f you’re a cryptocurrency enthusiast who backs the optimism with your financial investment, you’ve likely been warned of its dangers.
And that’s in a somewhat regulated environment.
Meanwhile, far, far away …
Cryptocurrency investors in South Africa – speculators who really take chances – are missing about $3.6 billion in bitcoin, value that is missing the same way two brothers in charge of the funds are missing.
Something definitely doesn’t smell right.
A Bloomberg report details the disappearance of Ameer and Raees Cajee, the founders of Africrypt – among the country’s largest crypto exchanges.
And you know it’s serious when a specialized police unit needs to be called.
A law firm, Hanekom Attorneys, reportedly contacted “Hawks,” a unit of South Africa’s national police force, and brought the incident to the attention of the country’s financial regulators.
Global crypto exchanges also were notified.
Two months ago, as bitcoin famously surged toward $60,000 and a record high, COO Ameer emailed clients informing them of a cyber hack – but also asked them to keep quiet about because their silence would make it easier to recapture the digital funds.
Hanekom, the law firm, found Africrypt’s pooled funds had been withdrawn from local accounts as well as customers’ digital wallets.
“Africrypt employees lost access to the back-end platforms seven days before the alleged hack,” the law firm told Bloomberg.
And here’s the kicker: No formal investigation can proceed because, as a financial product, crypto isn’t legal in South Africa.
The brothers aren’t talking, either. The New York Post received an email from Ameer Cajee Thursday, directing the Post to his attorney for comment. Cajee, however, did not offer the name of any lawyer or contact information.