Today, we come to know what officially is the biggest cryptocurrency scam recorded to date. Behind this scam are the two South African brothers, Ameer Cajee and Raees Cajee, creators of the AfriCrypt exchange in 2019. Thanks to its popularity, this platform accumulated more than 50,000 Bitcoins, and curiously the story began in April-2021, when Bitcoin reached a record value of around $ 62,000.

It was just at that moment that AfriCrypt’s COO, and current suspect in the theft, Ameer Cajee, informed users that the platform had been hacked, and asked investors not to contact the authorities or appeal to court, alleging that these actions could hinder progress in the treatment of their income and the recovery of funds.

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However, this announcement came a week after AfriCrypt employees lost access to their back-end platforms, platforms that would likely allow someone to detect any suspicious movements in progress with funds managed by the company.

After a group of investors hired a law firm (Hanekom Attorneys) to investigate the matter, they discovered that all the Bitcoin deposited with AfriCrypt were transferred from their South African accounts and from clients’ wallets to different wallets and tumblers of Bitcoin (specific services that gather contaminated and legitimate Bitcoins and then randomly distribute them, providing a virtual impossibility of tracking).

South Africa’s Priority Crimes Investigation Directorate, the Hawks, who specialize in organized crime have been brought up to speedup the case with South African Financial Sector Conduct Authority. The Authority, however, has its hands tied in the investigation, as crypto assets are not legally considered financial products, so they live in a “no-man’s zone” as far as the investigating authority is concerned.

This may be the biggest scam in the relatively young history of cryptocurrencies, but it certainly won’t be the last (or the biggest). The fact that AfriCrypt offered a 10% daily return on investments made through its platform should have been enough to make users suspect something, but as always, many put their money here hoping to solve their lives and then, in a form or another, they only have to lose what little money they had left.

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Hardware enthusiast, Gamer, Writer. I enjoy picking up games, putting them back down, and then writing about it.