China’s central bank urges financial institutions to crack down on cryptos

AfriCrypt is a South African investment firm that allegedly defrauded investors by stealing $3.6 billion from Bitcoin funds. Bloomberg reported that the founders and brothers of the investment platform have fled the country.

Hawks, the South African police force was alerted by investors after a Cape Town law office Hanekom Attorneys stated that they could not trace the brothers. It also warned other cryptocurrency exchanges worldwide that the brothers could attempt to convert their digital coins into cash.

Africrypt Chief Operating officer Ameer Cajee (17 years old) and Raees (20 years old) had established Africrypt in 2019. The company provided huge returns to investors, according to the report. The publication was not able to reach the brothers via phone calls, and the company website was removed.

According to reports, the trouble began in April when Cajee (the elder brother) said that the company was a victim to hacking and asked clients not to report it to the authorities. He claimed it would slow down the process of recovering the missing funds.

Hanekom Attorneys stated that they were “immediately suspicious” because the announcement implored investors not to pursue legal action in response to questions sent to them. “Africrypt employees were unable to access the back-end platforms seven day before the alleged hack.”