gone triple plat - Number 1 spot x35
avatar
Props total: 157307 157 K  Slaps total: 21973 21 K
Jun 24 - South African Brothers Vanish, and So Does $3.6 Billion in Bitcoin
 

 
-Lawyers hired by investors piece together funds’ disappearance
-Africrypt loss would rank among biggest-ever crypto heists

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.

Lawyers Hired

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.

South Africa Plans to Regulate Crypto Trading in Phased Manner

Calls to a mobile number for Cajee were immediately directed to a voicemail service. He and his brother, Raees, 20, set up Africrypt in 2019 and it provided bumper returns for investors. Calls to Raees also went straight to voicemail. The company website is down.

The saga is unfolding after last year’s collapse of another South African Bitcoin trader, Mirror Trading International. The losses there, involving about 23,000 digital coins, totaled about $1.2 billion in what was called the biggest crypto scam of 2020, according to a report by Chainalysis. Africrypt investors stand to lose three times as much.

Crypto Havens Lure Firms Fleeing South Africa Regulator Fear

While South Africa’s Finance Sector Conduct Authority is also looking into Africrypt, it is currently prohibited from launching a formal investigation because crypto a*sets are not legally considered financial products, according to the regulator’s head of enforcement, Brandon Topham. The police have not yet responded to a request for comment.

China has recently escalated its crackdown on cryptocurrency trading after a frenzied surge in Bitcoin and other tokens over the past six months heightened longstanding Communist Party concerns about the potential for fraud, money laundering and trading losses by individual investors.

In January, the daily value of crypto-asset trading exceeded 2 billion rand ($141 million) for the first time in South Africa, suggesting significant appetite in a market that was largely going unchecked by regulatory powers.

visit this link https://www.bloomberg.com .. ?sref=4wt71Nx9
+7   



best
worst
34 comments
 

 1 month ago '04        #2
ItAlY2BkLyN 
Props total: 30575 30 K  Slaps total: 7732 7 K
damn wonder if it was some ransom or the brothers just bailed with the coins
+1   

 1 month ago '11        #3
Sin  topics gone triple plat - Number 1 spot x35 OP
Props total: 157307 157 K  Slaps total: 21973 21 K
 ItAlY2BkLyN said
damn wonder if it was some ransom or the brothers just bailed with the coins
where on earth could you hide with 3.6 billion

if thats how much was really in the account maybe they filed with the 3.6 million that was left from the Ponzi scheme
+1   

 1 month ago '04        #4
ItAlY2BkLyN 
Props total: 30575 30 K  Slaps total: 7732 7 K
 Sin said
where on earth could you hide with 3.6 billion

if thats how much was really in the account maybe they filed with the 3.6 million that was left from the Ponzi scheme
I'd hide it in a cold storage wallet and incrementally sell off a small handful of coins at a time through various exchanges and networks . Hypothetically speaking of course
+15   

 1 month ago '12        #5
Ricky Retardo  topics gone triple plat - Number 1 spot x1
Props total: 39434 39 K  Slaps total: 3611 3 K
ran off on the plug...

Decentralized and no bank affiliates and the crypto a*sets not considered financial products...because of that.

Goddammit, investors got fu*ked something serious.

4 billion dollar infrastructure gets "hacked" and these fools say "nah yall good, we got it under control, no need to take any actions...we got yall"
+3   

 1 month ago '11        #6
Sin  topics gone triple plat - Number 1 spot x35 OP
Props total: 157307 157 K  Slaps total: 21973 21 K
 ItAlY2BkLyN said
I'd hide it in a cold storage wallet and incrementally sell off a small handful of coins at a time through various exchanges and networks . Hypothetically speaking of course
but where could you live comfortably with people looking for their 3.6 billion no place would be safe

can't trust anyone because they know you can't go to the police
+3   

 1 month ago '04        #7
ItAlY2BkLyN 
Props total: 30575 30 K  Slaps total: 7732 7 K
 Sin said
but where could you live comfortably with people looking for their 3.6 billion no place would be safe

can't trust anyone because they know you can't go to the police
ah I understand what you were saying now. Yea sh*t wouldn't be sweet at all. MF's got 3.6B but living here


+16   

 1 month ago '12        #8
Ricky Retardo  topics gone triple plat - Number 1 spot x1
Props total: 39434 39 K  Slaps total: 3611 3 K
 ItAlY2BkLyN said
I'd hide it in a cold storage wallet and incrementally sell off a small handful of coins at a time through various exchanges and networks . Hypothetically speaking of course
then there's tethering.
+3   

 1 month ago '11        #9
Sin  topics gone triple plat - Number 1 spot x35 OP
Props total: 157307 157 K  Slaps total: 21973 21 K
 ItAlY2BkLyN said
ah I understand what you were saying now. Yea sh*t wouldn't be sweet at all. MF's got 3.6B but living here


yeah, those dudes took all that money just to hide out for life

what a waste
+5   

 1 month ago '05        #10
ice wolf  topics gone triple plat - Number 1 spot x5
Props total: 22275 22 K  Slaps total: 8658 8 K
Someone clearly got caught lackin for 3 billy. They were probably talking about their Bitcoin holdings in a bar or sumn and then ended up in someone's trunk with a gun pointed at their head asking for that wallet PW. S.Africa ain't the safest place to be for any billionaire.
+4   

 1 month ago '16        #11
foshoVoodoo  topics gone triple plat - Number 1 spot x43
Props total: 105200 105 K  Slaps total: 20167 20 K
Loose lips sink ships


+2   

 1 month ago '04        #12
collegeboy58 
Props total: 19725 19 K  Slaps total: 1019 1 K
The saga is unfolding after last year’s collapse of another South African Bitcoin trader, Mirror Trading International. The losses there, involving about 23,000 digital coins, totaled about $1.2 billion in what was called the biggest crypto scam of 2020, according to a report by Chainalysis. Africrypt investors stand to lose three times as much.
Had a friend try to tell me to put money into this BS. I told him it was a scam from the beginning
+4   

 1 month ago '16        #13
NoLvstName  topics gone triple plat - Number 1 spot x25
Props total: 78023 78 K  Slaps total: 7632 7 K
 ice wolf said
Someone clearly got caught lackin for 3 billy. They were probably talking about their Bitcoin holdings in a bar or sumn and then ended up in someone's trunk with a gun pointed at their head asking for that wallet PW. S.Africa ain't the safest place to be for any billionaire.
Nah I think they just ran off on their investors

Crooks

But what a finesse
+4   

 1 month ago '16        #14
Teknicks 
Props total: 33441 33 K  Slaps total: 5858 5 K
That money gone. The only way it's coming back is if Mafia money is involved.

That puts the only family tree on the hook. But if it's regular business people, they will never see a dollar if the crooks are even half way smart..
+1   

 1 month ago '21        #15
MrDoubtfire  topics gone triple plat - Number 1 spot x1
Props total: 3347 3 K  Slaps total: 4243 4 K
Whats funny is Bitcoin's supply is finite.

When people lose bitcoin, or die and it can't be recovered all that does in a way take bitcoin out of the supply chain, in turn making it more valuable. It doesn't take it away literally...but whatever wallet it was in it will be there indefinitely and no one else can get to it and it would never be sold is what I'm getting at.

Am I understanding that correctly?
+2   

 1 month ago '20        #16
Gen Anti Fruit  topics gone triple plat - Number 1 spot x9
Props total: 67492 67 K  Slaps total: 3599 3 K
Imagine the Joy & Stress of having illegally obtained almost 4 Billion dollars but you gotta move like you don’t exist with no receipts.

 1 month ago '18        #17
Dehone 
Props total: 60414 60 K  Slaps total: 2591 2 K
Get "hacked" and tell your investors "no, no, no don't go to the cops, we've got this. Really"

They got phucked
+1   

 1 month ago '13        #18
YSPromoshunz  topics gone triple plat - Number 1 spot x30
Props total: 26407 26 K  Slaps total: 15420 15 K
Yea those dudes are fu*ked. They're basically living like 6ix9ine bi*ch a*s



Last edited by YSPromoshunz; 06-24-2021 at 03:49 PM..

 1 month ago '04        #19
CentsCuZ 
Props total: 8161 8 K  Slaps total: 2130 2 K
They probably converted the bitcoin to diff alt coins, such as Monero. 69,000 bitcoins flooding the market could've been a big contributor to the drop from 64k to 28k.

 1 month ago '14        #20
strungout  topics gone triple plat - Number 1 spot x3
Props total: 146218 146 K  Slaps total: 33795 33 K
They won't be on the run for long

Also not sure how they got away with this in sa , a place where people get held ransom for way less

They look like they are from Durban @

 1 month ago '04        #21
ItAlY2BkLyN 
Props total: 30575 30 K  Slaps total: 7732 7 K
 MrDoubtfire said
Whats funny is Bitcoin's supply is finite.

When people lose bitcoin, or die and it can't be recovered all that does in a way take bitcoin out of the supply chain, in turn making it more valuable. It doesn't take it away literally...but whatever wallet it was in it will be there indefinitely and no one else can get to it and it would never be sold is what I'm getting at.

Am I understanding that correctly?
yea but the market doesn't know what is lost or not. So the value will still be based on the market, not the supply in possession that is accessible.
+3   

 1 month ago '17        #22
LostTenets  topics gone triple plat - Number 1 spot x47
Props total: 99932 99 K  Slaps total: 30225 30 K
 Gen Anti Fruit said
Imagine the Joy & Stress of having illegally obtained almost 4 Billion dollars but you gotta move like you don’t exist with no receipts.
I'll have a new face
+1   

 1 month ago '13        #23
YSPromoshunz  topics gone triple plat - Number 1 spot x30
Props total: 26407 26 K  Slaps total: 15420 15 K
They'll be caught by next month and spend the rest of their lives in prison
+1   

 1 month ago '12        #24
OldBusiness  topics gone triple plat - Number 1 spot x3
Props total: 176432 176 K  Slaps total: 10246 10 K
 ItAlY2BkLyN said
ah I understand what you were saying now. Yea sh*t wouldn't be sweet at all. MF's got 3.6B but living here


I don't know why that pic made me laugh
+3   

 1 month ago '12        #25
Ricky Retardo  topics gone triple plat - Number 1 spot x1
Props total: 39434 39 K  Slaps total: 3611 3 K
 CentsCuZ said
They probably converted the bitcoin to diff alt coins, such as Monero. 69,000 bitcoins flooding the market could've been a big contributor to the drop from 64k to 28k.
The articles states they "mixed" them in other pools of bitcoin.

Novice to this industry but I'm pass the basics and hopped right over to fraud and the "fear of the 51 attack".

The digital footprint would still exist and transactions have to happen in order to mine more coins.

That's why I think their tethering and moving. By the time the system picks up the fraud they gonna move on to another.

If my comprehension skills and criminology mind is on point.
+1   



Sign me up
 
 

yesterday...


most viewed right now
online now  23
Image(s) inside Aug 1 - Georgia teen shot and k*lled in shopping mall after food court..
99 comments
1 day ago
@news
most viewed right now
+20online now  16
Took his whole health bar bro.
22 comments
2 days ago
@games
most viewed right now
+192online now  14
Is akademiks speaking facts??
127 comments
19 hours ago
@hiphop
most viewed right now
+29online now  3
What Games Are You Playing RIGHT NOW? August 2021 Hot Summer 🔥🔥..
106 comments
2 days ago
@games
back to top
register register Follow BX @ Twitter search BX privacyprivacy