Africrypt founders at large after crypto scandal

South African brothers Raees and Ameer Cajee, founders of the cryptocurrency investment company Africrypt, vanished into the public’s eyes after the company was caught in a big crypto scandal. 

The two brothers are now facing increasing pressures from investors and authorities to bring back millions worth of investments poured into the Africrypt. 

The company has attracted big investors because of its guaranteed promise of high returns, but Africrypt failed miserably in delivering this promise. 

Hacked

Africrypt had good relations with its investors, but everything turned really sour when Raees informed the investors that the company’s system was attacked by hackers. As a result, Africrypt’s assets were virtually stolen and wiped out investors’ funds. 

The investors were informed about this incident through a letter and pleaded not to file charges against Africrypt. Since then, the investors and the media were not able to contact the brothers for further clarifications about the big and unfortunate incident. 

With the brothers’ lack of initiative to communicate, the investors have proceeded to go on a legal route to force the brothers to bring back their investments. 

Previously involved in a scandal

The Cajee brothers were previously entangled in a similar scandal when it was managing a company called RaeCreate Wealth in 2019. The company was also caught in a hacking incident and a chunk of its assets was stolen, leaving investors disgruntled. 

And with the Africrypt incident, the brothers chose to disappear from the public eye, not only because of the growing pressure but also because of the serious threats from investors. 

Financial regulators have admitted that it has limited capabilities to go after Africrypt because of jurisdiction issues and South Africa’s current crypto regulations. 

 

Image courtesy of Cointelegraph News/YouTube

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