Crypto Scam Results In Billions Of Dollars Lost

This is insane.

It is now being reported that the founders of AfriCrypt, a South African crypto investment company, has made off with billions of dollars worth of peoples cryptocurrency and it looks like they may have gotten away with it!

According to Entrepreneur, 20 and 17-year-old brothers, Ameer and Raees Cajee have made away with 69,000 Bitcoins equivalent to $3.6 billion worth of investor’s crypto by transferring the funds to Johannesburg First National Bank (FNB).

The brothers sent out an email to their investors saying the company was shutting down due to a hack and asked them not to take them to court because it could tie up their money for even longer. LOL!

Hanekom Attorneys, the South African law firm specializing in legal matters regarding cryptocurrency have said the transactions are untraceable and there doesn’t seem to be much anyone can do about it.

Currently there aren’t very many laws put in place protecting crypto investors so it’s unclear what can be done to recover the lost money.

While investing in cryptocurrency can be very lucrative it is important for investors to remember that it is recommended to only trade cryptocurrency with trusted companies.

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