BTC

South African brothers escape with $ three.6 billion in bitcoin

Two African brothers have disappeared, as has the $ 3.6 billion bitcoin from their cryptocurrency investment platform.

Biggest Scam in Bitcoin History?

Africrypt is a cryptocurrency investment platform based in South Africa. It was founded by Ameer Cajee and his brother. The pool offered tremendous returns for investors.

Back in April, when BTC was in full swing, Chief Operating Officer Cajee announced that the company had been exposed to a hacker attack.

In the notice, however, Cajee urged investors not to seek legal assistance as it would slow the recovery process.

It was an instant red sign, and some investors hired Hanekom Attorneys to investigate the case.

Related reading | Ledger Scam: Scammers email hacked ledger devices to steal crypto

Africrypt employees reportedly lost access to the backend servers a week before Cajee revealed the suspected hack to investors.

Hanekom lawyers found that the Bitcoin was sent from the Africrypt pool using methods that make it difficult to trace. Such methods include sending the coins to other large pools or through tumblers and mixers.

The company website is down. And Cajee and his brother Raees put their phone numbers on voicemail. They disappeared along with nearly 69,000 bitcoins.

The African Financial Sector Conduct Authority is also investigating the case. However, since Bitcoin is not considered a legal financial asset, the organization has been unable to open a formal investigation.

Now Hanekom Attorneys has reportedly reported the disappearance of the two brothers to the Hawks, an elite group of police.

The law firm has also alerted global crypto exchanges to report when there are attempts to sell the stolen bitcoins.

Related reading | Crypto Sonar: The sign that whales are piling up Bitcoin

It's not the first time something like this has happened in the country. Just last year, another company, Mirror Trading International, was involved in a case in which investors lost $ 1.2 billion in bitcoins.

The nearly 69,000 bitcoins stolen in the Africrypt case were worth more than $ 4 billion in April when the incident occurred. About three times as much as the 2020 scam, which has been dubbed the Biggest Cryptocurrency Scam in 2020.

The African brothers' scam is possibly the largest in all of cryptocurrency history and could lead governments to take crypto regulation seriously.

Bitcoin price

Bitcoin is just under $ 35,000 at the time of writing. The coin is up 4.1% in the last 24 hours but is down 7.6% in the last 7 days.

Here is a graph showing how the price of the cryptocurrency has changed over the past few months:

Bitcoin seems to be showing a slight upward trend | Source: BTCUSD on TradingView

Some experts believe we could see the currency drop a little and then return to a bullish path.

However, nothing is clear right now, and it is possible that a bearish pattern could hit the market.

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