A little update on this scam, so recently the South African police began (for a long time they were going to do this) investigating criminal cases initiated after the appeal of investors of the bankrupt cryptocurrency platform Africrypt. The plaintiffs are seeking fraud charges and the arrest of the founders of Africrypt, brothers Amir and Reis Keiji.
https://www.bloomberg.com/news/articles/2022-01-11/crypto-losses-probed-by-south-african-cops-after-brothers-vanish
Topic: Two brothers have disappeared with $3.6 billion worth of Bitcoin (Read 450 times)
They are trying to reduce everything as it was repeatedly before this case to a hacker attack, so the lawyer representing the interests of the brothers Amir and Reis Keiji represents this fraud in an interview with the BBC. https://www.bbc.com/news/technology-57582805
Very clever scammer, they were using cryptocurrencies to attract investor with little or no knowledge about cryptocurrencies,
because of their sweet mouth, then can convince many to put their trust in them.
I felt very sorry for those they called them self as a victim,
others believe that there someone who can be trusted, and willing to help them to earn some living, some people, make advantage to others, and is how this really works.
As much as possible trust no one especially in crypto, there are people who will truly find way to get money from others, we must study what we are getting into and as much as possible join or put money only in those projects or platforms that already proved something. But well thats how risky crypto is , many been there and already learned their lessons on not to join in some ponzi schemes but still able to recover from their experience. because of their sweet mouth, then can convince many to put their trust in them.
I felt very sorry for those they called them self as a victim,
others believe that there someone who can be trusted, and willing to help them to earn some living, some people, make advantage to others, and is how this really works.
It's really a bad news to those who are victims of this tragedy and also a serious warming and experience to those who are curious to invest into crypto currency market to take mindful precautions so as to be safe in pursuing financial freedom
And do not believe in such promises that will them wealthy in just a short span of time. The topic is a Ponzi scheme and those brothers ran already with the money. Sorry for those who have been left by the scammers but they will learn from this happening.If you have greed, that's the end result. Losing money for those who have a greedy nature is a form of punishment for them. Many people fall into such scams because they think they will be rich in just a few years, but they forget that they will be poor if the fraudsters walk away with their money. Therefore, be careful when doing business in the world of coins.
Very true, they think that these scam investments will turn themselves into a rich guy overnight because they're gullible. 
If you have greed, that's the end result. Losing money for those who have a greedy nature is a form of punishment for them. Many people fall into such scams because they think they will be rich in just a few years, but they forget that they will be poor if the fraudsters walk away with their money. Therefore, be careful when doing business in the world of coins.
This is why you only invest in Bitcoin for security because get quick rich schemes from shitcoins will destroy you financially.
Well, that's not entirely true, there were other projects that really made a lot of people rich although I can't point a lot because they got drowned by scams but there are some that's legitimate, that's for sure. Maybe a little research could've saved them from the potential scams. 
~
It looks like this scam exchange topic has been discussed in another sectionAs a reminder, exchanges are complex and require a high level of management to operate properly
these two brothers are still under 21 years old, which means their minds are immature and are still childish
being able to run away with that much money is the stupidity of investors, why would they put money on a child
Didn't the bank got scammed too or they benefited from the exit scam too like the brothers who allegedly disappeared. I wasn't that familiar with ICO but I do remember some of them but I can't put a pin what is their name, they were pretty promising and the people behind the projects were pretty interactive to their community that a lot of investors didn't expect that their money will be swindled.
I highly doubt the bank is a victim here. FNB funded Africrypt but it should have been given as a loan, which should have already been paid as the project has made a lot of money. I don't think FNB, which is one of South Africa's top banks, would easily fall to this scam. If it were a loan, Africrypt must have left a collateral whose value exceeded that of the loan provided. It is hard to imagine a huge bank privately funding what used to be a start-up crypto project ran by two youngsters in their twenties. And also, Africrypt has accounts in the bank. The bank could easily seize what remains there to pay for its outstanding loan if it still has any.
As things look now, they planned this very well and I have no doubt that they had an exit scam in the beginning - and then they had just enough time to cover up all traces and disappear with new identities, maybe even with new faces - because with 69 000 BTC is not hard to buy a whole new life anywhere in the world.
Nah, because if you think about it, these two brothers don't look like they're well-connected - it would be incredibly difficult to cash out that much BTC since that particular UTXO would've been blocked by most exchanges, and all exchanges have stringent KYC requirements anyway so without somebody's identity to use... ¯\_(ツ)_/¯ even with a stolen passport bought from the darknet, the BTC is still on the exchange but you have nowhere to withdraw it to without having anyone's bank.
Most things cannot be bought without a credit card or bank account anyway so it's just a pile of 69,000BTC sitting there that they can't do much with (except maybe, launder it by mining with bought ASICs?) without anybody to help them.
This is one short exit-scam story in a thick book full of crypto exit-scams. There are different kinds of crypto exit-scam projects. I remembered during the height of ICO, there were countless of projects that ended up scams after raising millions and millions of money from investors.
The fact that this project was backed by a bank doesn't say anything about its legitimacy. Banks are usually there for the money.
Didn't the bank got scammed too or they benefited from the exit scam too like the brothers who allegedly disappeared. I wasn't that familiar with ICO but I do remember some of them but I can't put a pin what is their name, they were pretty promising and the people behind the projects were pretty interactive to their community that a lot of investors didn't expect that their money will be swindled.The fact that this project was backed by a bank doesn't say anything about its legitimacy. Banks are usually there for the money.
I highly doubt the bank is a victim here. FNB funded Africrypt but it should have been given as a loan, which should have already been paid as the project has made a lot of money. I don't think FNB, which is one of South Africa's top banks, would easily fall to this scam. If it were a loan, Africrypt must have left a collateral whose value exceeded that of the loan provided. It is hard to imagine a huge bank privately funding what used to be a start-up crypto project ran by two youngsters in their twenties.
And also, Africrypt has accounts in the bank. The bank could easily seize what remains there to pay for its outstanding loan if it still has any.
But then what Africrypt has is Bitcoin, which's not easy to seize. The bank must be part of this scam.
The disappearance reminds me of the story of the two influencers of Bitconnect that end up dead in a deserted place in Mexico. $3.6B of Bitcoin could turn an innocent mind into a deal criminal, they both could be dead buried in a shallow grave.
This is one short exit-scam story in a thick book full of crypto exit-scams. There are different kinds of crypto exit-scam projects. I remembered during the height of ICO, there were countless of projects that ended up scams after raising millions and millions of money from investors.
The fact that this project was backed by a bank doesn't say anything about its legitimacy. Banks are usually there for the money.
Didn't the bank got scammed too or they benefited from the exit scam too like the brothers who allegedly disappeared. I wasn't that familiar with ICO but I do remember some of them but I can't put a pin what is their name, they were pretty promising and the people behind the projects were pretty interactive to their community that a lot of investors didn't expect that their money will be swindled.The fact that this project was backed by a bank doesn't say anything about its legitimacy. Banks are usually there for the money.
I highly doubt the bank is a victim here. FNB funded Africrypt but it should have been given as a loan, which should have already been paid as the project has made a lot of money. I don't think FNB, which is one of South Africa's top banks, would easily fall to this scam. If it were a loan, Africrypt must have left a collateral whose value exceeded that of the loan provided. It is hard to imagine a huge bank privately funding what used to be a start-up crypto project ran by two youngsters in their twenties.
And also, Africrypt has accounts in the bank. The bank could easily seize what remains there to pay for its outstanding loan if it still has any.
That's what happen when you invest in a centralized shitcoin. My condolence to the people who lost everything in this scam.
PS: Just checked on CMC. This Africrypt does not even exist there.
PS: Just checked on CMC. This Africrypt does not even exist there.
Shouldn't we blame people on this who invest in scam coins and low volume exchanges and later cry when they exit scam.
Why the scammers are again n again able to scam people with different exchanges n coins, because its we people who always fell in their trap. If we stop investing in such coins and exchanges, these scammers will disappear automatically.
This is one short exit-scam story in a thick book full of crypto exit-scams. There are different kinds of crypto exit-scam projects. I remembered during the height of ICO, there were countless of projects that ended up scams after raising millions and millions of money from investors.
The fact that this project was backed by a bank doesn't say anything about its legitimacy. Banks are usually there for the money.
Didn't the bank got scammed too or they benefited from the exit scam too like the brothers who allegedly disappeared. I wasn't that familiar with ICO but I do remember some of them but I can't put a pin what is their name, they were pretty promising and the people behind the projects were pretty interactive to their community that a lot of investors didn't expect that their money will be swindled. The fact that this project was backed by a bank doesn't say anything about its legitimacy. Banks are usually there for the money.
This is one short exit-scam story in a thick book full of crypto exit-scams. There are different kinds of crypto exit-scam projects. I remembered during the height of ICO, there were countless of projects that ended up scams after raising millions and millions of money from investors.
The fact that this project was backed by a bank doesn't say anything about its legitimacy. Banks are usually there for the money.
The fact that this project was backed by a bank doesn't say anything about its legitimacy. Banks are usually there for the money.
~snip
Africrypt wasn't exchange, as wrongly presented in majority of media, but investing platform that promised 10 % daily ROI on the investment, and they claimed that they were able to bring that kind of profit thanks to "AI driven trading platform", which is just a standard bullshit to hide that there is no trading going on, but instead it's just an ordinary ponzi that can live as long as there is constant influx of new investors.Those two brothers naturally didn't want to wait for that, so they just did exit scam and disappeared with the bitcoin they had at that moment.
That's what happen when you invest in a centralized shitcoin. My condolence to the people who lost everything in this scam.
PS: Just checked on CMC. This Africrypt does not even exist there.
PS: Just checked on CMC. This Africrypt does not even exist there.
This kind of scams kill image of Crypto currencies and ordinary people refrain from investing in it. Mass adaption of crypto will never see light of the day if Scammers continue to loot hard earned money of innocent people that is why it has to be brought under the umbrella of Regulatory authorities in every country.
https://cryptostaunch.com/cryptocurrency-scams.html
Very clever scammer, they were using cryptocurrencies to attract investor with little or no knowledge about cryptocurrencies,
because of their sweet mouth, then can convince many to put their trust in them.
I felt very sorry for those they called them self as a victim,
others believe that there someone who can be trusted, and willing to help them to earn some living, some people, make advantage to others, and is how this really works.
because of their sweet mouth, then can convince many to put their trust in them.
I felt very sorry for those they called them self as a victim,
others believe that there someone who can be trusted, and willing to help them to earn some living, some people, make advantage to others, and is how this really works.
Africrypt wasn't exchange, as wrongly presented in majority of media, but investing platform that promised 10 % daily ROI on the investment, and they claimed that they were able to bring that kind of profit thanks to "AI driven trading platform", which is just a standard bullshit to hide that there is no trading going on, but instead it's just an ordinary ponzi that can live as long as there is constant influx of new investors.
Those two brothers naturally didn't want to wait for that, so they just did exit scam and disappeared with the bitcoin they had at that moment.
So the news were fake that were claiming that the exchange was hacked and the owners ran with the money, this is the problem we are facing, people are not even telling the facts and there is a major difference between an exchange and a ponzi scam and i cannot understand why majority of the media are writing this as a major exchange hack while it is a exit scam from the beginning.Those two brothers naturally didn't want to wait for that, so they just did exit scam and disappeared with the bitcoin they had at that moment.
This is why media most of the time mislead people from the real truth. They jump on the news without doing their research first. If this exit strategy is a well-planned one, would be hard to track these 2 brothers. Maybe they are already living their life in one of the tropical islands. If no one will seriously sue this company, they can get away from this multi-billion ponzi scheme.
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It's really a bad news to those who are victims of this tragedy and also a serious warming and experience to those who are curious to invest into crypto currency market to take mindful precautions so as to be safe in pursuing financial freedom
This cannot yet be a valid decision declaring the victim. We all only know information from this article, while there is no other information that makes it strong that they are victims.
We all know conspiracies and falsification of facts through some drama stories, being skeptical of an issue is necessary.
And to declare a victim, we must know the root of the problem until it is clean, including the parties involved.
That's what happen when you invest in a centralized shitcoin. My condolence to the people who lost everything in this scam.
PS: Just checked on CMC. This Africrypt does not even exist there.
And people would just realized when its too late.They do never learn and make out some research first before doing something or simply when making investment and this had been a typical scenario on this market and there are lots of projects out there do really end up on being a scam where they do make out alibis that they had been hacked or something about being compromised and due to characteristic and feature of crypto then they are really taking advantage of it and when they had done it on a country where crypto isnt regulated or something then that would be surely making things even more PS: Just checked on CMC. This Africrypt does not even exist there.
harder to be traced up.This isnt something new and condolence into those people who had invested and hoping for nothing.
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