Despite the huge theft of money in Bitcoins, the South African authorities cannot solve the case because the cryptocurrency is decentralized and no institution has control over it.
A new case of scam around Bitcoin has been known in recent days. On this occasion, the one involved is a company that was founded by two brothers in South Africa and goes by the name of Africrypt.
According to the newspaper Clarín, those responsible for the scam are two brothers identified as Ameer and Raees Cajee, who founded the cryptocurrency company in 2019 and had generated mistrust among their investment community for two months, when Africrypt stopped working.
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At that time, when its users began to complain and suspicions were raised, the brothers called for calm and affirmed that it was all because the company had been the victim of a hack.
Days after the alleged hack, the brothers disappeared with $ 3.6 billion that users of the Cape Town-based company had invested in Bitcoins.
Before disappearing, Ameer and Raees had asked their investors not to take legal action, while vowing that the situation would be resolved.
According to media specialized in Bitcoin and other cryptocurrencies, the scam committed by the brothers could be the largest in the short history of virtual money.
When the brothers stopped responding to messages, many of the investors decided to hire companies like Hanekom Attorneys, to investigate what was happening.
Researchers managed to find what investors feared the most: their Bitcoins funds ceased to exist.
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According to the information that was collected, the billions of dollars from investors were extracted from their digital portfolios, fragmented through “mixers” on the “dark web” and, from there, deposited them in hundreds of bank accounts always in South Africa, so tracking the money became impossible.
The seriousness of the situation, according to the researchers, is that because it is a decentralized cryptocurrency and without links with intermediaries such as banks or government institutions, solving the case is almost impossible, because the financial authorities of the African country simply do not have jurisdiction about the case.
One of the clues found by Hanekom Attorneys is that the brothers may have fled to England, however, their location is still a mystery.