Scam or Hack? AfriCrypt Exchange Operators Vanished, And So Did $3.6 Billion In BTC

One of the largest cryptocurrency exchanges, Bitfinex, has gone offline. The exchange has lost access to the site and all their customers, and their social media pages have been taken down. Somehow, around $3.6 billion in Bitcoin have vanished.

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Bitcoin, the virtual currency that hit the mainstream in 2013 and has shot up 1000% since the beginning of the year, has attracted the attention of many investors. But the recent growing popularity of bitcoin has also caused a major problem for the virtual currency community: the disappearance of the operator of the “AfriCrypt” exchange.

Several weeks ago, a group of cryptocurrency traders woke up one morning to discover that $3.6 billion in Bitcoins had vanished from their AfriCrypt trading accounts. If there was a hack, one would think the exchange would have instantly announced that they had been the victim of an attack, and then warned its users to change all their passwords. But that is not what happened.

  • Bitcoins worth $3.6 billion recently disappeared from a South African exchange, along with their owners.
  • It is not yet known if the money disappeared as a result of the hack or if it was a massive scam.
  • The incident occurred in April, when the exchange announced it had been hacked and did not respond to requests after the announcement.

Cryptocurrency fraud and hacks are a well-known phenomenon in the cryptocurrency industry, which is why many governments and institutions are still hesitant to join and adopt cryptocurrencies. Fraud was more prevalent in 2016, 2017 and 2018, when the ICO trend was still strong. However, since the trend of the IEO started, the number of fraudulent projects has decreased.

However, it is still possible to deal with a fraudulent exchange or broker, or stolen cryptocurrencies due to a hack. But sometimes, when the pieces disappear, it’s not clear what really happened. One example is the recent disappearance of $3.6 billion in bitcoins that disappeared from the South African crypto platform AfriCrypt. Moreover, the owners of the platform seem to be untraceable.

What happened?

According to recent reports, about 69,000 bitcoins have disappeared from the exchange along with the owners of the company, brothers Amir and Rais Kaji. For now, what happened remains a mystery, as no one seems to know if it was a hack or a scam.

If this is a scam, it will be the biggest in the history of cryptocurrencies. Based on what we know, it would not be surprising if this was indeed a hoax on the part of the brothers. After all, the platform reportedly promised that investors could receive a 10% daily return, which is certainly too good to be true and an indication of fraudulent behavior to attract people looking to make money fast.

The stock market seems to have done its best to attract as many high net worth investors as possible and then encourage them to invite their friends and others who want high returns on their investments. But the claim that you can earn 10% a day on any investment is a definite red flag for many.

The fair itself has been around for about two years and was launched in 2019. It has reportedly managed to raise about $3.6 billion in BTC, or about 54 billion RMB. On the 13th. However, on April 2021, the exchange sent a message to its investors that it had been hacked. It stated it was pursuing the case with the goal of recovering the compromised information and resources allegedly stolen by the hackers.

The message from the exchange has raised suspicion

The affected users contacted local law firm Hanekom Attorneys; the company found it suspicious that the platform informed users that they could file a lawsuit, but that if they did, it would delay the platform’s reimbursement efforts. In other words: The platform wanted its users to wait rather than take legal action, which the law firm found suspicious.

The law firm added that the brothers apparently transferred 69,000 bitcoins from the exchange’s accounts and from clients’ portfolios. These funds would then have been sent to various crypto-mixers and tumblers on the dark web to make them untraceable.

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Since the announcement, no one has been able to reach the brothers directly. All phone calls went to voicemail, and the switchboard’s website has been down since then. The law firm quickly turned to the national police and its elite Hawks unit. The case was also taken to the Gauteng South High Court, which issued a provisional liquidation order against the owners. The deadline for answers is the 19th. July of this year.On Thursday, four individuals, including the CEO of a South African cryptocurrency exchange called the Bitbay, mysteriously vanished after a day-long visit to their offices. This is the first time a crypto exchange has been such a target for hackers, which may raise very good questions about the security of the Bitbay platform and its operators.. Read more about bitcoin price and let us know what you think.

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