- Bitcoin funds fraud case in South Africa
- Two brothers cheated investors of $ 3.6 billion
- The two brothers of the country disappeared with digital currency
A case of fraud in bitcoin funds has come to light in South Africa. The country’s investment company AfriCrypt has duped bitcoin investors of $ 3.6 billion. This company was founded by two brothers and now both have fled the country. Police say they have failed to trace the two. It is not yet known whether the two brothers have converted the digital coins into cash.
The investors hired Hanekom Attorneys, a Cape Town-based law firm, which alerted the country’s police force, Hawkes. But the police failed to find both the brothers. Now cryptocurrency exchanges around the world are trying to find out whether the two brothers converted digital coins into cash.
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According to a Bloomberg report, 17-year-old Amir Qazi and his 20-year-old brother Raees Qazi founded Africrypt in 2019. Amir Qazi was its COO. It gave bumper returns to the investors. But the crisis started in April when Raees Qazi claimed that the company had become a victim of hacking. He asked the clients not to report these to the police as it could derail the process of recovery of missing funds.
Hanekom’s lawyers said that we became suspicious when the company asked investors not to take legal action. Africrypt employees lost access to back-end platforms 7 days before the alleged hack. He said that the coins from the wallets and funds of the country’s investors have been processed in such a way that they are difficult to trace. They are passed through tumblers or mixers or mixed into other large pools of bitcoin.
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bitcoin price halved
According to Kenya’s news site BitcoinKE, the Gauteng South High Court of South Africa has issued a provisional liquidation order against the two brothers and they have been asked to present their case by July 19. The price of bitcoin, the world’s largest, oldest and most popular cryptocurrency, hit a record high of $65,000 in April but is now halving.