Article

2021-06-26 Africa Subsaharan

Brothers Abscond With $4 Billion In Crypto Stolen From South African Exchange

[ZERO] In a story that will sound familiar to anybody who followed the collapse of Canadian crypto exchange Quadriga, two brothers who ran a South African crypto exchange have absconded with Bitcoin worth $3.6 billion stolen from their clients, demonstrating once again the one glaring security weakness: While hackers are believed to have brought down Mt. Gox, disillusioned insiders with the right kind of access can easily run off with a life-changing amount of wealth. And in many cases, clients who trusted the exchange to safeguard their assets will be left holding the bag.

Africrypt Chief Operating Officer Ameer Cajee, the older of the two brothers, reportedly informed clients back in April that the company had been the victim of a hack, but asked them to keep quiet, claiming that involving the authorities could "slow down the recovery" of the missing funds. However, the crime has since been reported to the Hawks, South Africa's federal police in charge of disrupting organized criminal enterprises. Ameer Cajee started the company with his brother Raees in 2019 and initially it provided "bumper returns" for investors.

Posted by Besoeker 2021-06-26 08:59|| || Front Page|| [6 views ] Top

#1 Criminal activity in South Africa? Who knew ?

Posted by Besoeker 2021-06-26 09:02|| 2021-06-26 09:02|| Front Page Top

18:02 Airandee
17:47 Besoeker
17:41 Skidmark
17:35 Dale
16:35 Grom the Reflective
16:33 Grom the Reflective
16:27 Grom the Reflective
16:24 Glenmore
16:00 Angealing+B.+Hayes4677
15:37 Whiskey Mike
15:37 Skidmark
15:33 Skidmark
15:14 DarthVader
14:55 magpie
14:49 M. Murcek
14:37 NoMoreBS
14:24 Grom the Reflective
14:10 Grom the Reflective
14:05 James
13:56 M. Murcek
13:55 Angealing+B.+Hayes4677
13:35 Elmeack Chinens3270
13:34 Besoeker
13:24 DarthVader