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$3.6 billion worth of Bitcoin stolen by 2 South African brothers

Bitcoin

TL;DR Breakdown

• The Cajee brothers have undertaken the biggest Bitcoin heist in history.
• The Bank for International Settlements warns about illicit activities with cryptocurrencies.

A few weeks ago, the most significant possible crypto theft was reported and occurred in South Africa. Two brothers from the southern African country disappeared with $3.6 billion in Bitcoin, leaving authorities stunned. Local media such as ITWeb and Independent Online were the first to report this case, corresponding to the biggest Bitcoin heist in history.

In 2019, brothers Raees and Ameer Cajee founded a cryptocurrency app that focused on Bitcoin investments. The app had the name Africrypt, which was poised to be very good for the inhabitants of the South Africa.

However, this cryptocurrency mobile application venture did not last long as the brothers and 69,000 BTC have disappeared without a trace. This figure in cryptocurrency is valued at $4 billion (R56 billion).

Africrypt scam using Bitcoin

Bitcoin

The Cajee brothers’ Africrypt scam started in April when Ameer, the older brother, said the app was hacked. This was followed by an announcement in which he pointed out that all crypto accounts were compromised.

However, Ameer Cajee told users not to report the case to the authorities not to delay its resolution. This measure was questioned by some investors who immediately reported the case.

Hanekom Attorneys was reported that tried to contact the brothers. But when they were unsuccessful, the Hawks force, responsible for preventing organized crime and corruption, got involved. According to investigations, the Africrypt nodes had lost access for a week before the alleged theft.

This case was reported to the central exchange systems in the world to set off alarms. Some of these platforms had to report high Bitcoin transactions from South Africa or nearby areas. FNB, who was commissioned to store Africrypt, is also under investigation.

An endless search

While the Cajee brothers are still missing with Bitcoin funds, the investigations are not stopping. The investigators have consistently run into many obstacles that prevent them from succeeding.

The South African Financial Sector Conduct Authority refused to support the case because it is not part of their jurisdiction. This Bitcoin regulator in the country has been neutral on the issue. Recently, the international payments bank also announced that cryptocurrencies are speculative and are used for illegal activities.

After more than a month of investigation, everything indicates that the Cajee brothers have had their way. These digital bandits could be holding the cryptocurrencies in their wallets, waiting for the investigation to stop. Several people got scammed by the Africrypt app, showing once more the ills of the crypto market.

It is therefore paramount for cryptocurrency investors to use proven cryptocurrency sites and apps for storage of their tokens to avoid such incidences of theft and financial scams.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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