69,000 bitcoins is a huge scam that will remain in the minds of these South African investors.
The creators of the project are very young and it occurred to investors to invest in a coin with little support.
It is a sadness for affected investors, I hope it is clear that
that the scammers were these guys because bitcoin has misconceptions about scam.
If there is a thorough investigation, they could arrest the guilty and make them pay for their crime.
Topic: Two brothers have disappeared with $3.6 billion worth of Bitcoin - page 2. (Read 450 times)
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.
How is it a Ponzi though? I mean Ponzi gets it's money from a continuous influx of investor? They're an exchange so I don't get how they are a Ponzi. I might be wrong though which means that if it is a Ponzi then probably they did a good job disguising it to look like a real one for that many investors to pour their money in the exchange. I don't think that they will be tracked, pretty sure that this exit scam is premeditated and they know how to not get tracked already.
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.
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 is a ponzi scheme from the very beginning, so I don't know why investors still fall for this kind of trap. Although I must admit that people are greedy and this is the main reason that they don't think logically when making their investments.
So probably a exit scam, but for sure, if either one of the brothers makes a mistake, they can still be trace back and hopefully investors can get back their money and learn a very expensive lessons.
How is it a Ponzi though? I mean Ponzi gets it's money from a continuous influx of investor? They're an exchange so I don't get how they are a Ponzi. I might be wrong though which means that if it is a Ponzi then probably they did a good job disguising it to look like a real one for that many investors to pour their money in the exchange. I don't think that they will be tracked, pretty sure that this exit scam is premeditated and they know how to not get tracked already. So probably a exit scam, but for sure, if either one of the brothers makes a mistake, they can still be trace back and hopefully investors can get back their money and learn a very expensive lessons.
if either one of the brothers makes a mistake, they can still be trace back and hopefully investors can get back their money and learn a very expensive lessons.
That's the thing, I think that it is easier to steal that amount of money (not that is easy at all) than remain hidden. You really have to able to control yourself not to spend that kind of money. On top of it, those are basically still kids, as one is 17 yo and other is probably not much older. So yeah, my guess it that they will be caught eventually, if there is enough effort put to find them. 
This is a ponzi scheme from the very beginning, so I don't know why investors still fall for this kind of trap. Although I must admit that people are greedy and this is the main reason that they don't think logically when making their investments.
So probably a exit scam, but for sure, if either one of the brothers makes a mistake, they can still be trace back and hopefully investors can get back their money and learn a very expensive lessons.
So probably a exit scam, but for sure, if either one of the brothers makes a mistake, they can still be trace back and hopefully investors can get back their money and learn a very expensive lessons.
Only if they make a mistake and reveal themselves. 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.
It's true, that amount of money can buy you pretty much anything, but one of the questions is whether they will have enough constraint not to go on the spending spree, given their young age, and the amount of money they managed to scam. All is good as along as you are living just an ordinary life, but when you start buying luxury stuff, it may catch someone's attention. If I have to put my money on the outcome of all this, I would say that they will be caught eventually.Every day I wonder if there is an end to human stupidity and naivety, but these two human qualities seem to be as infinite as the universe. What's worse in the whole story, I believe that at least 50% of those who lost their money in this scam will find themselves in the same situation again.
Worst of all, people that lost money this way tend to blame bitcoin, instead of themselves. 
Yeah, those two brothers behind this scheme are well known so hopefully they pay the consequences.
Only if they make a mistake and reveal themselves. 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.
Every day I wonder if there is an end to human stupidity and naivety, but these two human qualities seem to be as infinite as the universe. What's worse in the whole story, I believe that at least 50% of those who lost their money in this scam will find themselves in the same situation again.
Given the pseudonymous nature of most cryptocurrencies and the possibility of transfers to privacy coins or transfers through tumblers and mixers, this sort of thing will remain a risk for the foreseeable future. One way to mitigate this risk is to invest only in the reputable projects and coins and even then, like others have pointed out "not your keys, not your coin".
Sad story but that is the human nature by default we are greedy and if this greed is fed further then these things happen.The lesson to be learned here is to only invest in major cryptos which has been around for years and not fall for the bait of new "promising shining coins" as the end results usually will be like this story.
it is clear that this is a very sensational story and very sad for those who have invested their funds there. what do you say that greed is a human trait that already exists and can do things that are not commendable if given the opportunity to do so because there is no control from others.I agree this will definitely be a useful lesson for all those who really want to invest in crypto, especially because something always overshadows everyone who wants to invest not being observant and analyzing properly, because they can fall into the trap of greedy people like them. it is better to invest in something that has been known and tested so far and is widely available if you want to analyze it properly first.
Sad story but that is the human nature by default we are greedy and if this greed is fed further then these things happen.The lesson to be learned here is to only invest in major cryptos which has been around for years and not fall for the bait of new "promising shining coins" as the end results usually will be like this story.
So apparently those greedy people caught on a Ponzi scheme and lost their money. Greed and fear are the best asset for scammers.
Yep. People tend to think that crypto is some kind of magic money after hearing people getting rich so for them 10% daily ROI through "advanced artificial intelligence systems" seems ok.Is he publicly known? If yes, then he can not hide anything and will need to accept the consequences.
Yeah, those two brothers behind this scheme are well known so hopefully they pay the consequences.
https://www.businessinsider.co.za/behind-the-africrypt-bitcoin-exit-scam-allegedly-run-by-south-african-brothers-ameer-cajee-and-raees-cajee-2021-6
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This Africrypt is not an actual exchange, but more like one of those ponzi trading platforms that uses "Artifical Inteligence" to bring their investors unrealistically high daily ROI ( I read somewhere that it was something like 10% daily which should have been a huge red flag for anyone thinking about investing. But as we know, people suck at these things.
So apparently those greedy people caught on a Ponzi scheme and lost their money. Greed and fear are the best asset for scammers.By the way, he is 17 years old now 
Is he publicly known? If yes, then he can not hide anything and will need to accept the consequences. 
A lot of greedy as well as innocent people lost their money with this project. This is why I sometimes feel regulation in the crypto sphere can be helpful. This incident reminded me of many incidents same as the present one happening in the past. People fall for such scams as they think they will become rich in just a few years but they forget they will become poor if the scammers leave with their money.
~ South Africa's Finance Sector Conduct Authority, the country's financial institutions regulator, said cryptocurrency-related matters aren't in their jurisdiction. Therefore, the hunt is on to find the authority responsible for tracking down this sort of crime.
Weak! Where have they been all these years when bitcoin and other cryptocurrencies are making headlines? Even if there are no specific policies/rules/regulations about crypto as a currency, they could still act on this as it's still about investment. Can you imagine if Coinbase and Binance did something like this ? I have crypto in both which I use for staking. I would lose a lot of money as would millions of others. Makes me pretty nervous tbh lol
In the case of Coinbase and Binance I see it as much more improbable, but the phrase "not your keys..." does not only apply to the fact that you can be scammed. Coinbase may decide to freeze your account for legal reasons, for example. If you have your keys, you can go abroad with your coins and nobody can freeze them.
Yes it it very unlikely but you just never know. If it ever did happen there is no way to get any of the money back and I think its this which makes people very weary of investing or using Crypto. With banks if you loose money through a scam they normally give all or some of it back.
Here is an opportunity for a new coin to be used as insurance for crypto scams
PS: Just checked on CMC. This Africrypt does not even exist there.
Few quotes from archived version of their website. Pay attention to when their CEO allegedly learned about bitcoin. By the way, he is 17 years old now
We are an investment firm exclusively focused on cryptocurrency and blockchain technology.
Our Artificial intelligence driven trading platform is a world class trading platform that uses complex deep learning , machine learning algorithms to effectively and efficiently trade automatically without human intervention.
Africrypt’s Founder and CEO, Raees Cajee first learned of Bitcoin in 2009 while watching the news with his father and ever since he’s been hooked.
Our Artificial intelligence driven trading platform is a world class trading platform that uses complex deep learning , machine learning algorithms to effectively and efficiently trade automatically without human intervention.
Africrypt’s Founder and CEO, Raees Cajee first learned of Bitcoin in 2009 while watching the news with his father and ever since he’s been hooked.
Can you imagine if Coinbase and Binance did something like this ? I have crypto in both which I use for staking. I would lose a lot of money as would millions of others. Makes me pretty nervous tbh lol
In the case of Coinbase and Binance I see it as much more improbable, but the phrase "not your keys..." does not only apply to the fact that you can be scammed. Coinbase may decide to freeze your account for legal reasons, for example. If you have your keys, you can go abroad with your coins and nobody can freeze them.
It is a pity that on the one hand this kind of news gives cryptocurrencies a bad name and on the other hand how some poor people have been scammed. What we should take away from this is the "not your keys...".
Can you imagine if Coinbase and Binance did something like this ? I have crypto in both which I use for staking. I would lose a lot of money as would millions of others. Makes me pretty nervous tbh lol
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