The cryptocurrency market Africrypt has disappeared, and with it $ 4,4 billion in Bitcoin

Africa i Bitcoiny - even if we forcefully resort to political correctness - it does not sound good. After a spate of scams on "relatives" who were said to have left us millions in drops, young South Africans stopped engaging in retail scams. The Africrypt cryptocurrency exchange from South Africa has just disappeared, and with it Bitcoin worth $ 4,4 billion. If they don't find each other quickly, it will be the biggest cryptocurrency theft in history.

Be sure to read: Africa - untapped investment potential [Guide]

Many of us would like to feel like a prince and thanks to our "distant relatives from Africa" ​​we sometimes have such an opportunity. Everyone received an e-mail with information about the inheritance of a millionaires from Africa waiting for him, and if he did not get it, it was only thanks to a good e-mail program that did not pass spam. These simple scams to cover handling costs, down payment, etc., are nothing but the big scam that just surfaced in South Africa. 

The cryptocurrency exchange disappears and 69 thousand. BTC

Cajee brothers.

It turned out that it had been operating in South Africa for three years giełda kryptowalut Aricrypt just disappeared. He also has no contact with its owners - brothers Ameer (21) and Raees (19) Cajee. And, of course, there are no deposits, estimated at - a trifle - 4,4 billion. USD.

69 thousand disappeared. BTC, which is currently worth around $ 2,4 billion. The company, however, was hacked or quietly liquidated two months ago, when Bitcoin was breaking records. So if we take this day for the valuation of BTC, approximately $ 4,4 billion suddenly changed hands. It is the biggest scam or theft in the history of the cryptocurrency world, beating ten times the most famous liquidation of the Mt Gox exchange to date.

The largest cryptocurrency exchange in South Africa

Africrypt has been operating since 2019. It hit the perfect timing, because that's when Bitcoin and other cryptocurrencies began to gain popularity in South Africa - as well as across the African continent -. After a dozen or so months, it was the largest cryptocurrency exchange in the country, and the Cajee brothers became even celebrities. 

It could not be otherwise, because at the beginning of this year, the daily turnover of the stock exchange reached USD 140 million and was constantly growing. Until it was discovered that the Cajee brothers were gone. And with them all the money from the stock exchange.

The first to realize were obvious investors who noticed liquidity problems at first, and soon were unable to withdraw any deposit. So they hired lawyers to report the case to the Hawks, an elite police force in South Africa. The next step was the information provided to cryptocurrency exchanges to be careful about any suspicious transfers and purchases from South Africa. 

"They robbed us, but don't report it"

Interestingly, it is not formally possible to open an investigation, because cryptocurrencies are not financial products in South Africa, and the market is not regulated. The biggest crime in the history of cryptocurrencies may therefore be without consequences. Especially since there is no contact with the Cajee brothers. 

In addition to a short announcement from Ameer Cajee, the acting director of Africrypt, who informed customers that the company has been hacked. He also wrote not to report it anywhere, because "It will make it difficult to recover money quickly". This in itself should be of concern to customers. And it got alarmed, so they turned the case over to lawyers.

Lawyers: they either stole themselves or they concealed the attack

The case was quickly investigated by lawyers from the reputable law firm Hanekom Attorneys, who found that Africrypt employees had lost access to back-end platforms at least a week before the alleged hack. Then it turned out that it was even more interesting, because the funds were combined and transferred quickly. Where? This is not known yet. And we may never know.