Bitcoin Investors Lost $2.2billion to Two South African Brothers

Bitcoin Investors Lost $2.2billion to Two South African Brothers

  • Over $2.2 billion was lost by bitcoin investors after two South African brothers, Ameer and Raees Cajee, escaped with their investment
  • Raees, who was the Chief Operating Officer lied to the cryptocurrency investors that their website had been hacked, and told them not to tell Police
  • Investors have launched an investigation into the brothers' company, Africrypt, and a Liquidation lawsuit has been filed against them

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Two South African brothers, Ameer and Raees Cajee, have fled with bitcoin investors money after claiming they were hacked and asked stakeholders not to tell the Police.

Over $2.2 billion worth of bitcoin was carted away by Ameer and Raees, who are the founders of cryptocurrency investment platform, Africrypt, established in 2019.

In a report by Bloomberg, Raees had written to their bitcoin investors, alerting them to an hack, and suggesting the incident not to be reported to the authorities in the country.

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Two South African brothers have carted away $2.2 billion after defrauding bitcoin investors
Digital currency and dollar illustration. Photo: Min chul kim
Source: Getty Images

South Africa's priority crime investigation unit have now launched an investigation into the matter, while some investors hired law firm, Hanekom Attorneys, to also probe the company.

Liquidation lawsuit have also been raised against Africrypt. Hanekom Attorneys said in order to make the bitcoin untraceable, the two South African brothers had moved it out of clients wallets and their South African accounts.

The stolen investment was moved to bitcoin tumblers and mixers. The website of Africrypt has been taken offline.

Meanwhile, had previously reported that the event leading to the exit of Valentine Ozigbo from Transcorp Plc has been made public.

Ozigbo was the President and Chief Executive Officer of the company before between 2019 and 2020, but he resigned from the position before eventually retiring.

It was stated that the Anambra State governorship aspirant was forced to resign from the top position due to his political ambition in the forthcoming election.


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