Duo vanishes with 69,000 Bitcoin, stash worth $4 billion at peak BTC prices

2021-6-24 12:45

Two South African brothers made away with nearly 69,000 Bitcoin earlier this year, hacking one ‘Africrypt,’ their own exchange platform, and bagging one of the biggest crypto heists in dollar terms ever.

Africrypt was set up in 2019 and advertised “bumper returns” for investors. But those hopes didn’t take long to turn into broken dreams.

Would you hand over your money to a 19yo & a "personal equity trader"? But wait, what if the 19yo had 5 distinctions in matric?

RaeCreate was "incorporated in Hong Kong", domain was a Durban address. pic.twitter.com/cbuEyfem1y

— Don Petty Cash (@iamkoshiek) June 23, 2021

The great Bitcoin trouble

The troubles started back in April when Ameer Cajee, the elder brother, told clients that the company fell victim to a hack. At the time, Cajee told everyone to not report the incident to authorities at the time, citing an extended recovery process if the cops were involved.

But that did little to subside client fears. “We were immediately suspicious as the announcement implored investors not to take legal action,” said legal firm Hanekom Attorneys, the legal team appointed to work on the case. “Africrypt employees lost access to the back-end platforms seven days before the alleged hack,” it added.

Calls made by the lawyers to both Cajee and Raees Cajee, his younger brother, went straight to voicemail. The company website is non-functional at the month, and all employees remain in the dark as well.

"we were hacked!!"

Also, please don't go the legal route or it will take longer to get your money back.

How tf are you going to "retrieve" stolen crypto? Even the excuse letter was badly thought out. pic.twitter.com/1Ew8vUOHBT

— Don Petty Cash (@iamkoshiek) June 23, 2021

Billion-dollar stash

During investigations, Hanekom Attorneys found Africrypt’s pooled funds were transferred from its South African accounts and client wallets via “tumblers” and “mixers”—software which jumbled up Bitcoin addresses to make them ‘untraceable’—and other Bitcoin pools.

The stash—worth $2.3 billion today—was worth over $4.4 billion during Bitcoin’s price peak of $64,000 in mid-April. It is many multiples of South Africa’s $140 million daily trading volume and comes as a jolt of shock to local lawmakers, many of whom have been scrambling to regulate the crypto scene in the country recently.

The Africrypt case comes months after another South African company, Mirror Trading International, made away with over 29,000 Bitcoin, or over $1.2 billion at the time. 

Meanwhile, local authorities are said to be on the lookout for the brothers, but the duo seem to have vanished without a trace thus far. Hawks, an elite unit of the national police force has, however, been informed about the matter, and international crypto exchanges have been kept in the loop as well for any suspicious Bitcoin withdrawals.

The post Duo vanishes with 69,000 Bitcoin, stash worth $4 billion at peak BTC prices appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Miner One token (MIO) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MIO

bitcoin one platform bagging exchange africrypt own

bitcoin one → Результатов: 126


Фото:

Bitcoin is Nearing Key Resistance as Market Posts Massive Rebound

Bitcoin has seen some immense volatility as of late, with bulls reversing its recent losses entirely overnight as they regain control of the crypto This price action confirms that the latest selloff was one that is quite common during bull markets when the crypto retraces 30-40% before continuing its ascent BTC’s strength is creating tailwinds for the entire market, as ETH and most other major altcoins have also surged higher One trader is now noting […]

2021-1-14 21:00


Фото:

Indicator Suggests Bitcoin is Overbought; $13,300 Could be Imminent

Bitcoin is currently struggling to hold above its crucial $16,000 support level as buyers and sellers both fight for control of its near-term price action Where it trends next will likely depend largely on the continued reaction to this level, as a sustained decline below it could strike a serious blow to its technical outlook One trader is noting that one technical indicator is suggesting that Bitcoin is overbought at the present moment The same […]

2020-11-14 19:25


Фото:

This Silver Fractal Suggests Bitcoin Could Soon See a Parabolic Rally

Bitcoin’s well-established consolidation trend is showing no signs of ending anytime soon, as the crypto is still hovering within the mid-$9,000 region Each attempt to break above or below the upper and lower boundaries of its current trading range have been unsuccessful There is, however, one fractal pattern that bodes well for the crypto’s bulls One analyst is pointing to similarities between previous silver price action and Bitcoin for insights into where the benchmark digital […]

2020-6-18 21:00